Consumer electronics or also referred to as home electronics are devices intended for everyday use, typically private homes. These devices include smartphones, laptops, cell phones, video games, flat-screen TVs, paper shredders, digital cameras, etc. Smart home devices turn an ordinary home into a connected home. The smart home device is HVAC systems, intelligent security systems, and smart kitchen appliances and can be controlled remotely through iOS or Android devices. Wearable devices are user-friendly and autonomous in nature. They can be connected to the Internet wirelessly via a third-party tool.
Market Statistics:
The global consumer electronics market is expected to surpass US$ 9,473.9 Bn in terms of value by the end of 2028.
Market Drivers
Rising government support for electronics devices is expected to drive growth of the global consumer electronics market during the forecast period. Advent and implementation of various proactive schemes and initiatives by various governments across Asia have led to increase in demand for consumer electronics devices. For instance, in the Los Angeles Unified School District (LAUD) sanctioned US$ 50 Mn for the procurement of laptops and Chromebooks for its students. In 2012, the Government of India launched the tablet education initiative for students in the country. Moreover, in 2011, the Government of India introduced a bill for the mandatory digitization of cable television in the country by the end of 2015.
Market Opportunity
Increasing number of tech-savvy consumers is expected to provide major business opportunities. Majority of consumers are preferring connected consumer electronic devices and accessories that can be monitored remotely and smart wearable devices that can be connected to a smartphone wirelessly. These smart consumer electronics devices provide enhanced end user experience with minimized complexities and hence are becoming more and more popular among tech-savvy population.
Global Consumer Electronics Market: Recent Developments
- In February 2021, LG Electronics introduced new OLED 48CX TV for gaming and cinema. It is a 48-inch 4K webOS-based smart TV powered by Nvidia G-Sync and other features dedicated to gaming.
- In July 2021, Panasonic Corporation introduced ‘My Spec’ cooking appliances compatible with IOT, which allow users to update and control frequently used home appliances’ functions.
- In September 2020, Samsung announced launch of the Galaxy Tab Active3, a smart tablet based on the popular Tab Active2 design to meet the rigor of today’s mobile workforce with a sleek, compact design for portability.
- In September 2020, Whirlpool India launched Wi-Fi and voice enabled 3D cool invertor smart air conditioner (AC) in India. It enables users to operate and control appliance from any location.
Key Developments
- Key players in the market are focused on product and campaign launches, in order to enhance the market presence. For instance, in January 2020, Panasonic Corporation introduced ‘WhatMovesUS’ campaign at Consumer Electronics Show (CES), Las Vegas, U.S.
- Major companies in the market are involved in product launches, in order to expand the product portfolio. For instance, in September 2017, Apple Inc. launched a new smartphone iPhone X for US$ 999.
Market Restraint
Decreasing demand for laptops and digital cameras is expected to restrain growth of the global consumer electronics market during the forecast period. Rising penetration of smartphones has led to decrease in demand for digital cameras and laptops. Today’s smartphones have the capabilities of both laptops and digital cameras. These smartphones are equipped with advanced processors and high-quality camera. As a result of these, majority of consumers are increasingly preferring smartphones over laptops and digital cameras.
Global Consumer Electronics Market - Impact of Coronavirus (Covid-19) Pandemic
The global consumer electronics market has been negatively impacted by the outbreak of the COVID-19 pandemic. Since its outbreak in China in December 2019, many countries have adopted stringent lockdown policies, in order to curb the spread of the virus. This has resulted in temporary disruption in manufacturing activities in different sector, including consumer electronics. In fact, China being one of the major countries housing different manufacturing facilities of key consumer electronics companies has led to sharp decline in the manufacturing activities. On the contrary, the demand for consumer electronics has surged since many companies adopted work from home policies. Colleges and schools have shifted to e-learning, which has further increased the demand for laptops, smartphones, and tablets.
To know the latest trends and insights prevalent in the Global Consumer Electronics Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/consumer-electronics-market-4722
Key Takeaways:
- The global consumer electronics market was valued at US$ 2,877.7 Bn in 2020 and is forecast to reach a value of US$ 9,473.9 Bn by 2028 at a CAGR of 15.6% between 2021 and 2028. This is owing to the emergence of smart devices and technological proliferation in consumer electronics industry.
- The Wearable Electronic Device segment was valued US$ 24.4 Bn in 2020 and is expected to witness a CAGR of 16.4% over the forecast period. This is owing to the growing popularity of IoT and connected devices.
Market Trends
Consumer electronic devices are increasingly gaining traction in developing regions such as Asia Pacific, Europe, and Latin America owing to rising disposable incomes in these regions. Strong presence of organized retail stores across the globe is supporting growth of the consumer electronics market. Many key players in the market are focused on operational expansion to meet increasing demand for consumer electronic devices and to buy out competition.
Wearable devices such as smartwatch and smart wristband that track heart rate steps taken and other health-related information have a niche market. Although wearable devices are at the nascent stage in emerging regions, their consumer base is expanding rapidly. Moreover, key companies in the market are offering wearable devices are emphasizing on product development and innovation by investing in R&D activities.
Rising adoption of smartphone Latin America and Asia Pacific is characterized by growing internet penetration and popularity of social networking in countries such as China and India with large population bases. Furthermore, growing trend of mobile shopping, e-banking, and bring your own device (BYOD) is surging the demand for smartphones across globe. Major companies in the market are focused on these markets by launching affordable handsets in these regions.
Competitive Section
Major companies operating in the global consumer electronics market are Panasonic Corporation, Samsung Electronics Co. Ltd., Toshiba Corporation, LG Electronics Co. Ltd., Hewlett-Packard Inc. (HP), Apple Inc., Sony Corporation, Hitachi Ltd., and Koninklijke Philips N.V.
