Consumer Electronics Market: Rising demand for electronic products is the major driving factor for the growth of market, 2015–2021
Consumer electronics is defined as any device with an electronic circuit board that is designed for day-to-day operations, which depend on the individual’s applications. Products such as such as telephone, television, digital camera, alarm clock, MP3 player, smart phones, video camera, laptops, numerous other home appliances, and so on are manufactured and distributed by the consumer electronics industry. Thus, in this way, consumer electronics plays a very important role in day-to-day life providing comfort to the large extent. The primary functions of consumer electronics are communication, entertainment, and increasing productivity.
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Today is the age of digitalization, where consumer electronics plays a vital role in everybody’s day-to-day life. Consumers expect a wide range of latest products which provide effective advantages along with easy service, installation, and user-friendliness. These electronic goods are generally used for personal and commercial purposes. The main focus of consumer electronics is on media, entertainment, and industrial applications along with medical industries. Rising demand for electronic products is the major driving factor for the growth of consumer electronics market. The ability of the market of providing the end-users with a wide range of product category depending on their requirement and need at affordable costs is the major factor impacting the growth of the market in a positive way. Emerging various innovative technological advancements along with consumer acceptance of such technologies is one of the driving factors influencing the global consumer electronics market. Consumer’s inclination towards the want to get connected to everyone from anywhere is also increasing the demand for consumer electronics products.
On the basis of product type, the global consumer electronics market is segmented as televisions, digital cameras, radio receivers, cameras, MP3 players, DVD players, video recorders, camcorders, PDAs, and others. The others segment is further sub-segmented as personal computers, telephones, video game consoles, calculators, mobile phones, camcorders, audio devices, and many other home products. Audio-video equipment segment dominates the global consumer electronics market. On the other hand, the industrial sector is the major end-user of the consumer electronics products and it is anticipated to dominate the market in the near future.
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North America is anticipated to witness the largest growth in the global consumer electronics market which is followed by Asia Pacific and Europe. Asia Pacific is expected to continue to dominate the market mainly owing to increasing domestic demand in developing countries such as India and China. In addition, increasing consumer awareness regarding niche innovative technologies and booming industrial sector are other factors impacting the global market in India in a positive way.
Some major players dominating the global consumer electronics market are Apple, Sony, Samsung, Intel, Acer, Microsoft, Philips, Nokia, Lenovo, and Hewlett-Packard (HP). Other key players influencing the global market are LG Electronics, Panasonic, Toshiba, Hitachi, Asus, Siemens, AMD, Sennheiser, and IBM.
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Consumer Electronics Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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