Consumer Electronics market to be a US$ 3 Trillion Market by 2020

The global consumer electronics market is projected to grow at a CAGR of over 15% to nearly US$ 3 trillion in revenues by 2020. Unsurprisingly, Asia Pacific will continue to be the hotbed of future demand, as many consumers in these countries move to buy their first smartphone or HD TV. Unlike in developed markets of the West, where new consumer electronics sales are fuelled on the back of innovation, success in Asia Pacific will be based on a large part on offering the maximum features at the lowest cost. An estimate of the opportunities in the Asia Pacific consumer electronics market can be made from the fact that in India, the second largest smartphone market in the world, the smartphone penetration is below 30%.

In a bid to offer an accurate overview on the global consumer electronics market, the report has segmented the consumer electronics market into,

Consumer electronics devices

Smart home devices

Wearable electronic devices

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Smart home devices and wearable electronics sector is at a nascent stage currently. Of the US$ 1.22 trillion worth of consumer electronics sold globally in 2014, smart home devices and wearable electronic devices accounted for nearly US$ 23 billion. However, manufacturers who choose to ignore these two fledgling markets may miss out on a plethora of opportunities, as future growth projections remain overly positive. Smart home devices revenues are projected to increase at 23% CAGR through 2020. The key sub-segments on which market forecast and analysis is offered in the report include,

Smartphones

Personal computers

Other TVs

Smart TVs

Tablets

Digital Camcorders & Cameras

Feature Phones

Game Consoles

Others

Set-top Boxes

DVRs

Printers

Digital Media Adapters

Among these, the top 3 in terms of market revenues are smartphones, personal computers, and other TVs. The global smartphone market was valued at US$ 544 Bn in 2015. It is projected to increase at a CAGR of nearly 22% to surpass US$ 1.45 Bn in revenues by 2020. While smartphones will also remain the fastest growing segment during the forecast period, tablets and smart TVs will be the second- and third-fastest growing segment.

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This release was published on openPR.