Tuesday, 30 August 2022 09:03 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / August 30, 2022 / Transparency Market Research Inc. - There has been a shift in consumer lifestyle, in the last few years, which has significantly changed trends and demands. Consumers worldwide are looking to purchase technologically advanced products which would meet their requirements and provide increased satisfaction. Products such as laptops and smartphones are witnessing high demand in both developed and developing economies worldwide. The global consumer electronics market is anticipated to advance at CAGR of 8.5% during the forecast period between 2021 and 2031.
Launch of new products could help well-established market players create revenue-generating opportunities and assist them in gaining a competitive edge over other players. Leading market player Samsung Electronics, in 2022, announced the launch of new micro-LED, lifestyle television sets with increased screen size options, improved picture and sound quality, upgraded interface, and customizable accessories.
Well-established consumer electronics market players are making huge investments in growth strategies such as research and development activities in a bid to produce improved products that would meet the requirements of large number of customers.
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Key Findings of Consumer Electronics Market Study
- Rising Product Demand from E-commerce Websites Propelling Consumer Electronics Market: Offline distribution channels such as retail stores remained the primary source to purchase consumer electronic products, for several years. However, in the last few years, demand for consumer electronic products has witnessed an increase over online distribution channels such as e-commerce websites owing to factors such as product availability at discounted prices and doorstep delivery. Furthermore, outbreak of COVID-19 pandemic led to shutting down of different offline distribution channels such as retail stores. This led to most consumers opting to purchase consumer electronic products over online distribution channels. Increasing product demand over various e-commerce websites is stimulating the growth in overall consumer electronics market.
- Rising Disposable Income Owing to Improving Economic Conditions Boosting Growth in Consumer Electronics Market: Rapid economic growth, especially in developing countries, has led to surge in disposable income among families. Rising disposable income is positively impacting the demand for different consumer electronic products such as smartphones and laptops and triggering the growth in global consumer electronics market.
Consumer Electronics Market: Key Drivers
- Rapid urbanization, especially in developing economies, is a key growth driver for global consumer electronics market
- Advancements to existing products with improved features such as durability and long-lasting nature is catalyzing consumer electronic products demand and augmenting the growth in overall market
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Consumer Electronics Market: Regional Market Insights
- Asia Pacific is expected to be the leader in global consumer electronics market in the coming years because of presence of numerous leading market players in countries such as China and India
- North America is projected to be second largest revenue-generating region in overall consumer electronics market during the forecast period owing to rising smartphone and internet penetration in countries such as the U.S and Canada
Consumer Electronics Market: Key Players
Competition in global consumer electronics market is intense, owing to prominent presence of well-established market players. It is anticipated that many of these players will hold a large share in overall market, during the forecast period. Emergence of new players could further intensify the competition in global consumer electronics market, in the coming years.
Some of the leading players in the global consumer electronics market include Samsung Electronics, LG Electronics Inc., Sony Corporation, Dell Inc., Toshiba Corporation, and Panasonic Corporation.
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The global consumer electronics market is segmented as follows:
- By Product
- Entertainment & Communication
- Television
- Mobiles & Smartphones
- Laptops & Computers
- Audio and Video Players
- Digital Cameras
- Video Games
- Others
- Personal Care & Grooming
- Smart Wearables
- Hair Care Devices
- Beauty Electronics
- Others
- By Type
- Conventional
- Smart
- By End-Use
- Residential
- Commercial
- Regions Covered
- North America
- Europe
- Asia Pacific
- MEA
- South America
Consumer Goods Research Reports
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Set-Top Boxes Market - The global set-top boxes market is expected to reach value of US$ 35.2 Bn by the end of 2031, grow at a CAGR of 6.4% from 2022 to 2031
Smart Oven Market - The global smart oven market is expected to a reach US$ 666.8 Mn by the end of 2031, it is estimated to grow at a CAGR of 15.7% from 2022 to 2031
Electric Fireplaces Market - The global electric fireplaces market is expected to cross the value of US$ 4 Bn by the end of 2031, expand at a CAGR of 6.1% from 2021 to 2031
Asia Pacific Electrical Appliances Market - The Asia Pacific electrical appliances market is expected to surpass the value of US$ 589.9 Bn by the end of 2031
Digital Door Lock System Market - The global digital door lock systems market is expected to surpass the value of US$ 37.2 Bn by the end of 2031
About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market intelligence company provides syndicated research reports and business consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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