LONDON, Aug. 12, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s electronic devices market report, the global COVID-19 pandemic is evidentially affecting the electronic products market in the short term, and likely will continue to do so in the medium term before the market makes a recovery. Those countries heavily involved in the design and manufacturing of electronic products, particularly China, have been highly affected by the coronavirus, which has led to many supply chain issues. As economies start to reopen globally, manufacturing capacity will return, however consumer confidence is likely to take longer to recover – which will influence the market, particularly at the premium end.
The global electronic products market is expected to grow from $948.78 billion in 2020 to $1055.29 billion in 2021 at a compound annual growth rate (CAGR) of 11.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1291.14 billion in 2025 at a CAGR of 5%.
Asia-Pacific is the largest region in the global electronic products market, accounting for 49.4% of the total in 2020. It was followed by the North America, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the electronic products market will be Asia-Pacific and the Middle East, where growth will be at CAGRs of 7.7% and 7.5% respectively. These will be followed by Eastern Europe and South America, where the markets are expected to register CAGRs of 7.2% and 6.9% respectively.
The Business Research Company’s report titled Electronic Products Market - By Type (Audio and Video Equipment, Semiconductor and Other Electronic Components), By End-Use (Business to Business (B2B), Business to Customer (B2C)), By Sales Channel (OEM, After Market), By Mode Of Sale (Online, Offline), And By Region, Opportunities And Strategies - Global Forecast To 2030 covers major electronic products companies, electronic products market share by company, electronic products manufacturers, electronic products market size, and electronic products market forecasts. The report also covers the global electronic products market and its segments.
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Major consumer electronics industry trends 2020 included demand for a variety of television innovations such as smart TVs, curved TVs, and ultra-HD TVs. The demand for smart TVs is being driven by the rising consumer preference for built-in smart functions in personal devices, and increasing internet penetration, curved TVs is being driven by consumer preference for better viewing, and ultra-HD TVs are energy efficient and offer high quality images. TBRC suggests that television manufacturers focus on high-volume production of the same to meet the demand.
The electronic products market is fairly fragmented, with a large number of small players. The top ten competitors in the market made up to 32.69% of the total market in 2020. Major players in the market include Samsung Electronics Co Ltd, Intel Corporation, Taiwan Semiconductor Mfg. Co Ltd, Micron Technology Inc and SK Hynix Inc.
Electronic Products Market - Opportunities And Strategies - Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market.
The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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