Euromonitor data predicts wearables as the next big thingEuromonitor International has released new data on the global consumer electronics industry, which indicates that autonomous wearable electronics are set to fulfil their promise as 'the next big thing' with a 55% compound annual growth rate (CAGR) over 2015 to 2020... Sales of wearable electronics are projected to exceed 305 million units in 2020, making them the world's second-best-selling products behind smartphones. The ascendency of wearable electronics provides a much-needed boost to retailers and manufacturers as the historic dynamic growth of tablet sales comes to a grinding halt. "Sales of smartphones will exceed 1.6 billion units in 2020, with this product literally changing the lives of the average consumer. Consumers in emerging markets view smartphones as a necessity and use them as their only internet device," said Head of Consumer Electronics of Euromonitor International, Loo Wee Teck. "While these consumers are very much into tablets for media consumption, like their counterparts in developed markets, the lack of access to wireless internet networks in emerging markets means that consumers will prefer larger-screen smartphones. As a result, one in three smartphones sold globally in 2020 will be a phablet, with a screen size between 5.5 and 7 inches." Key consumer electronics trends are:
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