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COVID-19 will boost the smart accessory market by 30%, research shows

COVID-19 will boost the smart accessory market, research shows
The COVID-19 pandemic isn’t over and judging by the latest reports, it won’t be over anytime soon. And while the situation is dire and the death toll keeps on rising, there’s one unexpected effect that will supposedly boost the smart accessory market. The latest forecast from technology market analyst firm Canalys expects shipments of smartphone accessories, namely wearable bands and TWS devices, to exceed 200 million units and 350 million units respectively in 2021.

“Consumers' attention to health and wellness has increased significantly during the pandemic, which is a great opportunity for wearable devices, such as those from Xiaomi, Garmin, Fitbit, and Huami, etc. Engagement in indoor activities such as remote learning, working from home and home entertainment, as well as outdoor sports and recreation also continued to rise. This ushers in greater than expected growth, particularly for TWS headphones, such as those from Apple, Samsung, Jlab, and QCY, etc,” Canalys Research Analyst Cynthia Chen comments.

It turns out that people are hesitant to buy new phones during the pandemic and tend to focus on cheaper and health-oriented products. It’s completely understandable, as many manufacturers of wearable devices tried to tweak their products to help with the COVID-19 situation in one way or another. The SpO2 sensors in the latest batch of smartwatches for example can track oxygen saturation and alarm users for potential problems, even when other symptoms are not present.

There’s also a psychology angle to all this. People are scared of the virus and try to stay healthy, exercise more, and be physically active in general. A smart band or a smartwatch can act as an additional motivator for doing this. And since the virus is here to stay (at least until we figure out a vaccine) sales of smart accessories will most likely increase significantly.

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