COVID-19 to act as a boon for smart accessory market, says Canalys

Xiaomi Mi Bands on an orange and yellow background

Canalys has predicted that sales of smart accessories such as wearable bands and TWS devices will grow by 30% next year due to the coronavirus. It said people will put off expensive smartphone upgrades and instead focus on cheaper accessory devices, fitness bands will also benefit from the virus because people are seeking to become healthier to protect themselves.

Graphic showing the growth of smart accessories in coming years

Commenting on the findings, Canalys Research Analyst Cynthia Chen said:

“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.”

According to data provided by Canalys, North America and Greater China have the most market share in terms of global smart accessory sales at 28% and 24.2% respectively. By 2024, however, things are expected to shift with Greater China representing 26.2% and the Asia Pacific representing 24.3%; North America is expected to slip down to 19.1%.

Canalys did say that despite the increased interest in smart accessories, tech firms should be careful that they still offer an “excellent user experience” as people will still demand this. It also said firms need to keep adding new upgrades with regards to wellness and smartphone entertainment while the prices continue to become more affordable.

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