From the Wires
Consumer Electronics Market to hit 1.5 trillion by 2024
Asia Pacific region is set to witness substantial growth in the global consumer electronics market due to large number of household appliances and smartphone users coupled with the presence of high population and growing disposable income in economies suc
By: PR Newswire
Mar. 8, 2018 09:00 PM
SELBYVILLE, Del., March 8, 2018 /PRNewswire-iReach/ -- Consumer Electronics Industry Background
The consumer electronics industry is characterized by high fragmentation. For consumers and authorities' sustainability is becoming more vital, the demand for manufacturers to develop and deliver sustainable products is growing. This trend has been present for several years but the development is now accelerating at variable paces in different regions. Companies are now focusing on constant productivity improvements in several product costs as well as structural costs owing to the competitive cost structures. Manufacturers are also relying on collaborations and acquisitions to gain a larger industry share.
Consumer Electronics Market Overview
Technological advancements in devices including smartphones, earphones & headphones, speakers and household appliance is anticipated to fuel the consumer electronics market growth.
The growth is also characterized by the improving purchasing power of individuals across emerging economies coupled with the growing penetration of energy-efficient appliances. The rapid proliferation of wireless technologies such as Wi-Fi, NFC, and Bluetooth, provides ample growth opportunities to the global consumer electronics industry.
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Consumer Electronics Market By Product
The demand for air conditioners in the major household appliances segment is anticipated to rise over the forecast timeline. Increasing income levels and rising temperatures of the middle-class population in countries such as China and India further contribute to the segment growth. Rising penetration of air conditioners can also be credited to the declining price of such appliances. In the U.S., energy consumption by air conditioners almost doubled owing to the changing climatic conditions as well as increasing size of homes. The kitchen appliances, such as ovens, and cookers, are expected to witness a high demand owing to the rising adoption of technologically-advanced products coupled with changing lifestyles in urban areas contributing towards the overall consumer electronics market size.
The audio and video equipment in the consumer electronics market are attributed to the development of new technologies such as 4K, 8K, and higher resolution systems. With an increasing number of video content and broadcasting companies such as Netflix and Amazon Prime developing 4K content, the movement towards ultra-high definition systems is anticipated to be very high. Additionally, the prices of these systems are declining at a very rapid rate. 4K TV prices experienced a decline from approximately USD 8,000 to USD 1,250 from 2012 to 2015 and will continue to do so in the following years positively impacting the consumer electronics market demand across the globe.
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Consumer Electronics Market, By Application
The professional consumer electronics market segment is projected to exhibit a higher growth during the forecast timeframe as compared to the personal segment. The growth of the media and entertainment industry, mainly in Latin America and the Asia Pacific region, is aiding in the growth of the consumer electronics market as there is a higher demand for professional audio and visual equipment from consumers and media and entertainment players. An increasing number of government agencies are focusing on the development of audio electronic systems such as noise cancelling headsets.
Consumer Electronics Market By Region
Asia Pacific region is anticipated to witness high growth in the consumer electronics market due to large number of household appliances and smartphone users. The growth is mainly driven by the presence of high population and growing disposable income in economies such as China, India Japan and South Korea. Owing to the expansion of mobile device industries in densely populated countries, the region is expected to dominate the overall consumer electronics market. In addition, the growing demand for headsets from offshoring centers in India and Philippines is forecast to augment the demand.
Competitive Market Share
Major players in the consumer electronics market comprises LG Electronics, Apple, Samsung Electronics, General Electric, Sony Corporation, Huawei, Xiaomi, Bose, AB Electrolux, Philips, Sonos, Canon, Haier, Nikon, Sennheiser and GoPro. The industry is currently witnessing rising competition owing to the presence of a number of regional as well as international players. However, the strong eminence of the well-recognized players is making it difficult for new players to enter the marketplace.
Browse key industry insights spread across 340 pages with 296 market data tables & 75 figures & charts from the report, "Consumer Electronics Market Size By Product (Audio & Video Equipment [Personal, Professional], Major Household Appliance, Small Household Appliance, Digital Photo Equipment [Personal, Professional]), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, Japan, South Korea, India, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Landscape & Forecast, 2017 – 2024" in detail along with the table of contents:
Chapter 5. Consumer Electronics Market, By Application
5.1. Global consumer electronics market share by application, 2016 & 2024
5.2.1. Market estimates and forecast, 2013 - 2024
5.2.2. Market estimates and forecast, by region, 2013 - 2024
5.3.1. Market estimates and forecast, 2013 - 2024
5.3.2. Market estimates and forecast, by region, 2013 - 2024
Browse Full TOC @ https://www.gminsights.com/toc/detail/consumer-electronics-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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SOURCE Global Market Insights, Inc.
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