Saudi Arabia Wearable and Audio Devices Market Growing Demand for Business Development 2021 - United Matbouli Group, LG Electronics Saudi Arabia Ltd

Latest released, the research study on Saudi Arabia Wearable and Audio Devices Market Report Forecast 2021 - 2026, offers a detailed overview of the factors influencing the global business scope. Saudi Arabia Wearable and Audio Devices Market research report shows the latest market insights, current situation analysis with upcoming trends and breakdown of the products and services. The report provides key statistics on the market status, size, share, growth factors of the Saudi Arabia Wearable and Audio Devices. The study covers emerging player's data, including competitive landscape, sales, revenue and global market share of top manufacturers are: United Matbouli Group, LG Electronics Saudi Arabia Ltd, aDawliah Universal Electronics, Modern Electronics Co. Ltd, Alesayi Electronics Co. Ltd, Pioneer Corp., Digital & Electronic Solutions Development Co. Ltd

The Saudi Arabia Wearables market was valued at USD 33.9 million in 2020 and is expected to reach USD 63.81 million by 2026 at a CAGR of 11.1% whereas audio devices market was valued at USD 32.2 million and it is expected to reach USD 46.5 million at a CAGR of 6.4% during the forecast period (2021 - 2026).

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Industry News and Updates:

- June 2020, Xiaomi Corporation launched the Mi Smart Band 4 NFC, a special edition of the fitness band with contactless payment technology. This innovative product was developed in collaboration with Mastercard and available to the cardholders of this payment system.?
- June 2020, Apple previewed watchOS 7, which delivers enhanced customization tools and powerful new health and fitness features to the advanced smartwatch. The watchOS 7 offers sleep tracking, automatic handwashing detection, and new workout types together with a whole new way to discover and use watch faces, that will help users to stay healthy, active, and connected.?

Key Market Trends

E-commerce is Expected to Grow Significantly

- Despite a high e-commerce readiness index, Saudi Arabia never really experienced significant growth in online sales for the longest time. To put it into perspective, Saudis e-commerce penetration in 2017 was only 1.4%, which was less than half compared to the United States in 2005. However, this narrative has been steadily changing in the last two years, with an e-commerce growth rate exceeding 32% and online sales in the country expected to hit USD 9 billion, by 2025.?
- Additionally, around 74% of online shoppers in Saudi Arabia are between age 18 and 34 years and mostly purchase electronics. Furthermore, in July 2019, Saudis cabinet passed the new e-commerce regulation that dictates the terms, conditions, and liabilities between all the entities, which are involved in the online sale. The law is anticipated to enhance the reliability of online transactions, offer stimulus e-commerce activities, and protect the consumer against fraud, misinformation, and deception.?
- In 2017, the total revenue generated by the fashion industry stood at USD 1.91 billion, followed by electronics and media at USD 1.85 billion, and the electronics and media category is set to maintain a growth rate and reach USD 2.66 billion, in 2021. The wearables market is steadily increasing during the past years, as its not only appeals to athletes anymore, but also benefits people with health concerns. The considerable share of fitness trackers growth has shifted into smartwatches, and the industry anticipates a further increasing convergence of smartwatches and fitness bands.?
- Furthermore, 65% of all online purchases were made from websites based in Gulf Cooperation Council countries and Noon.com, based in the United Arab Emirates, but owned 50% by Saudi Arabia Public Investment Fund, launched a local version of its website in Saudi Arabia at the end of 2017, and it is expected to contribute to the share of domestic online shopping. Similarly, Souq.com (which was recently purchased by Amazon), as well as Amazon Global, Jarir.com, Extrastores.com, and Aliexpress, are among the most visited e-commerce websites in Saudi Arabia, which include the wearable segment.?
- Moreover, Saudi Arabia makes up a large amount of traffic to these sites, nearly 22% of the traffic to souq.com, 75% of jarir.com, and 21% of opensooq.com. This caters to the wearable players to add the expansion in the online business, along with offline.?

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