Ocean View, DE -- (SBWIRE) -- 06/22/2020 -- A new research report by Global Market Insights, Inc. estimates that the consumer electronics market will surpass $1.5 trillion by 2024. Rapid advancements in the technological sector is expected to stimulate consumer electronics market size over the forecast timeline, with emerging trends in devices like smartphones, headphones & earphones, speakers and household appliances as well as expansion of wireless technologies like Bluetooth, NFC and Wi-Fi.
The growing emphasis on improvement of consumer experience and convenience is urging manufacturers to introduce innovative technologies and features in their products, thus boosting consumer electronics industry trends.
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Increasing use of tablets with enhanced capabilities for performing less-intensive tasks is resulting in the slow growth of laptops. For most of the users, laptop is not considered to be a high priority device, which resulted in lower upgrades and replacement rates. Declining demand across the major economies is posing significant threat to the audio & video equipment industry, further limiting the consumer electronics market growth.
Rapid industrialization, technological advancements and reducing prices of the air conditioner technology is anticipated to spur the demand for room air conditioners. Split air conditioners will witness a significant demand due to the ease of installation, higher energy efficiency and varying building infrastructures. Growing demand for energy efficient appliances followed by the increasing requirement for replacement of older electric household appliances is expected to have a positive impact on the consumer electronics market growth.
Increasing prominence of advanced and wireless technologies is expected to drive the personal consumer electronics market segment growth. Emerging trend of smart and IoT connected devices, such as smart refrigerators and TVs, having remote, app-based control and sensing capabilities is causing an increasing number of consumers to replace traditional equipment with smart devices. Globalization and fast industrialization in the Asian economies such as China, India and Japan help in increasing the income level of working class, further contributing to the industry growth.
North America consumer electronics market is anticipated to witness substantial growth during the forecast timeframe owing to large-scale technological advancements. The region is fast adopter and developer of new technologies such as 5G technology for smartphone users. Consumer spending on high-end electronics in the region is due to the high disposable income and low consumer debt, allowing an increasing number of consumers to incorporate these technologies as a part of their daily lives.
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Key players in the consumer electronics market consist of Apple, Samsung Electronics, General Electric, Bose, Sony Corporation, AB Electrolux, Haier, LG Electronics, Huawei, Philips, Canon, GoPro, Nikon and Sennheiser. The industry is characterized by intense competition owing to the presence of large number of international and regional players in the marketplace. The strong hold of major players in the industry poses strong barriers for the new entrants.
Table of Contents (ToC) of the report:
Chapter 4. Consumer Electronics Market, By Product
4.1. Global consumer electronics market share by product, 2016 & 2024
4.2. Audio & video equipment (TV, Laptop, Smartphones, Earphones & Headphones, Speakers)
4.2.1. Market estimates and forecast, 2013 - 2024
4.2.2. Market estimates and forecast, by region, 2013 – 2024
4.2.3. Market estimates and forecast, by application, 2013 – 2024
4.2.3.1. Personal
4.2.3.1.1. Market estimates and forecast, 2013 - 2024
4.2.3.1.2. Market estimates and forecast, by region, 2013 – 2024
4.2.3.2. Professional
4.2.3.2.1. Market estimates and forecast, 2013 - 2024
4.2.3.2.2. Market estimates and forecast, by region, 2013 – 2024
4.3. Major household appliance (Refrigerator, Air Conditioner, Washing Machines)
4.3.1. Market estimates and forecast, 2013 - 2024
4.3.2. Market estimates and forecast, by region, 2013 – 2024
4.4. Small household appliance (Iron Box, Microwave Ovens, Food Processors, Electric Kettle)
4.4.1. Market estimates and forecast, 2013 - 2024
4.4.2. Market estimates and forecast, by region, 2013 – 2024
4.5. Digital photo equipment (Digital Camera & Camcorder)
4.5.1. Market estimates and forecast, 2013 - 2024
4.5.2. Market estimates and forecast, by region, 2013 – 2024
4.5.3. Market estimates and forecast, by application, 2013 – 2024
4.5.3.1. Personal
4.5.3.1.1. Market estimates and forecast, 2013 - 2024
4.5.3.1.2. Market estimates and forecast, by region, 2013 – 2024
4.5.3.2. Professional
4.5.3.2.1. Market estimates and forecast, 2013 - 2024
4.5.3.2.2. Market estimates and forecast, by region, 2013 – 2024
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.