“New products like smart wearables and wireless speakers and innovations like Ultra HD 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,” says Head of Consumer Electronics at Euromonitor International, Wee Teck Loo.

While wearable electronics demand is growing, “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,” adds Loo.