Recently, a fresh study highlighting the market snapshot of Consumer Electronics has been publicized to the wide database of Market Research Reports Search Engine (MRRSE). This in-depth study is headlined as “Global Market Study on Consumer Electronics: Consumer Electronic Device Segment to Retain Its Dominance throughout the Forecast Period” which discusses the historic and current scenario of the global market, along with the future prospects it holds for a 4 year assessment period, 2016-2020. For the benefit of the investors of the report, this research focuses on the drivers and restraints anticipated to impact the demand for Consumer Electronics in the coming years.
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Consumer electronics have become an essential part of consumers’ daily life routines in the past decade. From conventional consumer electronic products such as smartphones, computers, laptops, digital cameras, DVDs, tablets, and printers, to advanced products such as camcorders, phablets, smart televisions, and wearable electronic devices, the global market for consumer electronics encompasses a wide product catalog.
Persistence Market Research projects that the global consumer electronics market is likely to follow stellar growth in the next few years. During the four-year forecast period 2016-2020, revenues of the global consumer electronics market are expected to reach US$ 2,976.1 Bn in 2020, registering a CAGR of over 15%.
Expanding middle-class, changing lifestyle preferences, growing inclination toward using smart electronic devices are among the primary factors driving the growth of the global consumer electronics market. In addition, rising disposable income of consumers, coupled with the need for Internet usage, will propel the demand for electronic devices over the forecast period. Governments around the world are increasingly supporting digitalization, eventually promoting the usage of various electronic devices among consumers. This is anticipated to bolster the consumer electronics market on a global level.
Burgeoning R&D in consumer electronics and technological advancements will also be some of the most prominent drivers to the consumer electronics market growth. Emergence and growing popularity of wearable electronic devices has been a breakthrough in the consumer electronics market. Rising urbanization and evolving consumer lifestyle will collectively result in higher adoption of wearable electronics, eventually supporting the sales of consumer electronics on a global level. This growth of wearable devices is attributed to their autonomous and user-friendly operability and functionality.
Growing awareness on the benefits of wireless connectivity of a number of electronic devices is another factor identified to foster adoption. Following considerable penetration in developed regions, connected homes are gaining traction in some developing countries as well. This is expected to fuel demand for smart mobile devices, HVAC systems, kitchen appliances, and intelligent security systems. This is foreseen to be a major factor that’s positively impacting the consumer electronics market, especially in emerging economies.
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The global consumer electronics market is segmented on the basis of device type. The three key segments i.e. consumer electronic device, smart home device, and wearable device. These segments are further classified into sub-segments.
The consumer electronic device segment will continue dominance, accounting for more than 97% market share by 2020-end. The revenues of this segment are predicted to reach US$ 2,907.0 Bn by the end of the forecast period. Within consumer electronic device segment, smartphones will continue to gain the maximum traction, accounting for over 30% market share by 2020 end, followed by PCs. However, smart home device segment is pegged to witness the fastest CAGR of 23% through to 2020. Wearable device segment is also projected to witness steady growth during the forecast period.
The global market for consumer electronics is geographically segmented into seven key regions viz. North America, Asia-Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Middle East and Africa (MEA), Latin America, and Japan.
APEJ will continue to be the largest market for consumer electronics throughout the forecast period 2016-2020, expanding at the highest CAGR of 17.5%. North America, led by the U.S., will remain the second largest market, followed by Western Europe. While the market value share of North America will be over 16% by 2020 end, Western Europe is also expected to register a significant share.
Key Players Analysis
The global consumer electronics market is highly competitive. Established international brands as well as new entrants form a competitive landscape. A number of key players are increasingly seeking market expansion through strategic mergers and acquisitions. Innovative, cost-effective product development has been at the center stage of leading consumer electronics manufacturers. Some of the key market players include HP Inc., Apple Inc., Samsung Electronics Co. Ltd., ., Sony Corporation, LG Electronics Inc., Panasonic Corporation and Hitachi Ltd., and Toshiba Corporation.
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