By Kymberly Martin
Smart wearables leading the pack.
The wearable electronic market in Australia is expected to grow 4.7% CAGR 2016-2021 to reach AU$821.6 million in 2021 (Compound annual growth rate which is the average annual growth over a five year period). Smart wearables are clearly leading this growth with 12.6% CAGR reaching AU$471.3 million in 2021, according to the latest data on the global electronics market from Euromonitor International.
Global prospects for wearable electronics continue to be strong too, with retail sales projected to grow by 138%, to become a $45 billion dollar industry in 2021, the world’s second-best selling product behind smartphones.
New products like smart wearables and wireless speakers, along with innovations such as Ultra HD and convertible laptops resonate with the shift in consumer preferences, said Euromonitor International head of consumer electronics, Wee Teck Loo. “These products command higher retail selling prices, helping boost profit margins of manufacturers and retailers,” he said.
Other key consumer trends to emerge from the latest data show that sales of wireless speakers are projected to reach 73 million units with 25% growth over 2017-2021. Portable laptops and convertible tablets are also gaining in popularity due to convenience. Unit prices for laptops are expected to stabilise at US$620 over the forecast period, helped by demand for convertible laptops which will account for 40% of sales in 2021. The push for Ultra HD is paying dividends for TV manufacturers, as consumers are easily sold on the pretext that more pixels and higher resolution equate to better video quality, according to Euromonitor.