New York, United States , March 14, 2023 (GLOBE NEWSWIRE) -- The Global Consumer Electronics Market Size to grow from USD 720 billion in 2021 to USD 1000.90 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5% during the forecast period. Growth in the global market for consumer electronics can be attributed to an increase in demand from households, changing lifestyles of individuals, easier access to credit, and rising disposable incomes. Companies are focusing on developing high-performing and convenient-to-use devices owing to the increasing consumer demand. The advent of technology and digitalization is further likely to push the demand for electronic items and domestic appliances. Asia Pacific is witnessing strong economic growth and high demand due to rapid industrialization, favorable government policies in the region like China, India Malaysia is attracting huge FDIs in the Asia.
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Consumer electronics are defined as all electronic gadgets with a practical application in daily life. Semiconductor technology is the main type of technology used to power electronic devices. These devices are used for communication, entertainment, and office and home conveniences. The vast bulk of the items make use of digital and information technology. A wide range of electronic items that fulfil one or more tasks in the home or for a specific user are referred to as "consumer electronics." The term originally referred to electrical equipment installed or utilised just within a home or other structure. However, they now come with portable computing and mobile devices, like a tablet or a phone, that you can carry outside the house. The development of semiconductor technology, which evolved as a result of technical development, is the main force behind the market's expansion. The industry is also predicted to grow as a result of consumers' increased use of consumer goods like smartphones and automated home appliances. The smartphone will dominate the global consumer electronics market, according to predictions. Increased sales of this device are being driven by innovative features created by various smartphone makers. The key drivers of demand are anticipated to be innovation, the introduction of 3G and 4G technologies, and technological improvements. The market share of the consumer electronics sector is increasing as a result of numerous companies creating new features in this space. As countries went on lockdown during the outbreak, online sales increased. Consumer electronics demonstrated the same phenomenon. Consumer electronics and home appliances were two of the online sales sectors that expanded the quickest globally. It is anticipated that weak economic conditions and a lack of energy will limit industry growth in developing countries.
Browse key industry insights spread across 210 pages with 123 market data tables and figures & charts from the report “Global Consumer Electronics Market Size, Share, and COVID-19 Impact Analysis, By Product (Consumer Electronics Devices, Smart Home Devices, and Wearable Electronics Devices), By Application (Personal, Professional), By Distribution Channel (Offline, Online), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030” Get Detailed Report Description Here:
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The Consumer Electronics Devices segment is dominating the market with the largest market share over the forecast period.
On the basis of product, the global consumer electronics market is segmented into Consumer Electronics Devices, Smart Home Devices, and Wearable Electronics Devices. With the greatest market share of these, the consumer electronics devices category is expected to rule the industry. Due to the region's growing demand for consumer electronics and the assistance of the local government, major market players are introducing new technology.
The Personal Application segment is anticipated to witness the fastest market growth over the forecast period.
Based on application, the global consumer electronics market is segmented in personal and professional. Over the projection period, the personal application segment is anticipated to experience the quickest market growth. Urbanization, improved internet access, and higher pay are all predicted to promote growth. Demand for personal consumer electronics including Bluetooth speakers, earbuds, smartphones, and smart wearables is increasing as prices are falling.
The Offline segment holds the largest market share over the forecast period.
On the basis of distribution channel, the global consumer electronics market is segmented into offline, online. Due to the fact that specialty electronic stores assist customers in understanding the features of the product in person, the offline segment of the market is expected to hold the biggest market share over the projection period. Customers will find it easier to compare the goods to those of other brands thanks to this.
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Asia Pacific holds the largest market share over the forecast period.
The Asia Pacific region will have the biggest market share overall over the projection period. The Asia Pacific area is seeing rapid industrialization and robust economic expansion. Because of the welcoming government policies in countries like China and India, there is a significant FDI influx into the region. The main companies are establishing their manufacturing facilities as a result of the accessible and reasonably priced production-related inputs in this region. The production of electrical devices is increasingly concentrated in China and India. In addition, two of the top producers of consumer electronics worldwide are Taiwan and South Korea.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Consumer Electronics Market Share include Apple Inc., Canon Inc., Dell Inc., Samsung Electronics Co., Ltd., Panasonic Corporation, Sony Corporation, Koninklijke Philips N.V., Lenovo Inc., Hewlett-Packard Company, Oneplus, AB Electrolux, LG Corporation, Google Inc., Microsoft Corporation, Hitachi Ltd., Robert Bosch GmbH, Sennheiser Electronics, Siemens AG Logitech International S.A., OPPO, ZTE Corporation and others.
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