The Sale Of Wearables Rises During The Pandemic
The growth in the market is primarily caused by a renewed interest in the products, which caused an increase in the expenditure on digital wearables technology by 18.1% in the year 2021, compared to 202o, where the total expenditure on such gadgets was $69 billion.
Smartwatches and fitness trackers form the bulk of the sale owing to people wanting to maintain their fitness, busy work from home schedules, and closure of the conventional ways of doing business amidst the pandemic.
Reasons behind the surge in wearable sell
Experts believe that work from home is the predominant reason besides maintaining fitness that caused the surge in wearable devices sales. Along came many other reasons for a hike in the demand and sale of wearables.
As the pandemic began, work for home became the new way of working and doing business, which required laptops, computers, and smartwatches and other gadgets like earphones.
Markets for smartwatches and ear-worn wearable devices are seeing rapid growth. These two devices are the most utilized, be it working remotely or carrying out some physical activity to maintain fitness.
Almost 54% of the adults in the US said they were using some smart gadget to track at least one metric of health during the pandemic, while 34% used them for tracking their fitness, and 32% people used the gadgets to become more physically active. 66% of the respondents to the survey said that they started using smart wearables to monitor a diagnosed medical condition during the pandemic.
Expected growth in the wearable market
Research shows that the expenditure on smart wearable devices is likely to increase from $18.5 billion in 2018 to an estimated $25.8 billion in 2021 and going up to almost $31.3 billion by 2022.
Expenditures on ear-worn wearable devices like headsets and headphones have increased by 124% compared to their sales in 2019, going from $32.7 billion to $39.2 billion in the year 2020.
In the present year, it is likely to go up to $44.1 billion, and this massive surge is attributed to people upgrading their gears for more convenience in working from home during video calls and online meetings.
There is also an increase in the sale of other wearable devices like wristbands, smart patches, head-mounted displays, and smart clothing.
Smart patches resemble band-aids, and they are very efficient in monitoring the health condition of an individual.
These patches can record the heart rate, temperature, blood sugar level, and other vital statistics in the body.
Some of the advanced patches can also deliver medicines like insulin, depending on the reading of the gadget.
The popularization of e-health and provisions for automated monitoring of health is likely to further increase the sale of these smart gadgets in the near future.
The majority of the shipments of these smart wearable devices were carried out by Apple, with 55.6 million units, accounting for 36.2% of the purchases worldwide.
Although far lagged behind, next in line are Xiaomi and Samsung, recording 8.8% and 8.5% sales, respectively.
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