Consumer Electronics Market Size to Grow at a CAGR of 5.1% in the Following 5 Years | Valuates Reports
BANGALORE, India, Aug. 16, 2022 /PRNewswire/ -- The Global Consumer Electronics Market is Segmented by Type (Television Sets, Video Players, Recorders, Videocams, Audio Equipment, Mobile Telephones, Computers, Portable Devices), by Application (Personal, Professional) : Opportunity Analysis and Industry Forecast, 2022–2028.
The global consumer-electronics market size is USD 850 Billion in 2021 and is projected to have a CAGR of 5.1% in the following five years.
Major Factors Driving the Growth of the Consumer Electronics Market:
The rising home automation trends, favorable government policies, and COVID-19 impact will fuel the market's growth.
Extensive R&D initiatives by key players will drive the demand for the market during the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL CONSUMER ELECTRONICS MARKET
The increasing penetration of smartphones and the integration of advanced features have augmented the need for audio and video equipment. Consumers are shifting toward smart homes due to convenience and the rise in disposable income. Improved connectivity, voice-enabled control, and speech recognition have enabled consumers to control home appliances through simple voice commands. This will bolster the growth of the consumer electronic market in the coming years. The proliferation of smart home devices and the growing home automation trend has led to the explosion of devices that are available online. Phones, tablets, window blinds, lights, and wall outlets all interact with each other just at the swipe of a screen.
Several government authorities are making efforts to promote the growth of electronic products. Many initiatives are being undertaken to integrate modern technologies such as 5G, IoT, AI, and machine learning in electrical equipment. This will push the growth of the consumer electronics market. Increasing investments are being undertaken to boost domestic electronic manufacturing hubs.
The onset of the pandemic, work from home, and the shift towards e-learning have surged the demand for laptops, tablets, and PCs. The COVID fuelled home entertainment boom and rising digitization has resulted in increased production of electronics. This will surge the growth of the global consumer electronics market. Global access to the internet has drastically improved the number of products manufactured and sold. Products that were earlier purchased in-store are now being bought online just at the click of a button.
Leading players are actively investing in research and development initiatives to improve the efficiency of electronic technology and cut costs. This will drive the expansion of the consumer electronics market in the forthcoming years. Multi-pricing strategies and specific product launches are being introduced to attract various segments of consumers.
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CONSUMER ELECTRONICS MARKET SHARE ANALYSIS
Based on type, the mobile telephones segment will grow the highest in the consumer electronics market share due to the rapid expansion of the telecom infrastructure, rising income levels, numerous product launches, and the introduction of budget-friendly smartphones.
Based on application, the personal segment will witness considerable growth opportunities due to falling prices of personal electronic items and rising spending on products like Bluetooth speakers, smartphones, earphones, wearables, etc.
Based on region, Asia-Pacific will be the most lucrative in the consumer electronics market share due to growing technological awareness amongst the younger population, supportive government policies for electronics manufacturing and rapidly spreading industrialization. Newer players are emerging with low pricing strategies to attract a large population base.
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Key Companies:
- Apple
- AB Electrolux
- Bose
- Canon
- Dell
- General Electric
- Haier
- HP
- Huawei
- LG
- Nikon
- Philips
- Samsung
- Sennheiser
- Sonos
- Sony
- Xiaomi
- ZTE
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