The global consumer electronics market size isexpected to showcase considerable growth by reaching USD 989.37 by 2027. Thegrowth is attributable to the growing demand for user-friendly electronic products and the rising residential sector that propels the demand for consumer electronics globally. Fortune Business Insights in its latest report, titled, “Consumer Electronics Market Size, Share & Industry Analysis, By Product Type (Electronic Devices(Television, Computer, Digital Camera & Camcorder, and Others) and Home Appliances (Refrigerator, Washing Machine, Air Conditioner, and Others)),Distribution Channel (Offline and Online), and Regional Forecast,2020-2027.”, mentions that the market stood at USD 729.11 billion in 2019 and is projected to exhibit a CAGR of 5.3% between 2020 and 2027.
COVID-19 Impact: Market to Register Significant Growth After Initial Slowdown
According to our analysis, the global market for consumer electronics is expected to experience a negative CAGR of -5.4% in 2020. Knockdown announced by the government agencies and the growing insecurities regarding jobs is likely to be the main factors leading to the disruption in the electronics industry. However, the growing work-from-home culture is likely to drive the adoption of electronics such as computers, laptops, and others to stabilize the market in the near future.
Consumer electronics are devices such as computers, refrigerators, laptops, Television sets, and mobile phones. One of the highly penetrated products across every household, they experience great demand from consumers. Moreover, product innovations by companies backed by the increasing technological advancements are likely to surge the demand for electronic products across the globe.
What does the Report Provide?
The market report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth in the forthcoming years. Moreover, the research analyst has adopted several research methodologies to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
DRIVING FACTORS
Increasing Adoption of User-FriendlyDevices to Surge Demand
Technological advancements and theavailability of high disposable income amongst the working population areleading to the high adoption of smart appliances. The manufacturers arefocusing on developing user-friendly products that cater to consumer needs. Forinstance, a huge demand for smart appliances that offer voice assist, WIFI &Bluetooth connectivity, and faster networks is a driving factor for theconsiderable growth of consumer electronics.
The rapid-paced industrialization andurbanization has led to the massive development of the residential sector. Therising residential sector is proving to be beneficial for the increasingadoption of electronic products that will favor the global consumer electronicsmarket growth in the forthcoming years.
SEGMENTATION
Electronics Segment to Hold the LargestMarket Share
Based on product type, the electronicssegment is expected to showcase exponential growth due to the high penetrationof consumer electronic devices such as digital cameras, computers, TVs,laptops, and tablets, among others.
REGIONAL INSIGHTS
Presence of Established Players inAsia-Pacific to Augment Growth
Among all the regions, Asia-Pacific isexpected to remain at the forefront and hold the highest position in the globalconsumer electronics market in the forthcoming years. This is attributable tothe presence of established players such as Sony, LG, Panasonic, and Samsungthat dominate the consumer electronic segment in the region. Asia-Pacific stoodat USD 274.00 billion in 2019.
The market in Europe is expected toshowcase significant growth backed by the growing demand for smart homeappliances in countries such as the U.K., Germany, and France between 2020 and2027.
BrowseComplete Report Summary @ https://www.fortunebusinessinsights.com/consumer-electronics-market-104693
COMPETITIVE LANDSCAPE
Facility Expansion by ProminentCompanies to Amplify Their Market Positions
The global consumer electronics marketis fragmented by the presence of key players such as LG, Samsung, Sony, andothers. These companies hold a dominant share in the consumer electronicssegment and strive to maintain their presence by expanding their capacity tocater to the growing consumer demand globally. Moreover, the other majorcompanies focus on maintaining a stronghold by adopting strategies such aspartnership, the introduction of new products, and collaboration that willfavor market growth.
Industry Development:
November 2020 – Samsung announced the launch of its new SmartMonitor that functions as a do-it-all screen. The company reports that thedevice is equipped with mobile and PC connectivity and entertainment Smart Hubfeatures.
List of the Companies Profiled in theGlobal Market for Consumer Electronics:
- Samsung Group (Suwon, South Korea)
- LG Electronics Inc. (Seoul, South Korea)
- Sony Corp. (Tokyo, Japan)
- Panasonic (Osaka, Japan)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Whirlpool Corp. (Benton Harbor, U.S.)
- AB Electrolux (Stockholm, Sweden)
- Apple Inc. (Cupertino, U.S.)
- HP Inc. (Palo Alto, U.S.)
- Huawei Technologies Co., Ltd. (Shenzhen, China)
