Consumer Electronics Market Set to Witness Significant Growth in the Coming Years

Transparency Market Research has published a report on the global Consumer Electronics Market. According to the report, the global consumer electronics market stood at US$1,074.56 bn in 2013 and is predicted to be valued at US$1,550.34 bn by 2022. The report, titled ‘Consumer Electronics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022’, states that the global consumer electronics market is predicted to expand at a 4.0% CAGR during the period from 2014 to 2022.

Consumer electronics include numerous devices that are used for office work, entertainment, and communications. Personal computers, notebooks, digital cameras, smartphones, tablets, laptops, radios, MP3 players, calculators, audio players, personal care devices, and camcorders are some of the commonly used consumer electronics. Factors such as increasing disposable income, reduced prices of consumer electronic devices, and improved standard of living are responsible for the growth of the global consumer electronics devices in the recent past. Technical advancements and availability of a wide variety of products are expected to propel the global consumer electronics devices market in the years to come.

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The global consumer electronics market is segmented on the basis of geography, product type, and end-use application. By product type, the global consumer electronics market was dominated by the handheld devices segment in 2014. In terms of revenue, the handheld devices segment is expected to maintain its dominant position during the forecast period.

Smartphones equipped with technically advanced features eliminate the need for other products such as laptops, MP3 audio players, gaming devices, GPS navigators, standstill cameras, alarm clocks, and landline phones. The audio/video segment is predicted to develop at a rapid pace in coming few years. The introduction of wireless technology in audio devices is boosting the growth prospects of the audio/video segment.Based on geography, the global consumer electronics market is divided into the Middle East and Africa, North America, Europe, Latin America, and Asia Pacific.

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Some of the prominent players operating in the global consumer electronics market are Samsung Electronics Co. Ltd., LG Corporation, Canon, Inc., Koninklijke Philips N.V., Dell, Inc., Hewlett-Packard Company, Sony Corporation, Apple, Inc., Nikon Corporation, and Panasonic Corporation. Demand for innovative connected television sets is expected to be the major driver of the global consumer electronics market in the years to come.

Decreasing prices of tablets and smartphones are also predicted to propel the global consumer electronics market further. Based on end-use application, the global consumer electronics market is classified into commercial and residential segments. The residential segment dominated the global consumer electronics market in 2014. Increasing demand for smart devices is expected to propel the residential segment during the forecast period.

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However, the commercial segment is also predicted to witness remarkable growth due to factors such as the growing demand for display screens and big-sized TV sets in the commercial sectors, and display of advertisements on smart devices. The commercial segment is highly competitive, as some of the new entrants are expected to give tough competition to the leading players. Availability of all electronic smart devices in online stores is another factor responsible for the rapid development of the global consumer electronics market.

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