According to data from market research firm Euromonitor International, Indonesia is projected to overtake Brazil and Mexico as the fourth largest smartphone market in 2020, with global prospects for wearable electronics to remain strong and becoming a US$45 billion industry in 2021.
“Emerging markets like India and Indonesia provide plenty of untapped opportunity for smartphones due to the huge pool of feature phone upgrades. Indonesia is projected to overtake Brazil and Mexico as the fourth largest smartphone market reaching almost $1 billion dollar sales in 2020,” says Head of Consumer Electronics at Euromonitor International, Loo Wee Teck.
Loo also noted that new products like smart wearables and wireless speakers, as well as innovations like Ultra HD televisions and convertible laptops resonate with the shift in consumer preferences.
“These products command higher retail selling prices, helping boost profit margins of manufacturers and retailers,” adds Loo.
Source: Sitec News