Coronavirus will slow the growth of the market of wearable devices by almost ten times

However, its impact will be short-term, and sales will recover before the end of the year.

IDC analysts expect 368.2 million wearable electronic devices to ship this year. This means that the global market for such devices will grow by only 9.4%. For comparison: last year an increase of 89% was recorded.

Analysts explain the slowdown in the growth of the COVID-19 pandemic, due to which deliveries have significantly decreased in the current half year. However, growth is expected to continue in the coming years and 526.8 million devices will be shipped in 2024. This figure corresponds to an average annual growth of 9.4% over a five-year period.

At the same time, sales of headphones and headsets will grow even by 10.3% per year, so that in 2024 301.5 million units will be shipped. According to IDC experts, in the coming years, these devices will receive new functions related to monitoring physical activity and health. However, the main functions will remain listening to sound recordings, voice communications and calls to voice assistants.

Even greater growth – 11.4% per year – is predicted for smart watches, including relatively simple models with basic functionality. For bracelets, growth is projected at only 1.8% per year.