The wearables market used to be all about smartwatches about six years ago, but it has since expanded to include tons of tech, and over the next few years wearables are in for huge boost to their growth.
A new report from Global Data says that while smartwatches are mostly on the decline this year, wearables as a whole will still continue to boom. And by 2024 wearables could reach more than double what they made in 2019.
All told the wearables market made close to $27 Billion last year. That’s a huge chunk of change. But 2020 has not exactly been kind to all industries. Smartwatches, a single sector of the wearables market( and probably its biggest), are reportedly due for a decline.
Wearables growth could reach $64 Billion by 2024
Nearly $27 Billion from 2019 is no small amount. And even though 2020 has posed some challenges for the smartwatches segment of wearables, 2021 and beyond is due to help uplift wearables as a whole.
Global Data predicts that wearables could grow to be worth almost $64 Billion by 2024. That would be an increase of about 137-percent compared to 2019. Even with the decline of smartwatch sales this year, the smartwatch market is expected to rebound starting in 2021.
Keep in mind that wearables is a category that includes more than just smartwatches. It also encompasses truly wireless earbuds. As well as wearable heart rate sensors, smart glasses, fitness trackers and more.
Smartwatches take a hit in the short term
Smartwatches, like many markets, have been impacted by situation with the pandemic.
Shipments have slowed and sales have declined. And the report suggests that smartwatches could see a decline in revenue by about 10-percent by the time the year is over.
Much of this has been caused by things like shipment delays. Which could have stemmed all the way from shipment of components for production. Consumers have also been less likely to spend money on accessories like smartwatches in attempts to save money wherever they can.
And smartwatches seem to have been deemed an unnecessary luxury for some consumers right now.
So far this year there hasn’t seen very many high-profile launches in the smartwatch segment. Save for the Galaxy Watch 3 from Samsung that was just announced at the beginning of August. The Galaxy Watch 3 is currently available for purchase, and will no doubt be a big boost for Samsung as well as smartwatches as a whole.
But it probably won’t be enough to keep the smartwatch segment from declining in revenue.