Global spending on wearables is projected to reach $51.54 billion in 2020.
This article cites a Gartner study which found that global spending on wearables such as smartwatches, head-mounted displays, ear-worn gadgets and smart-clothing is expected to reach $51.54 billion in 2020. This makes it a 27% growth from the $40.58 billion in sales expected in 2019.
Smartwatches and smart-clothing are segments seeing the fastest growth. Spending on smartwatches is growing by 34% and 52% for smart-clothing. Competition being given by China’s Xiaomi and Huawei to Apple and Samsung could push the average cost of a smartwatch down by 4.5% by 2021.
The end-user spending on smartwatches will reach $22.8 billion in 2020. This will be $10.6 billion for head-mounted display, followed by $8.7 billion for ear-worn devices and $1.7 billion for smart-clothing in the coming year.
[3 minute read]