Consumer electronics refers to electronic gadgets that are
commonly utilised in daily life. Consumer electronics are utilised for a
variety of reasons, such as entertainment, communication, and home office
tasks. Consumer electronics include televisions, smartphones, refrigerators,
tablets, laptops, DVD players, digital cameras, desktop computers, paper
shredders, printers, and other items. Smart devices have enabled an average
home to become a connected home as a result of technological breakthroughs.
Security systems, HVAC systems, and smart kitchen appliances are among the
smart home gadgets that may be controlled via iOS or Android devices. Wearable
gadgets are also a new type of consumer electronics that are both user-friendly
and self-contained. These devices can communicate with one another over the
internet.
Global Consumer
Electronics Market- Drivers
The global consumer electronics industry is predicted to
increase at a rapid pace throughout the forecast period, thanks to rising
disposable income and a growing global population. In recent years, consumer
electronics have seen a surge in popularity, particularly in emerging markets
from Latin America and Asia Pacific. This is usually due to increased
disposable income and population growth in the various regions. Global
disposable income climbed by 3.1 percent in 2015 over 2014, according to'
study. Furthermore, in the near future, expanding global population,
particularly in emerging nations, is predicted to drive consumer electronics
consumption. Global population is anticipated to grow from 7.2 billion in 2013
to 9.6 billion in 2050, according to UN forecasts. This, together with rising
GDP in developing countries, is likely to propel the market forward globally.
Global Consumer Electronics
Market Opportunities
The rural market is a hugely underserved market with a lot
of potential. According to the United Nations, the worldwide rural population
was over 3.4 billion people in 2014, with Africa and Asia accounting for
roughly 90% of the total. Manufacturers in the market can cut smartphone,
feature phone, and television prices, as well as extend their market presence
and acquire a competitive advantage.
Low penetration and moderate competitiveness in many
consumer electronic product segments characterise the consumer
electronics market in growing regions such as Latin America,
APEJ, Eastern Europe, and parts of Africa. Smart home appliances and wearable
electronic devices are examples of this. Furthermore, rising disposable income
in the aforementioned regions is likely to boost consumer electronics industry
penetration in the near future.
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