Consumer Electronics Market is Booming Worldwide with Key Players: Electrolux, Acer, Canon, Inc., Gionee, Haier, Hitachi, Logitech, Nikon, Sonos, Inc., ZTE Corporation, Fujitsu Global, Google, Bose Corporation

Consumer Electronics Market is expected to exceed USD 1,500 billion by 2024. Rising popularity of OLED and 4K televisions followed by the declining prices of these devices across various regions is expected to drive the consumer electronics market over the forecast timeline. In addition, with the growing replacement rate of traditional televisions with newer ones, adoption is expected to increase over the years. The launch of televisions with new and advanced features such as built-in Wi-Fi & internet connectivity, ultra-high resolution & color contrast, Dolby vision and Dolby Atmos to deliver outstanding picture and sound quality, further contributes to the industry demand.

Speaking of the competitive trends in consumer electronics market space, the industry is dynamically charged with participation of globally preeminent magnates such as Electrolux, Bose Corporation, Canon, Inc., Fujitsu, GE, Gionee, Google, GoPro, Haier, Hitachi, Hewlett Packard Enterprise, Huawei Technologies, Philips, Logitech, LG Electronics, Microsoft, MSI - Micro-Star International Co., Ltd., Nikon, Olympus Corporation of the Americas, OnePlus, Bosch, Samsung Electronics, Sennheiser, Sonos, Inc., Siemens, Sony, Toshiba, ZTE Corporation.

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Rapid fall in mobile data rates coupled with the integration of cutting-edge features such as powerful imaging systems, high resolution displays and fingerprint scanners in smartphones is anticipated to catapult the consumer electronics market growth. The smartphone industry is currently witnessing a gradual decline in prices resulting in increasing number of users worldwide. Rising disposable income of the middle-class population across the emerging economies is providing significant growth opportunities to the consumer electronics market growth.

Increasing use of tablets with enhanced capabilities for performing less-intensive tasks is resulting in the slow growth of laptops. For most of the users, laptop is not considered to be a high priority device, which resulted in lower upgrades and replacement rates. Declining demand across the major economies is posing significant threat to the audio & video equipment industry, further limiting the consumer electronics market growth.

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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.

North America consumer electronics market is anticipated to witness substantial growth during the forecast timeframe owing to large-scale technological advancements. The region is fast adopter and developer of new technologies such as 5G technology for smartphone users. Consumer spending on high-end electronics in the region is due to the high disposable income and low consumer debt, allowing an increasing number of consumers to incorporate these technologies as a part of their daily lives.

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Key players in the consumer electronics market consist of Apple, Samsung Electronics, General Electric, Bose, Sony Corporation, AB Electrolux, Haier, LG Electronics, Huawei, Philips, Canon, GoPro, Nikon and Sennheiser. The industry is characterized by intense competition owing to the presence of large number of international and regional players in the marketplace. The strong hold of major players in the industry poses strong barriers for the new entrants.

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