KUALA LUMPUR, Sept 19 -- Newer iterations of smart wearables have evolved from being smartphone companions to stand-alone devices with sales expected to hit US$24 billion in 2024, according to Euromonitor International. (US$1 = RM4.20).
In addition, wearables with payment capabilities, also booming for retailers, will chalk up proximity payment sales to US$78 billion in 2023, according to a statement.
The market research company has analysed the ongoing development of the global consumer electronics industry in its webinar, ‘Consumer Electronics 2024: Trends and Opportunities’.
The webinar investigated the key drivers of the evolving consumer electronics landscape with Chinese brands, namely Huawei, Xiaomi and Oppo, commanding nearly one third of global smartphone sales in 2019.
These companies shattered the image of cheap and poorly made products from China, and focused on innovations to stand-out from among competition.
Meanwhile, companies like Sony and Huawei are moving up the value chain and targeting the premium segment.
By diversifying their strategy, Chinese companies within the global consumer electronics space are ranking up and slowly getting their place to the podium with global leaders such as Apple and Samsung.
-- BERNAMA
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