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Wednesday, 18 March 2020 10:17

Coronavirus to hit global wearables market in first-half of 2020: IDC

Coronavirus to hit global wearables market in first-half of 2020: IDC Image by Free-Photos from Pixabay

The global wearables market is expected to grow by 9.4% in 2020, the market intelligence provider IDC says, adding that this would be a major slowdown from the 89% growth in 2019, with the coronavirus pandemic affecting supply in the first half of the year.

The number of shipments during the year is projected to be 368.2 million and the market is forecast to grow to 526.8 million shipments by the end of 2024, with a five-year compound annual growth rate of 9.4%.

IDC Mobile Device Trackers research manager Jitesh Ubrani said watches and wristbands would be negatively affected in the short term.

"We anticipate a 13% decline collectively during the first quarter as many factories in China struggle with manufacturing due to labour and component shortages," he said.

"Similarly, a decline of 7.1% is expected in the second quarter followed by mild recovery in the second half of the year as supply constraints slowly begin to disappear and manufacturing returns to normal."

wearables table

IDC Wearables Team research director Ramon Llamas said continued interest was expected in in hearables and smartwatches this year.

"Hearables have become the must-have wearable device for end users and are available at a broad range of price points and feature sets," he said.

"Meanwhile, smartwatches have gradually gained greater salience not only for health and fitness but simply for the convenience of having information surfaced to the wrist, and convenience is what owners appreciate the most in their wearables."

IDC said that while earwear or hearables were expected to show a five-year CAGR of 10.3%, reaching 301.5 million units by 2024, watches, including smartwatches and basic watches, would experience a five-year CAGR of 11.4%.

But the market for wristbands was expected to remain nearly flat with a 1.8% CAGR.

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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