More creative and sophisticated applications helped to satisfy everyday life demands in hassle-free ways. In the last decade, this sentiment has played an important role in stepping up creativity in the consumer electronics industry.
DUBAI, UAE / ACCESSWIRE / February 24, 2021 / Future Market Insights: FMI states in its recent study on the Consumer-electronics market that the market will record a CAGR of 5.6% through 2031. Demand is anticipated to increase due to the availability of devices stimulating automation of daily chores.
"Consumers today are more conscious of receiving more in less. With each new development of device generation, consumers expect more features either in the same size or even in lesser than that. Due to the prevalence of minimalism concept, the adoption of miniature designs with rich features is rising steadily." says the FMI analyst.
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Consumer electronics Market - Important Highlights
- The top-selling category is the consumer electronic goods that include optical camcorders/DVR/camera, smartphones & tablets, smart TV, and others.
- The prominent distribution outlets in the consumer electronics industry are anticipated to be multi-brand stores, followed by specialty stores.
- In numerous countries, the notion of a smart home is gaining popularity.
- North America led by the US is estimated to dominate the market towards 2031 end.
Consumer electronics Market - Drivers
- Smart homes with smart devices and technology that ensure greater efficiency, comfort, protection, and ease of everyday life are increasingly desired by people today which will generate growth prospects.
- To promote developments in existing electronic technology, some of the leading players in the consumer electronics industry invest extensively in research and development activities which is boosting the growth of the market.
- The Internet of Things (IoT) enables improved security while enhancing the efficiency and efficiency of goods. Concerning the IoT (Internet of Things), all these aspects are planned to further promote growth in the consumer electronics market.
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Consumer electronics Market - Restraints
- The electronics industry operates in a stringent regulatory environment which is hindering the growth of the market.
- Furthermore, electronic devices designed to be marketed in a certain area or country are expected to conform with the relevant national laws and regulations in force which is a key constraint for the market.
COVID-19 Impact on Consumer electronics Market
It is claimed that many persons will not be able to function during the COVID-19 pandemic epidemic without contact and advanced digital electronics. Connectivity, encoding, and memory/storage are all heavily dependent on current consumer technologies. With the general economic effect on many customers, total sales of consumer technology will decline, but consumers are more dependent than ever on their digital devices to communicate with others and continue to operate at home. As time goes by, the emphasis on web-based meetings, online education, and cloud-based resources, in general, will grow.
Competitive Landscape
The consumer electronics market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge. For instance, To expand their sales footprint, Samsung Electronics has developed numerous Samsung research Global AI centers in various regions such as America, Russia, Canada, the United Kingdom, and others.
A few of the key companies functioning in the global market include Samsung Electronics Co. Ltd., LG Electronics Co. Ltd., Apple, Inc., Hitachi Ltd., Koninklijke Philips N.V., Sony Corporation, Hewlett Packard Inc.
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About the Study
The study offers readers a comprehensive assessment of the consumer electronics market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (Consumer Electronic Devices, Wearable Devices, Smart Home Devices), Sales Channel (Hypermarkets/Supermarkets, Specialty Stores, Multi-brand Stores, Online Retailer, Wholesalers & Distributors) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Report: https://www.futuremarketinsights.com/reports/consumer-electronics-market
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SOURCE: Future Market Insights