Press release
Consumer Electronics Market By Key Vendors: Apple, Samsung Electronics, Bose, Sony Corporation, Haier, LG Electronics, Huawei, Philips, Canon, GoPro, Nikon, Acer, Dell Inc., Fujitsu, Microsoft Corporation, google, Panasonic Corporation, Robert Bosch GmbH,
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The audio and video equipment in the consumer electronics market are attributed to the development of new technologies such as 4K, 8K, and higher resolution systems. With an increasing number of video content and broadcasting companies such as Netflix and Amazon Prime developing 4K content, the movement towards ultra-high definition systems is anticipated to be very high. Additionally, the prices of these systems are declining at a very rapid rate. 4K TV prices experienced a decline from approximately USD 8,000 to USD 1,250 from 2012 to 2015 and will continue to do so in the following years positively impacting the market demand across the globe.
World Industrial robotics market is set to grow from its current market value of $1100 billion to more than $ 1.5 trillion by 2024
Industry Growth drivers –
Audio and video equipment
• Technological advancements in earphones & headphones market
• Increasing demand for larger size TVs with advanced technologies
• Rising purchasing power
• Growing demand for smartphones
Household appliances/equipment
• Energy efficiency measures in North America
• Replacement of obsolete products and government initiatives in Europe
• Need for modernized appliances in Asia Pacific
Industry pitfalls and challenges
• High unemployment rates hamper household appliances growth across several countries
• Unorganized sector is challenging consumer electronics market
• Decreasing demand for digital cameras
• Declining demand for laptops
Rapid industrialization, technological advancements and reducing prices of the air conditioner technology is anticipated to spur the demand for room air conditioners. Split air conditioners will witness a significant demand due to the ease of installation, higher energy efficiency and varying building infrastructures. Growing demand for energy efficient appliances followed by the increasing requirement for replacement of older electric household appliances is expected to have a positive impact on the consumer electronics market growth.
Increasing prominence of advanced and wireless technologies is expected to drive the personal consumer electronics market segment growth. Emerging trend of smart and IoT connected devices, such as smart refrigerators and TVs, having remote, app-based control and sensing capabilities is causing an increasing number of consumers to replace traditional equipment with smart devices. Globalization and fast industrialization in the Asian economies such as China, India and Japan help in increasing the income level of working class, further contributing to the industry growth.
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Asia Pacific region is anticipated to witness high growth in the consumer electronics market due to large number of household appliances and smartphone users. The growth is mainly driven by the presence of high population and growing disposable income in economies such as China, India Japan and South Korea. Owing to the expansion of mobile device industries in densely populated countries, the region is expected to dominate the overall market. In addition, the growing demand for headsets from offshoring centers in India and Philippines is forecast to augment the demand. Favorable government initiatives pertaining to the promotion of smart city and smart home technologies is placing a high demand for such products.
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Key players in the consumer electronics market consist of Apple, Samsung Electronics, General Electric, Bose, Sony Corporation, Haier, LG Electronics, Huawei, Philips, Canon, GoPro, Nikon and Sennheiser, AB Electrolux, Acer, Inc., Best Buy Co., Inc., David Clark Inc., Fujifilm Corporation, Dell Inc., Fujitsu, General Electric, Gionee Communication Equipment Co., Ltd., Google, Inc, Hisense Kelon Electrical Holdings Co., Ltd., Hitachi, Ltd., iON Worldwide LLC, Hewlett-Packard Company, JVCKenwood Corporation, Koninklijke Philips N.V. (E & H), Lenovo Inc., Logitech International S.A., Meizu Telecom Equipment Co., Ltd., Microsoft Corporation, Micro-Star International Co., Ltd.(MSI), Olympus Corporation, Oneplus, OPPO, Panasonic Corporation, Robert Bosch GmbH, Sharp Corporation, Sennheiser Electronic, Sonos, Inc., Siemens AG, Skyworth Digital Holdings Ltd., TCL Corporation, Toshiba Corporation, Vivo Communication Technology Co. Ltd., Walton Group, Whirlpool Corporation, ZTE Corporation
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