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George Ma
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Tech
March 18 12:18

Wearable electronics market may slow down due to coronavirus

By 2024, the situation will change.
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According to IDC analysts, the growth of the portable electronics market may slow down due to coronavirus. Thus, they assume that this year the volume of shipments will amount to 368.2 million devices. And this, in turn, means that the growth of the world market will only increase by 9.4%, while last year the figures rose by 89%.
Specialists noted that the potential slowdown in the market for portable electronic devices is due to the coronavirus outbreak that turned into pandemic, which may lead to a decline in shipments in the next six months. "Watches and wristbands will be negatively impacted in the short term and we anticipate a 13% decline collectively during the first quarter as many factories in China struggle with manufacturing due to labor and component shortages," said Jitesh Ubrani, research manager at IDC Mobile Device.
However, analysts predict that growth will resume in the coming years, with shipments reaching 526.8 million units as early as 2024.