Pandemic has affected consumer buying behavior in both positive and negative ways. According to a market research firm called Canalys, there will be a noticeable hike for the market of smartphone accessories like smart wearable devices and TWS devices in 2021. It is forecasted to have an exceedingly high growth rate of 39 percent for shipment of 350 million units and for exceeding 200 million units shipment a growth rate of 12 percent accordingly. There will be a Giffen goods effect seen in the market where people will still buy small smart wearable devices even with changing price range.
People during the quarantine period have shifted their focus on the well-being of themselves and their loved ones hence giving a very good market opportunity for health and wellness wearable devices. In hand with the growing market of smart wearables in China and North America, the market of Asia-Pacific and European regions will also see a significant rise in demand.
The true wireless stereo (TWS) audio products market will grow 29 percent in 2020 as indoor activities are on the rise due to the pandemic conditions. The growth is particularly seen by Apple, Samsung, Jlab, QCY, and Xiaomi.
Even though the consumers are spending more cautiously, they are expecting better upgrades to meet their needs at affordable prices, keeping all this in mind safety in production will also be an important point for manufacturers to look into.