Pandemic COVID-19 impact on the global market of wearable electronics. Demand is suffering because of the falling interest of consumers to purchases of commodities. Additional negative factors are difficulties in the supply chain, according to analysts ABI Research.
Given the situation, the experts lowered its forecast for the supply of wearable devices in 2020. Now they are expected to be in the range of 254 million units and not 281 million units, as previously thought.
Despite the fact that assessment has become more conservative, it still implies an increase compared to the year 2019, when producers released a 241 million wearable devices. Shipments will increase by 5%, whereas before experts expected 23-percent increase. This is a significant slowdown, given that in 2019, the market grew by 23% in real terms.
“Although shipments of wearable electronics this year will be less than originally expected, the dynamics will help to support the devices that monitor health and activity. Wearable electronics for health is already being used for remote monitoring of patients and tracking the course of disease in infected COVID-19” – says the analyst forecast ABI Tomsett Stephanie (Stephanie Tomsett).
In the second half of 2020 is expected a slight increase in all categories of the market, and will lead the upward trend of smart watches and sports variety, fitness and Wellness trackers. Experts believe that consumers and corporate users will prefer a model with great emphasis on features for tracking health.
In many devices that are already released or will soon begin to offer Apple, Samsung, Fitbit, Withings and Oppo, provides additional opportunities for monitoring, such as ECG, the diagnosis of apnea (stop breathing during sleep), the identification of arrhythmias and measurement of oxygen level in the blood. The inclusion of these functions in the device, in particular, smart watches, will allow you to use one device instead of several gadgets for different purposes.
“Against the backdrop of a pandemic COVID-19 people around the world began to think more about their health. The device with advanced monitoring functions will support the growth of the market of wearable electronics in the second half of 2020, and will lay the Foundation for further positive dynamics,” – says Stephanie Tomsett. According to ABI Research estimates that, by 2021, shipments of wearable devices will increase to 289 million pieces, and in 2022 will be close to 330 million units.