Wearable smart bands and true wireless (TWS) device shipments are set to increase in the next year, with the former exceeding 200 million units and the latter, 350 million, as per a report by Canalys. The shipments are expected to grow at the rate of 32% by the end of this year. As per the report, the smart accessory market in Asia Pacific and Europe is also expected to be strong, apart from that in China and North America.
As per Canalys Research Analyst Cynthia Chen: “The pandemic will prolong replacement cycles for smartphones. However, the ‘lipstick effect’ will drive consumers to spend on smaller, less costly items during an economic downturn to meet their buying pleasures”.
As per the report, another reason for the speculated growth in the smart wearable sector is the spread of the COVID-19 pandemic. As per the report, people have started paying more attention to their health and fitness during the pandemic. Also, since most of the people are cooped up in their homes these days and practicing social distancing, they are consuming digital entertainment as well as indulging in fitness activities, which may be the reason why the TWS earbuds market is also set to see growth. The report claims that TWS earbuds, particularly from companies like Apple, Samsung, are expected to sell more and their market to grow 39% in 2021 to reach 350 million units. Lesser known brands that make TWS earbuds will also reportedly benefit from this and their market is claimed to grow at 12% in 2021.