Press release
IoT Device Adoption Set To Transform Consumer Products And Electrical Market Growth Driver: A Major Catalyst in the Evolution of the Consumer Products-Electrical And Electronics Market in 2025
Consumer Products-Electrical And Electronics Market
The growth of the consumer products- electrical and electronics market is expected to be driven by the increasing use of interconnected devices. These devices, embedded with sensors, software, and other technologies, allow for data exchange with other systems, enhancing convenience, efficiency, and automation in various facets of life, from home automation to industrial operations. IoT devices play a crucial role in the electronics field, bringing interconnectivity and intelligent functionalities to everyday applications like smart homes, wearables, and industrial automation, improving efficiency and user experience. For example, Ericsson, a telecommunications company based in Sweden, predicted in November 2022 that the number of IoT-connected devices will surge to 34.7 billion by 2028, a significant increase from 13.2 billion in 2022, with 28.7 billion devices connected via local short-range LPWANs and 6 billion through wide-area networks, including private cellular networks. Consequently, the consumer products- electrical and electronics market is set to benefit from the higher usage of connected devices.
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What Is the projected market size and growth rate for the consumer products-electrical and electronics market?
In recent times, the market size of consumer products, which include paper, plastics, rubber, wood, and textiles, has exhibited considerable growth. It is set to expand from $65.79 billion in 2024 to $69.49 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.6%. The growth witnessed in the historic period can be linked to factors such as industrialization and growth in the manufacturing sector, awareness about environmental sustainability, global commerce and market expansion, alterations in consumer lifestyles, and innovations in packaging materials.
The market size for consumer goods like paper, plastics, rubber, wood, and textiles is projected to experience robust growth in the upcoming years, reaching $94.35 billion in 2029 with a compound annual growth rate (CAGR) of 7.9%. The expected growth in this period can be credited to various factors such as global economic circumstances, increasing demand for functional textiles, rise of e-commerce and sophisticated packaging solutions, a move towards sustainable operations, and initiatives promoting circular economy. The anticipated trends during the prognosis period encompass biodegradable and environmentally friendly materials, digitization in textile manufacturing, substitutes for wood and sustainable procurement, as well as bioplastics and alternative packaging options.
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What new trends are reshaping the consumer products-electrical and electronics market and its opportunities?
The trend of technological progression is gaining traction within the consumer products-electrical and electronics market. Major players in the industry are launching products that feature cutting-edge technologies in order to solidify their market standing. For example, in May 2022, multinational electronic corporation Samsung, based in South Korea, unveiled an AI-Enabled & Connected AI EcoBubble Washing Machine line. This machine offers a variety of high-quality features like AI wash, air wash technology, and a super speed cycle to include more capacity models. Furthermore, through integration with Samsung's SmartThings App, these machines provide enhanced and unique washing options, while also giving auto-suggestions for the best washing cycles, grounded on data such as color, fabric type, and extent of dirtiness given by the users.
What major market segments define the scope and growth of the consumer products-electrical and electronics market?
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, Hyper markets And Super markets, Departmental Stores, Specialty Stores
Subsegments:
1) By Conventional: Traditional Home Appliances, Basic Electronics, Non-Smart Lighting
2) By Smart: Smart Home Appliances, Smart Electronics, Smart Lighting Solutions, Connected Devices
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Which region dominates the consumer products-electrical and electronics market?
Asia-Pacific has the largest market share in the consumer products-electrical and electronics market in 2024. The regions covered in the consumer products-electrical and electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which key market leaders are driving the consumer products-electrical and electronics industry growth?
Major companies operating in the consumer products-electrical and electronics market include 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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What Is Covered In The Consumer Products-Electrical And Electronics Global Market Report?
• Market Size Forecast: Examine the consumer products-electrical and electronics market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the consumer products-electrical and electronics market for a structured understanding.
• Key Players Overview: Analyze major players in the consumer products-electrical and electronics market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the consumer products-electrical and electronics market.
• Segment Contributions: Evaluate how different segments drive overall growth in the consumer products-electrical and electronics market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the consumer products-electrical and electronics market.
• Industry Challenges: Identify potential risks and obstacles affecting the consumer products-electrical and electronics market.
• Competitive Landscape: Review strategic developments in the consumer products-electrical and electronics market, including expansions, agreements, and new product launches.
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