Press release
Electrifying the Market: Consumer Products-Electrical And Electronics Trends Reshaping the Landscape
Consumer Products-Electrical And Electronics Global Market Report 2024
The Business Research Company offers in-depth market insights through Consumer Products-Electrical And Electronics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The consumer products - electrical and electronics market size has grown strongly in recent years. It will grow from $29.18 billion in 2023 to $30.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to industrialization and manufacturing growth, environmental awareness and sustainability, global trade and market expansion, consumer lifestyle changes, innovation in packaging materials.
The consumer products - electrical and electronics market size is expected to see strong growth in the next few years. It will grow to $38.88 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to global economic conditions, market demand for functional textiles, e-commerce, and packaging solutions, shift towards sustainable practices, circular economy initiatives. Major trends in the forecast period include biodegradable and eco-friendly materials, digitalization in textile production, wood alternatives and sustainable sourcing, bioplastics and alternative packaging.
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Market Segmentation:
The consumer products-electrical and electronics market covered in this report is segmented -
1) By Type: Conventional, Smart
2) By Technology: Near Field Communication (NFC), Magnetic Secure Transmission (MST), Artificial Intelligence, VR (Virtual Reality) Technology, Generation PCL Technology, Other Technologies
3) By Application: Personal, Professional
4) By Distribution Channel: Online, E-Commerce Websites, Company-Owned Websites, Offline, Hypermarkets And Supermarkets, Departmental Stores, Specialty Stores
Major Driver - Government Initiatives Propel Growth In Consumer Products-Electrical And Electronics Market
The rising government initiatives are expected to propel the growth of the consumer products-electrical and electronics market going forward. Several governments are initiating various initiatives on smartphones, IoT devices, and other electronic products to support the growth of consumer products-electrical and electronics. For instance, in November 2021, The government of the UK initiated the Product Security and Telecommunications Infrastructure (PSTI) bill which promises to protect IoT devices. This aims to mandate that all devices have the capabilities to connect to other devices without the need for the internet, like smart light bulbs and smart thermostats. These cybersecurity standards are applicable to all the manufacturers of IoT devices including those that also distribute and import phones, TVs, fitness devices, and other handheld devices. Therefore, rising government initiatives drive the consumer products-electrical and electronics market.
Competitive Landscape:
Major companies operating in the consumer products-electrical and electronics market report are Samsung Group, LuckyGoldstar Electronics Inc., Sony Corporation, Panasonic Corporation, Koninklijke Philips N.V., Whirlpool Corporation, Electrolux AB, Apple Inc., Hewlett-Packard Company, Hitachi Ltd., Godrej Appliances Ltd., Mitsubishi Electric Corporation, Haier Consumer Electronics Group Co. Ltd., Bajaj Electricals Ltd., Toshiba Corporation, Huawei Technologies Co. Ltd., Canon Inc., Dell Technologies Inc., Lenovo Group Limited, OnePlus Technology Co. Ltd., Google LLC, Microsoft Corporation, Robert Bosch GmbH, Sennheiser electronic GmbH & Co. KG, Siemens AG, Logitech International SA, OPPO Mobile Telecommunications Corp Ltd., Zhongxing New Telecommunications Equipment Co. Ltd, Mohawk Group Holdings Inc., Sonos Inc., VIZIO Holding Corp., Universal Electronics Inc., SKYX Platforms Corp., Aterian Inc., Koss Corporation, Helo Corp., Emerson Radio Corp., The Singing Machine Company Inc., Advanced Powerline Technologies Inc., Andrea Electronics Corporation .
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Top Trend - Technological Advancements Drive Growth In Consumer Products-Electrical And Electronics Market
Technological advancement is a key trend gaining popularity in the consumer products-electrical and electronics market. Major companies operating in the market are introducing innovative products with advanced technologies to strengthen their position. For instance, in May 2022, Samsung, a South Korean multinational electronics corporation launched an AI-Enabled & Connected AI EcoBubble Washing Machine range. This machine offers unique features such as AI wash, air wash technology, and a super speed cycle that adds higher capacity models. Additionally, when connected with the Samsung SmartThings App, these machines provide better and unique wash options and also give automatic recommendations for optimal wash cycles based on information such as color, fabric type, and degree of soiling provided by the user.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Consumer Products-Electrical And Electronics Market Characteristics
3. Consumer Products-Electrical And Electronics Market Trends And Strategies
4. Consumer Products-Electrical And Electronics Market - Macro Economic Scenario
5. Consumer Products-Electrical And Electronics Market Size And Growth
…..
27. Consumer Products-Electrical And Electronics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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