As 2019 fades away in the rear view mirror, we reflect on a year full of new technology trends that have the promise to alter the consumer electronics business landscape. Marketing company ZAGG Brands has identified four major consumer electronics market trends in 2020.
Technology advancements such as smart cities, 5G, Wi-Fi 6, video streaming, e-sports or cashless payments, all depend heavily on the battery power to ensure they work efficiently. Furthermore, developments on advanced features such as fast charging or wireless charging will also revolutionize the user experience. The demand for advanced battery to enable these revolutions will be put into sharper focus in 2020.
As the biggest technology trend in 2020, 5G will have a gradual speed of growth. It is expected that 5G will be introduced in high population areas first, where demand is high, as well as key urban centers. The growth of 5G technology will also result in stronger demand for device protection and power solutions in 2020.
3. Second-hand market.
The price for new smart consumer electronic devices will inevitably grow as they become more innovative and technologically advanced. Therefore we can expect the second-hand market to strengthen next year as more and more people seek affordable refurbished devices. Also driving the second hand market is the increasing desires of customers to create less waste and incorporate sustainability into their daily life.
The growing public awareness on sustainability is reshaping the consumer electronics industry. In 2020, this trend will continue to affect how customers make purchasing decisions and drive companies to rethink how they are doing business and how they can make the transition to a sustainable society and economy.