The smart home appliances segment in the consumer electronics market will create high growth opportunities during the forecast period owing to energy and power-efficiency benefits.
— The size of consumer electronics market is poised to rise from USD 1100 billion in 2016 to around USD 1500 billion by 2024, according to a Global Market Insights, Inc. report. Rapidly increasing demand for smartphones and tablets owing to the technical benefits, such as portability, instant communication, and internet usage, is driving the market. Smartphone technology has become an inevitable part of people’s lives as it has modernized communication, such as SMS, text messaging, video chat & calls, and applications, enabling users in communicating at any location across the world. A major feature incorporated in advanced smartphones is the highly digitized cameras providing exceptional resolution and focus, propelling the consumer electronics demand.
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The growing trend of implementing virtual reality in the electronic devices is gaining traction in the consumer electronics market size. The growth is attributed to the interactive gaming and entertainment experience provided by the devices. It offers immersive content to the users in the form of graphic quality and virtual environment through the headgear systems. Education and training institutions are implementing virtual reality devices for the creation of interesting and knowledgeable situations related to the course of study, thereby fueling the market. The technology increases student engagement and curiosity while learning.
The smart home appliances segment is creating high growth opportunities in the consumer electronics market owing to the energy and power-efficiency benefits. The growing disposable income increased the buying power of consumers, leading to a high demand for these devices providing energy and cost savings. These appliances are incorporated with smart sensors that provide turn-off alerts when not in use, further reducing the power consumption. Smart home technologies improve the quality of life and aid in reducing human stress along with budget management.
Personal applications of advanced systems are driving the size of consumer electronics market and is expected to dominate in the forecast timespan. The growth is attributed to an increasing use of computers, tablets, smartphones, headsets, and home appliances in low to high-end routine tasks. The increasing human requirements and disposable income that enable them to invest in such devices are propelling the market demand. The growing trend of using digital cameras and wireless headsets for entertainment purposes accounts for a major revenue share in the industry. This enables consumers to enhance their audio and video experience due to the high-quality features.
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The high penetration of consumer electronics manufacturers and infrastructural development projects in the emerging economies including China, India, and Japan are driving the consumer electronics market size. The middle-class population in these countries are spending on these systems and machines due to the improved lifestyle and increased disposable income. Urbanization and digitization initiatives adopted by the Indian government are driving the market growth owing to the provision of digital facilities to urban as well as rural areas. The demand is majorly driven by the growing use of wearable electronics, smart devices & appliances, smartphones, tablets, and personal computers.
The players operating in the consumer electronics market include Apple, Samsung Electronics, General Electric, LG Electronics, Huawei, Sony Corporation, Nikon, Haier, Canon, GoPro, Dell, Fujifilm Corporation, Fujitsu, Google, Inc., Hitachi Ltd., Hewlett-Packard Company, Siemens AG, Vivo Communications Technology Co., Ltd., and Whirlpool Corporation. The key players focus on continuous research & development activities to provide technically advanced products than their competitors. Companies in the market implement strategic alliances, mergers, acquisitions, and partnerships to strengthen the product features and portfolio for sustaining high market competition.
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:
Table of Contents (ToC) of the report:
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 Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/consumer-electronics-market
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