Consumer Electronics Market worth over $1.5 trillion by 2024
Published Date: January 22, 2018 Authors: Ankita Bhutani, Pallavi Bhardwaj
Consumer Electronics Market size is set to exceed USD 1.5 trillion by 2024; according to a new research report by Global Market Insights, Inc.
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 industry. The focus on customer convenience and the enhancement of the user experience are encouraging the vendors to introduce latest features and technologies in the devices.
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 sluggish growth of laptops across various regional markets can be accredited to the advent of powerful mobile devices such as tablets. With the rapid growth of lower priced and convenient tablets with advanced capabilities, laptop sales are expected to witness a steep decline over the forecast timeline. Low demand across the emerging economies is among other factors challenging the audio & video equipment sector in market.
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:
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 market demand across the globe.
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 industry 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.
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 market. In addition, the growing demand for headsets from offshoring centers in India and Philippines is forecast to augment the demand. Favorable government initiatives pertaining to the promotion of smart city and smart home technologies is placing a high demand for such products.
Major players in the consumer electronics industry 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. The industry is characterized by heavy R&D investments coupled with partnership and collaboration strategy followed by major market players.
Consumer electronics market research report includes an in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2013 to 2024, for the following segments:
- Audio & video equipment
- Major household appliances
- Small household appliances
- Digital photo equipment
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East
- Saudi Arabia
- South Africa