Consumer Electronics Market Outlook, Competitive Insights during the Forecast period 2021-2028

 

Consumer Electronics

Consumer Electronics are electrical 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, cellphones, refrigerators, tablets, laptops, DVD players, digital cameras, desktop computers, paper shredders, printers, and so on. Smart gadgets have enabled an average house to be transformed into a connected home as a result of technological breakthroughs. Security systems, HVAC systems, and smart kitchen appliances are examples of smart home gadgets that can be managed by iOS or Android devices. Furthermore, wearable gadgets are a new breed of Consumer Electronics that are user-friendly and self-contained. These gadgets may be linked to the internet.

During the projected period, the worldwide Consumer Electronics Market is predicted to rise due to rising disposable income and a growing global population. In recent years, Consumer Electronics have seen increased consumer desire, particularly in emerging nations from Latin America and Asia Pacific. This is usually due to increased disposable income and population growth in the different regions. According to Coherent Market Insights, worldwide disposable income climbed by 3.1 percent in 2015 compared to 2014.

According to Coherent Market Insights, The global Consumer Electronics Market is estimated to be valued at US$ 3,428.5 billion in 2021 and is expected to exhibit a CAGR of 15.6% over the forecast period (2021-2028).

Furthermore, expanding global population, particularly in emerging nations, is likely to drive Consumer Electronics demand in the near future. According to UN predictions, the world population would expand from 7.2 billion in 2013 to 9.6 billion by 2050. This, together with rising GDP in developing nations, is predicted to boost global market expansion. Over the projected period, a robust distribution network across the world is likely to boost the global Consumer Electronics market growth. To gain a competitive advantage in the Market, key suppliers are focusing on increasing their distribution channels. Consumer electrical device wholesalers and merchants are readily available, allowing manufacturers to better serve their customers.

Retail specialists are becoming a prominent distribution channel in emerging economies such as China, India, Brazil, and Russia, since customers in these nations prefer to buy consumer goods and home appliances in brick and mortar stores. However, with increased Internet availability in the aforementioned nations, online shopping has seen tremendous development. The rural market is a mostly unexplored sector with several prospects. According to the UN, the worldwide rural population was over 3.4 billion in 2014, with Africa and Asia accounting for around 90% of the population. Manufacturers in the market can cut the prices of smartphones, feature phones, and televisions while expanding their market presence and gaining a competitive advantage.

Companies mentioned in the study- Panasonic Corporation, Samsung Electronics Co. Ltd., Toshiba Corporation, LG Electronics Co. Ltd., Hewlett-Packard Inc. (HP), Apple Inc., Sony Corporation, Hitachi Ltd., and Koninklijke Philips N.V.

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