Consumer Electronics Market Expansion Projected to Gain an Uptick During 2021-2031

Transparency Market Research delivers key insights on the global consumer electronics market. In terms of revenue, the global consumer electronics market is estimated to expand at a CAGR of 8.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global consumer electronics market.

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Consumer electronics companies are expanding their product lines to meet the increasing demand for consumer electronics products. Moreover, strong product innovation among consumer electronics companies with newer features in consumer electronics is expected to boost the market during the forecast period. In addition, companies are adopting latest technologies to provide extra benefits and more comfort to clients, and also to boost their own efficiencies. All this is expected to have a positive impact on the global consumer electronics market during the forecast period.

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Consumer Electronics Market: Key Segments

In terms of product, home appliances segment is expected to dominate the consumer electronics market during the forecast period. Based on growth rate, entertainment & communication segment is expected to expand at a faster rate during the forecast period. The rise in acceptance of smartphones is one of the major driving factors for the global consumer electronics market. Since its inception, the market has seen exponential increase in the adoption of smartphones globally. Smartphones are replacing the need for other consumer video imaging and audio products such as video cameras, MP3 audio players, alarm clocks, GPS navigators, wristwatches, televisions sets, gaming devices, and landlines

In terms of end use, the commercial segment is anticipated to hold major share and maintain the share during the forecast period. It has been witnessed that the vendors in the consumer electronics industry are integrating innovative features in the existing products that have rapidly become crucial. With the increasing focus of vendors on offering more convenience to the end-users, the consumer electronic industry is anticipated to witness the large number of innovations, which will continue capturing the minds, the hearts, and imaginations of end-users globally.

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Consumer Electronics Market: Prominent Regions

The North America consumer electronics market is expected to register the highest CAGR during the forecast period. Key players operating in the consumer electronics market in the region are adopting new technologies to provide quality products to their customers. Increasing promotional activities are also expected to have a positive impact on the market in the region.

Asia Pacific accounted for a dominant share of the global consumer electronics market in 2020 and is expected to remain dominant during the forecast period. Innovative devices that cater to the requirements of consumers' changing life style are cementing the market growth for consumer electronics at the global level.

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Consumer Electronics Market: Key Players

Key players operating in the global consumer electronics market are Samsung Electronics, LG Electronics Inc., Koninklijke Philips N.V., Sony Corporation, Panasonic Corporation, Dell Inc., TOSHIBA CORPORATION, XIAOMI CORPORATION, Electrolux AB, Haier Group, The Liebherr Group, and Whirlpool Corporation, among others.

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This release was published on openPR.