Press release
Consumer Electronics Market : Advanced Technologies & Growth Opportunities in Global Industry
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%.
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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.
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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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Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India.
FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace with confidence and clarity. Our customised and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure our clients prepare for the evolving needs of their consumers.
FMI’s team of over 200 research analysts provides market intelligence at global, regional, and country level. Our analysts are committed to provide independent insights, relying on our cognitive defusion training module, which conditions them to look at data objectively and unbiasedly.
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