The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
The benefits of having more pixels is an easy sell and manufacturers are aggressively pushing out Ultra HD TVs. Sales of TVs is projected hit 274 million units in 2023, a massive 11% growth compared to 2018! However, the TV must vie for the attention of the digital natives who will still be browsing the Internet on their smartphones or tablets while watching shows/sports on the big screen.
Sales of smartphones with displays larger than 5.5” are especially popular in markets like Russia, China and Vietnam with half of all smartphones sold being large-screened models. Smartphones are replacing laptops and tablets as the screen for media consumption. It is not a coincidence that illegal content are easily available for streaming and/or download in these markets.
Fashion brands like Fossil and Michael Kors are bringing their Midas touch to the tech world. The shift from geek to chic are pushing up average unit prices by 37% as fashionistas snap up activity watches in the name of fashion.
Activity watch (analogue) may lack the full functionality of smart wearables but the injection of fashion brands like Fossil are driving sales twofold to 20.
Despite poor battery life of smart wearables, companies are expected to sell nearly 80 million units in 2023. Manufacturers are increasing incorporate mobile data capability, making smart wearables more appealing. The connected consumers are embracing the Internet of Things (IoT) with the smart wearables a key clog in the connected world.
When iPad was first launched in 2010, many people started to proclaim the end of the PC era. Sales of tablets (even Apple’s iPad sales were badly affected) is projected to fall below laptops for the first time to 103 million units in 2022. Sales of laptops is forecasted to remain stable at 113 million sets in 2023. Laptop manufacturers are also innovating and sales of convertible laptops are projected to increase from 18% in 2018 to 36% in 2023.
In developed markets, wireless speakers will be integrated with Artificial Intelligence (AI) capability as companies drive revenues from accompanying services like groceries. Wireless speakers just lags behind the ever-popular mobile phones in terms of volume sales with close to 200 million units to be sold in 2023. For every eight consumers who purchased a new smartphone, one would have bought a wireless speaker too.
While sales of digital cameras are badly affected by smartphones, major camera manufacturers like Canon and Nikon are buoyed by strong uptake in interchangeable cameras (compact system cameras (mirrorless) and DSLRs) from an often-neglected consumer demographics – female. 1 in 5 (21%) who purchased interchangeable lens cameras are female in 2017. Globally, interchangeable cameras will account for 50% of sales in 2019, helping to sustain revenues for the manufacturers despite declining sales.