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Consumer Electronics Market Analysis to 2024 with Google, Hitachi, iON Worldwide LLC, Hewlett-Packard Company, JVCKenwood Corporation, Lenovo Inc., Logitech International S.A., Microsoft, Oneplus, OPPO, Panasonic, Sonos dominating
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Consumer Electronics Market size is expected to exceed USD 1.5 trillion by 2024. Rapidly increasing demand for smartphones and tablets owing to the technical benefits, such as portability, instant communication, and internet usage, is driving the consumer electronics market. Smartphone technology has become an inevitable part of people’s lives as it has modernized communication, such as SMS, text messaging, video chat & calls, and applications, enabling users in communicating at any location across the world. A major feature incorporated in advanced smartphones is the highly digitized cameras providing exceptional resolution and focus, propelling the consumer electronics demand. The growing inclination of youngsters toward high-resolution cameras in smartphones is augmenting the consumer electronics market. These devices have evolved as the main source of entertainment for gaming, music, movies, books, and several other internet-based functions, fueling the consumer electronics market demand.
The growing trend of implementing virtual reality in the electronic devices is gaining traction in the consumer electronics market. The growth is attributed to the interactive gaming and entertainment experience provided by the devices. It offers immersive content to the users in the form of graphic quality and virtual environment through the headgear systems. Education and training institutions are implementing virtual reality devices for the creation of interesting and knowledgeable situations related to the course of study, thereby fueling the consumer electronics market. The technology increases student engagement and curiosity while learning. For instance, in November 2017, Intex announced the launch of its VR-enabled smartphone, Aqua 5.5 VR+, that blended 3D content and VR headsets.
The smart home appliances segment is creating high growth opportunities in the consumer electronics market owing to the energy and power-efficiency benefits. The growing disposable income increased the buying power of consumers, leading to a high demand for these devices providing energy and cost savings. These appliances are incorporated with smart sensors that provide turn-off alerts when not in use, further reducing the power consumption. Smart home technologies improve the quality of life and aid in reducing human stress along with budget management.
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The high penetration of consumer electronics manufacturers and infrastructural development projects in the emerging economies including China, India, and Japan are driving the consumer electronics market growth. The middle-class population in these countries are spending on these systems and machines due to the improved lifestyle and increased disposable income. Urbanization and digitization initiatives adopted by the Indian government are driving the consumer electronics market growth owing to the provision of digital facilities to urban as well as rural areas. The demand is majorly driven by the growing use of wearable electronics, smart devices & appliances, smartphones, tablets, and personal computers.
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The players operating in the consumer electronics market include 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, 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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