Consumer Electronics Market in North America is Projected to Showcase Substantial Growth Over the Coming Years | Apple Inc., Samsung Electronics, Sony Corporation, Nikon, Bose, GoPro, and Sennheiser

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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Automation and digitization trends have been a game changer for practically every business sector, consumer electronics industry bagging the top position in the transformation queue. In fact, it wouldn’t be wrong to mention that with these hi-tech features, the product spectrum of consumer electronics market has revolutionized. The industry, over the recent years, has seen a slew of new product launches that runs a gamut from hard-drive equipped TVs to networked home appliances including next-generation refrigerators and washing machines, credits – the increasing technology appetite along with the ‘smart’ trends that have indeed led to a paradigm shift in the consumer behavioral pattern, impacting the consumer electronics industry dynamics.

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.

Speaking of the competitive trends in consumer electronics market space, the industry is dynamically charged with participation of globally preeminent magnates such as Apple Inc., Samsung Electronics, Sony Corporation, Nikon, Bose, GoPro, and Sennheiser. Amidst a backdrop where technological advancements are being referred to as the top most success quotient underlining the sales of these products, these players are vigorously expanding their product pallets in sync with the latest smart trends.

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The industry is further anticipated to witness an interesting change of events with the integration of AI and IOT in the product spectrum. What remains to be seen is how these ‘smart’ interventions would mold the competitive hierarchy of consumer electronics market in the coming years. All in all, in terms of remuneration, global consumer electronics market is estimated to surpass USD 1500 billion by 2024.

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