Consumer Electronics Market Analysis

Consumer Electronics Market Analysis

The audio & video equipment segment dominated more than 60 % of the market share in 2020, with over 2,000 million new units sold. Proliferation of smartphones and growing preference for smart homes will augment the demand for audio & video equipment. The integration of advanced features, such as enhanced connectivity, voice assistant-enabled control and speech recognition, will impel the acceptance of audio & video equipment.

Voice assistants, such as Google Home, Siri, and Alexa, enable consumers to control their home appliances with a simple voice command. The integration of consumer electronics, such as speakers, and earphones, with voice assistant equipment, will provide a positive market outlook. In addition, product upgrades and new product launches by several consumer electronics companies to increase consumer experience are also driving the industry progression.

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The personal application segment is anticipated to witness a 9% growth rate by 2027 on account of the growing spending capacity on discretionary products due to rising income. Falling prices of personal consumer electronics, such as Bluetooth speakers, earphones, smartphones, and smart wearables, are impelling the industry demand for these electronics.

Asia Pacific consumer electronics market size was over USD 400 billion in 2020. Growing urbanization and rising disposable income in the region are propelling the usage of consumer electronics in high and middle-income households. The emergence of new regional manufacturers and the adoption of low pricing strategies by several manufacturers will drive the regional growth. Furthermore, rising technological awareness among the youth population, regarding upcoming electronics is also fueling the demand in this market.

The rising demand for consumer electronics and support from local governments are encouraging prominent market leaders to launch new products in this region. For instance, in October 2020, Samsung announced its plans to set up its TV manufacturing plant in India by December 2020, under the Make in India campaign. It also invested USD 670 million in its smartphone display manufacturing facility to boost production and expand the manufacturing plant.