Wearables sales to slow dramatically due to coronavirus - analysts

A sharp slowdown in the wearable electronic device market is expected by the global market in 2020 due to the coronavirus pandemic. This was announced on March 17 by the Internet resource iXBT with reference to specialists of the analytical company IDC. According to analysts, 368.2 million wearables will be shipped to consumers this year, which is only 9.4% more than last year. In 2019, relative to the previous period, growth in this segment was recorded by 89%. According to IDC experts, the slowdown in sales growth is caused by the pandemic of the new coronavirus COVID-19 and the related problems with the production of products. At the same time, analysts expect a rapid resumption of growth. In 2024, 526.8 million wearables are forecast to be shipped to buyers, which will correspond to an average annual growth of 9.4% over a five-year period. Headphone and headset sales will grow at a faster rate of 10.3% per year. In 2024 it is planned to ship 301.5 million pieces. According to analysts, in the coming years such devices will acquire new functions of monitoring the state of health or physical activity, while maintaining the main functions of listening to records and voice communication. Smart watches, according to experts, will be sold at an even higher rate. Sales growth will be 11.4% per year. But the growth of bracelet sales should fall to 1.8% per year.