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.
Rising Demand for Low-cost Consumer Electronics Drives Growth
The reducing prices of electronic items, particularly smartphones, are another major factor driving the global consumer electronics market. As companies from developing companies have been able to exploit the availability of cheap labor to their advantage, established Western giants have faced increasing competition in developing regions in the last few years. The rapid rise of Chinese smartphone giants, Xiaomi and Huawei, is the perfect example of this phenomenon.
The consistent technological innovation in consumer electronics has also played out well for the global market for the same. The abundance of manufacturers of consumer electronics has resulted in several companies focusing on previously unexplored niches and developing products to suit the changing lifestyles of their key consumers.
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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.
Increasing Demand for Smartphones to Ensure Dominance of Handheld Devices
By product type, the global consumer electronics market is segmented into handheld devices, television sets, personal computers, audio/video devices, cameras and camcorders, gaming consoles, and personal care products. Of these, handheld devices, which include smartphones and tablets, are expected to remain the largest segment of the consumer electronics market in the 2014-2020 forecast period.
The increasing demand for low-cost handheld devices in developing regions is a prominent feature of the global consumer electronics market and is likely to remain unchanged over the aforementioned forecast period. Asia Pacific was the largest market for consumer electronics in 2013. Furthermore, the increasing demand for and production of consumer electronics in Southeast Asian countries are likely to ensure rapid growth of the Asia Pacific consumer electronics market in the 2014-2020 forecast period.
According to Transparency Market Research, the global consumer electronics market was valued at US$1,074.56 bn in 2013. Exhibiting a steady 4% CAGR from 2014 to 2022, the market is expected to rise to US$1,550.34 bn. This information comes from a market study titled ‘Consumer Electronics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022.’
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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.