According to Fortune Business Insights, the global market for consumer electronics is expected to experience a negative CAGR of -5.4% in 2020. The lockdown 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 a 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.
DRIVING FACTORS
Increasing Adoption of User-Friendly Devices to Surge Demand
Technological advancements and the availability of high disposable income amongst the working population are leading to the high adoption of smart appliances. The manufacturers are focusing on developing user-friendly products that cater to consumer needs. For instance, a huge demand for smart appliances that offer voice assist, WIFI & Bluetooth connectivity, and faster networks is a driving factor for the considerable growth of consumer electronics.
The rapid-paced industrialization and urbanization has led to the massive development of the residential sector. The rising residential sector is proving to be beneficial for the increasing adoption of electronic products that will favor the global consumer electronics market growth in the forthcoming years.
SEGMENTATION
Electronics Segment to Hold the Largest Market Share
Based on product type, the electronics segment is expected to showcase exponential growth due to the high penetration of consumer electronic devices such as digital cameras, computers, TVs, laptops, and tablets, among others.
REGIONAL INSIGHTS
Presence of Established Players in Asia-Pacific to Augment Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the global consumer electronics market in the forthcoming years. This is attributable to the presence of established players such as Sony, LG, Panasonic, and Samsung that dominate the consumer electronic segment in the region. Asia-Pacific stood at USD 274.00 billion in 2019.
The market in Europe is expected to showcase significant growth backed by the growing demand for smart home appliances in countries such as the U.K., Germany, and France between 2020 and 2027.
COMPETITIVE LANDSCAPE
Facility Expansion by Prominent Companies to Amplify Their Market Positions
The global consumer electronics market is fragmented by the presence of key players such as LG, Samsung, Sony, and others. These companies hold a dominant share in the consumer electronics segment and strive to maintain their presence by expanding their capacity to cater to the growing consumer demand globally. Moreover, the other major companies focus on maintaining a stronghold by adopting strategies such as partnership, the introduction of new products, and collaboration that will favor market growth.
Industry Development:
November 2020 – Samsung announced the launch of its new Smart Monitor that functions as a do-it-all screen. The company reports that the device is equipped with mobile and PC connectivity and entertainment Smart Hub features.
List of the Companies Profiled in the Global 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)
Information Source:
https://www.fortunebusinessinsights.com/consumer-electronics-market-104693
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