Niche markets are a great way for small businesses to find success in a crowded world. Although competition is increasing, there’s still room for startups and entrepreneurs who can carve out their little corner of the market. Niche marketing allows you to focus on your target audience. While also allowing you to create a more specialized product or service that meets specific needs without trying to meet every need at once.
In 2021, there’s no doubt that you’ll be hearing a lot about the IoT (Internet of Things) and connected devices. 2030 project the number of smart appliances to skyrocket from 12 billion in 2018 to 30 billion. Even more exciting? This growth will only represent a fraction of what we expect for all electronic devices over the next decade as everything becomes “connected.” Just think how many things with an internet connection are already sitting around your house: smartphones, laptops, desktop computers, tablets, even some TVs! If you have them turned on while reading this article right now – congratulations! You are part of the Internet of Things whether or not you realize it.
As new niches pop up all over the place, this article will look at some emerging niche markets expected to see tremendous growth by 2021. These niches are growing because they fill unmet customer demand with innovative products and services being created for these audiences:
Human and Pet Fitness trackers/ Sports Watches
The wearables market is booming and the best business to start. Also, it’s expected to continue growing at a rapid pace in the coming years. Fitness trackers are some of the most popular products. Thus, allowing users to monitor their heart rate, steps taken each day, calories burned, and much more.
Pet Fitness Trackers
Animals can be a part of your family, which means you want them to live as long and healthy lives as possible. Fitness trackers can help monitor vital signs like heart rate (and even GPS location). Therefore, owners know when it’s time for a trip to the vet or if exercise is needed more often than expected due to health issues.
Edibles
The legalization of marijuana has led to an increase in edible sales. Why? Because these items carry higher price points than other cannabis products. Consumers can now enjoy gummy bears, candies, and baked goods that provide a discreet way to consume weed. Also, offer high potency levels for those looking for relief from chronic pain or anxiety issues.
Smart Toilets
Many luxury hotels already offer access to innovative toilet features like heated with remote controls and built-in massagers. More affordable options are now becoming available for consumers in the home, and some people have chosen to install their smart toilets at an estimated cost of $400 per unit.
Robotic Cleaners/ Artificial Intelligence/ Robots
These automatic vacuum cleaners allow users to set up cleaning schedules without having to lift a finger themselves. Besides, they follow pre-programmed instructions once activated by the homeowner. They also offer the benefit of being very affordable compared to hiring a maid service for your home every week or even a month. Also, they can work on all types of floors (including rugs).
Also, Artificial Intelligence, Automation & Robotics is expected to develop in a big way over the next few years. The number of smart home devices will increase by 2021. There will be more robots working in household appliance stores around the world.
Automotive Technology
The automotive industry continues to see record sales year after year. Why? Because it uses new technology advancements like driverless cars and artificial intelligence (AI) capabilities on vehicles such as Tesla’s autopilot mode. One area where carmakers will expand more is connectivity technologies with AI assistants. Cars will continue to become smarter and more autonomous in 2021, which is why the market continues to grow despite an economic downturn.
Besides, the global car rental market is expected to be worth over $30 billion by 2021. This growth will come from the increased demand for self-driving vehicles, ride-sharing services, also, an increase in new car sales worldwide – especially in China, where luxury cars are becoming more popular than ever before.
Final Thought
By 2021, these are the niches expected to take off and provide new opportunities for entrepreneurs. These five markets each present different ways in which consumers can already benefit from innovative products that didn’t exist a few years ago but will soon be found everywhere.