Consumer Electronics Market Size By Product (Audio & Video Equipment [Personal, Professional], Major Household Appliance, Small Household Appliance, Digital Photo Equipment [Personal, Professional]), By Application (Personal, Professional), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026
Consumer electronics market is expected to witness considerable growth momentum owing to technological advancements, rapid urbanization, and the increasing prevalence of smart homes trend with smart household appliances. The term consumer electronics essentially covers any device which contains an electronic circuit board intended for regular use by individuals, including products such as audio devices, smartphones, digital cameras, headphones, DVDs, PDAs, cameras, clocks, tablets, VCRs, televisions, calculators, and other home appliances.
The consumer electronics market is anticipated to register a remunerative growth owing to the new trends and technological innovations in the technology sector. The rise of 5G is one such trend that is expected to further amplify the level of penetration consumer electronics have across households. In comparison to 4G , 5G promises to be much faster in terms of internet speed and is likely to be useful for people living in areas that presently have very poor or weak 4G coverage.
In terms of technology, 5G is anticipated to support wide connectivity among devices and strengthen security, apart from other advantages. The rapidly rising construction of smart homes with Wi-Fi enabled households and remote connectivity among smartphones coupled with enhanced voice recognition technology will prove to be beneficial for the consumer electronics industry.
The industry is likely to be driven by the growing adoption of personal entertainment systems enabled with voice-assisted technology. Products such as the new Signature Series OLED R by LG is a rollable TV further supported by Google Assistant, Apple AirPlay2, and Amazon’s Alexa are expected to become commonplace in households today, presenting strong revenue opportunities for the industry.
Prominent electronic brands and consumer appliance makers are increasingly offering voice assistance addition in their products thereby taking consumer electronics industry to a next level. Other technologies such as Artificial Intelligence, blockchain technology, extended reality, and personalized medicine will also foster the consumer electronics market.
Consumer electronics market is segmented in terms of product, application, and regional landscape.
Based on product, the consumer electronics market is classified into digital photo equipment, small household appliance, major household appliance, and audio & video equipment. Among these, the digital photo equipment segment is expected to grow at a CAGR of more than 3% through the forecast timeframe owing to proliferation of advertisement & media industry.
In terms of application, the overall consumer electronics market is categorized into professional and personal. Among these, the personal segment will witness a high growth owing to decreasing cost of personal consumer electronics items.
From a regional frame of reference, Middle East & Africa will witness tremendous growth owing to the rapidly rising construction of smart homes equipped with smart household appliances thereby contributing to the growing market share, registering a CAGR of above 3.5% over the forecast timeframe. Rapid urbanization and development of smart cities across Saudi Arabia will majorly drive the regional demand for consumer electronics over the coming years.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook