With annual sales reaching 450 million units, wearable devices are on the rise

In this era of the Internet, carrying a mobile phone with you when you go out has almost become standard equipment. The resulting mobile portable products have attracted countless enthusiasts, especially wearable devices such as smart bracelets, watches and headphones.

Annual sales of wearable devices reached 450 million units

It has to be said that the epidemic has boosted the sales of wearable devices. Data shows that in 2020, 444.7 million wearable devices were sold worldwide, up 28.4% year-on-year compared to 2019. The Asia-Pacific region with a share of 32.4% and North America with a share of 30.1% are at the top of the wearable device market in terms of customer spending. The United States has attracted a large number of sellers with a wearable device penetration rate of up to 21%.

In China, shipments of wearable devices reached 107 million units in 2020, with shipments in the fourth quarter alone reaching 30.26 million units, a year-on-year increase of 7.7%. From the breakdown of shipments to specific areas, headphones became the most popular wearable device in 2020 with a market share of 60%, followed by watches with a share of 24%, and the market share of wristbands has been declining year by year, at 15.7%.

Looking at the brands, Apple is still the industry leader, occupying one-third of the global wearable device market. Data shows that Apple's annual shipments in 2020 reached 151.4 million units, of which smartwatches and wireless headphones had the largest growth. The second is Xiaomi, a dark horse that has surpassed Huawei to become the world's second and China's first. Due to its continued efforts in overseas markets, its global market share reached 21.5%. Huawei and Samsung's market shares were 14.1% and 11.9% respectively.

It is worth noting that the shipment volume of some small and medium-sized manufacturers should not be underestimated. When their share is the highest, they occupy half of the market share. Headphone brands such as 1MORE, U&I, QCY, and Soundcore all want to get a piece of the wearable device market.

Are wearable devices potential technology products?

In fact, the outbreak of the epidemic in 2020 has prompted people to pay more attention to their physical health, which highlights the advantages of wearable devices. Coupled with the support of 5G, the market popularity and recognition of wearable devices are also gradually increasing. Some industry insiders said that wearable devices may be another potential technology product after smartphones and smart homes, with a market size of up to 100 billion.

Current smart wearable devices generally have multiple functions such as sending and receiving information, navigation, positioning, monitoring, and interaction. However, different consumers have different expected functions, and only practical ones are the most popular. Functional wearable devices for children, young people, and the elderly will be more popular.

Global spending on wearable devices is also staggering, reaching $69 billion in 2020 and is expected to continue to grow in the future. Sales of consumer technology products in the United States are also growing, up 17% year-on-year in 2020. In addition, 54% of American adults already use wearable devices to track their health indicators, which is enough to show the market potential of this category in the United States.

The global technological progress is changing with each passing day. Judging from the current growth trend, the sales volume of the global wearable device market is extremely impressive, and there is also great room for future growth. Sellers selling related categories can pay special attention to it in order to continuously expand their market share.

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