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Constant Technological Developments to Push Uptake of Consumer Electronics

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Published on : Mar 20, 2017

ALBANY, NY, March 20, 2017: The report, titled ‘The World Consumer Electronics Market’, focuses on the development of the worldwide market and its future growth prospects. The report also offers an outline of the market drivers and challenges, market landscape, trends, and key vendors. Digitalization and technological advancements have changed the way of living. With smartphones, laptops, computers, tablets, printers, television sets, and wearable electronic devices, it has become difficult to function without them. 

The growth of the global consumer electronics market can be attributed to factors such as an expanding middle-class population, growing preference for using smart electronic devices, and changing lifestyle preferences. Moreover, increase in disposable income of consumers, coupled with the need for Internet usage, will drive the demand for electronic devices during the forecast period. Governments worldwide are increasingly supporting digitalization and promoting the usage of various electronic devices among consumers, which is invariably expected to boost the consumer electronics market. Introduction of innovative mobile technologies and connected devices that enable them to interact with other devices is driving the uptake of consumer electronic devices globally.

On the basis of product type, the handheld devices segment accounted for a large market share and will be leading the overall market in the forecast period. Handheld devices like smartphones have enhanced features that are replacing other consumer electronic goods such as standstill cameras, MP3 audio players, alarm clocks, gaming devices, wristwatches, and landlines and GPS navigators. 

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In terms of end-use application, the market for consumer electronics can be divided into commercial applications and residential/personal applications. The residential segment accounted for a significant market share and is pegged to grow further in the said period due to augmenting demand for smartphones and tablets by individuals. The commercial application segment is projected to get a boost from heavy demand for display screens, advertisements, and big-sized televisions in the commercial sector.

Based on geography, the market can be segmented into North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. The North American region is known to hold a significant share in the market owing to technological developments that are driving consumers to replace old products with the latest ones. 

Asia Pacific is fast becoming a highly potential market for consumer electronics due to improved disposable income, decreasing prices of consumer electronic devices, rapid technological advancements, and presence of major electronic goods manufacturers. 

Some of the leading players operating in the global consumer electronics market are Apple Inc., Samsung Electronics Co. Ltd., HP Inc., Sony Corporation, Panasonic Corporation, Hitachi Ltd., LG Electronics Inc., and Toshiba Corporation.

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