Saudi Arabia Wearable and Audio Devices Market to Boost Business Scope with Key Players and Forecast 2022-2031

Shibuya-ku, Tokyo, Japan, Japan, Mar 31, 2022, 09:03 /Comserve / -- Saudi Arabia Wearable and Audio Devices Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The Saudi Arabia Wearables is expected to reach a CAGR of 11.1% whereas for audio devices it is expected to reach a CAGR of 7.9% during the forecast period. The market growth of wearables in the country is influenced by technological advancements in software and hardware components, increasing implementation across various verticals, and increased adoption in fitness and healthcare. However, limited battery life and security concerns could hinder the adoption of wearables.​

- The market for wearables in the country is also driven by the rising awareness of health and fitness, where wearable sensors play a vital role. Sensors embedded wearable devices are being used to monitor bodily activities, such as body temperature, blood pressure, and heart rate. The demand from the healthcare industry has been driving the wearables market, as it enables remote data access. A research study conducted on 984 participants at King Saud bin Abdulaziz University for Health Sciences in Jeddah, Saudi Arabia, indicated that coronary artery disease (CAD) constitutes a significant share (37%) of health hazards in middle-aged individuals in Saudi Arabia.​

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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, Saudi's 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, Saudi's 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.​

Fitness and Wellness Segment is Expected to Hold Major Share

- The fitness industry continues to expand in the country, owing to favorable government initiatives. In 2017, the government of Saudi Arabia introduced Vision 2030, a socio-economic reform package that emphasized the quality of life. It focuses on promoting healthy behaviors, which loosened restrictions on women's activities, including exercise.​ In line with vision 2030, the country is emerging as a health and fitness conscious economy, creating significant demand for complementary health and fitness products across the country.​

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- Increased awareness and participation as individuals in the community have started prioritizing a healthy lifestyle. Additionally, the number of specialized and talented Saudi fitness professionals has risen drastically. ​The government builds a strong foundation with an emphasis on health and wellness through campaigns, fitness studio licenses, outdoor parks, running and bike trails, and fitness-related events. Such fitness awareness in the country has also created the demand for wearables in the country for monitoring fitness parameters.​
- Hence, vendors in the country are launching wearables for fitness needs. For instance, In February 2020, Smartphone brand, HONOR, announced that its brand-new smartwatch, the HONOR MagicWatch2, is now available in the country. The wearable comes with breakthrough battery performance of up to 14 days, intelligent fitness, and health monitoring technologies, while ensuring a versatile and personalized design that resonates with global youth.​

Competitive Landscape

The market for wearables and audio devices in Saudi Arabia has consolidated as few prominent international and regional players hold the majority of the market share. The market in the region is highly competitive and players are adopting strategies such as product innovation and partnerships in order to maintain their competitive advantage. Moreover, low prices and difficulty in sustaining the rapidly growing technology are acting as major barriers to entry for new players.

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 KSA Wearables Market Overview
4.2 KSA Home Audio Market Overview
4.3 Market Drivers for Wearables Segment in KSA
4.3.1 High Adoption of Smart Wearables as Fashion Accessories
4.3.2 The Growing Area of m-Health (mobile health)
4.3.3 Increasing Share of Technologically Connected Youth Population
4.4 Market Restraints for Wearables Segment in KSA
4.5 Market Drivers for Audio Segment in KSA
4.6 Market Restraints for Home Audio Segment in KSA
4.6.1 Decline in Home Cinema and Speaker Spending
4.6.2 Lower Consumer Spending Power and Longer Replacement Cycles
4.7 Impact of COVID-19 on the Consumer Wearables and Home Audio Demand in KSA
4.8 Key Wearable Demographics in KSA

5 SAUDI ARABIA WEARABLES MARKET SEGMENTATION

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