Retail in Asia

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Retail sales of wearable electronics to reach US$45 bn by 2021


Global prospects for wearable electronics continue to be strong with retail sales value projected to grow by 138% to become a US$45 billion (RM184 billion) industry in 2021, remaining the world’s second best-selling product behind smartphones.

According to new data on the global consumer electronics industry released by Euromonitor International, new products like smart wearables and wireless speakers and innovations like Ultra HD and convertible laptops resonate with the shift in consumer preferences.

While wearable electronics demand is growing, emerging markets like India and Indonesia provide plenty of untapped opportunity for smartphones due to the huge pool of feature phone upgrades.

SEE ALSO: Wearables are the “next big thing”    

“Indonesia is projected to overtake Brazil and Mexico as the fourth largest smartphone market reaching almost US$1 billion sales in 2020,” said Euromonitor International head of consumer electronics Wee Teck Loo.

The top-10 smartphone markets in 2021 are China, India, US, Indonesia, Brazil, Russia, Mexico, Japan, the Philippines and the UK.

Key consumer electronics trends through 2021 include consumers paying for quality wireless speakers. Sales of wireless speakers are projected to reach 73 million units, a staggering 25% growth over 2017-2021.

Convertible laptops and convertible tablets are gaining popularity due to their convenience. Convertible tablets will account for 40% of sales in 2021.

(Source: The Sun Daily)