According to analysis by 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.
The growth 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.
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.
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)
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