TWS hearables and smartwatches to drive growth in wearables market: Report

TWS (true wireless stereo) hearables and smartwatches are likely to drive growth in the wearables market in 2021, according to a report by Counterpoint Research.

Annual TWS shipments are expected to grow 83 per cent to 238 million units in 2020, Spending in the smartwatch category is also expected to increase 2 per cent to tip the 100-million mark, as per the report.

According to the report, earwear contributed 52 per cent to the overall wearable shipments in Q3 2020 while wristwear, which includes smartwatches and bands accounted for 41 per cent of the shipments.

“The trend around removing jacks and earphones from devices and boxes is becoming a big driver for TWS segment growth,” said Counterpoint Research senior analyst Liz Lee.

“It also helps that mobile media consumption continues to grow, making TWS the next must-have accessory,” added Lee.

Senior analyst Sujeong Lim, who covers IoT and emerging technologies commenting on growth in smartwatches segment said, “The normalization of economies coupled with increased interest in health and fitness will help the smartwatch market grow. We expect low double-digit growth through the medium term – possibly higher if average selling prices decline quickly.”

In terms of global TWS shipments in 2020, Apple topped the list with a 29 per cent market share followed by Xiaomi with a 13 per cent market share. Apple also accounted for 28 per cent of smartwatch shipments in Q3 2020.