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Market OverviewThe global market for portable electronics can touch approx. valuation of USD 779.97 Billion by 2023, says Market Research Future (MRFR). MRFR also reveals that the market can potentially attain a growth rate of 8.87% from 2017 to 2023, which is the forecast period.
Top Drivers and Key Barriers
The global portable electronics market has gained massive traction across the globe on account of the expanding electronics industry. Portable electronics are lightweight, easy to carry and tiny devices that are faster, durable, and immune to external effects such as solar as well as electromagnetic fields. These appealing properties have led to its huge popularity and high sales in the market. The boosted demand and sale of the product is expected to induce the growth of the global Portable Electronics Market in the near future.
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The electronics industry, in line with the rising popularity of portable electronic devices, is moving towards ever-portable items. These are transportable operation devices that have the ability to function in almost every type of environment. Portable electronics have also penetrated the field of satellite, spacecraft, and military, used in the form of unmanned vehicles, portable soldier electronics, robotics, among others. Apart from this, remote surgical systems and surveillance systems are other types of portable electronics that are fast gaining strong foothold in the global market.
The worldwide market for portable electronics can note strong growth in the coming years, backed by the soaring demand for compact as well as lightweight electronic products along with the surging competition between commercialized technologies like LED, OLED and LCD. Accelerated demand for technically advanced wearable devices and the rising use of smart devices like smart glasses, smartphones, e-book or newspapers and smart watches are stimulating the growth of the Portable Electronics Market all over the world.
Global Portable Electronics Market – Segmentation
The market for portable electronics has been segmented into products and end-users.
Considering the product segment, the market consists of Personal Digital Assistant (PDA), Mobile Handsets, Media Players, Notebooks & Laptops, Digital Camera, Gaming Consoles, Flash Drives, Power Banks, Navigation Systems and Healthcare Devices among others. Given the surge in technological developments and the soaring demand for digitization, notebook and laptops, along with gaming consoles and media players can attain the fastest growth rate during the conjectured timeframe.
The end-users in the portable electronics market are Healthcare, Personal, Corporate and Industrial, among others.
Key Players
The prominent players in portable electronics market are – Apple, Inc. (U.S.), Dell, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Toshiba Corporation (Japan), HP (U.S.), Nokia Corporation (Finland), Motorola Solutions, Inc. (U.S.), Eastman Kodak Company ((U.S.), Palm, Inc. (U.S.) among others.
Global Portable Electronics Market – Regional Analysis
North America, Europe, Asia Pacific (APAC) and the Rest-of-the-World (RoW) are the top markets for portable electronics, identified in the MRFR report.
North America can seize the largest share in the global portable electronics market during the review period, on account of the high concentration of leading electronics manufacturers. The surging demand for digital technologies coupled with the rising technological advancements also boosts the market demand in the region. The United States (U.S.) along with Canada has been identified as the most lucrative markets for portable electronics in the region. The region is known for possessing a highly-established infrastructure, which also induces market growth, as it allows use of advanced technologies.
Europe is the second-most profitable market for portable electronics across the globe and can achieve a strong growth rate from 2017 to 2023. Mobile phones remain the backbone of the overall portable consumer electronics market in the region. Wearables hold a lot of promise, since they are fast gaining traction in the electronics industry within the region.
APAC is set to grow into a highly lucrative market for portable electronics, and is on its way to garnering a strong CAGR by 2023. Thriving electronics markets, predominantly in India and China benefits the regional market to a great extent.
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