While wearables market has come a long way to include more than just smartwatches, it has yet to stop growing. With the number of peripherals increasing and innovation guiding the industry, the wearables market is expected to see huge growth in the near future.
According to a Global Data report, the wearables market is heading into a boom, despite smartwatches seeing a decline in 2020. The report stated that by 2024, the wearables market will be doubled in comparison to 2019. In 2019, the wearable industry is said to have brought in 27 Billion US Dollars. Although, that high sum might not be reflected in 2020, due to the Coronavirus pandemic, which has caused the market to decline (especially for smartwatches).
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While 2020 has been harsh on various industries, it seems like there is a silver lining just around the corner. 2021 and beyond are expected to be a booming phase for the smartwatch segments, which will uplift the overall market as well. Global Data estimates that the market as a whole could be worth 64 Billion US Dollars by 2024. Furthermore, smartwatch sales are expected to recover in 2021. But keep in mind, that the industry also includes other peripherals like TWS earbuds, which have become very popular recently.
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