Consumer Electronics Market is Driven Due To The Massive Surge In Uptake Of Devices Such As Tablets, Laptops, And Smartphones On A Global Front

With a large number of small and large, regional and international, and old and new companies operating in the field of consumer electronics, it should not come as a surprise that the vendor landscape of the global consumer electronics market is highly fragmented and intensely competitive, observes Transparency Market Research in a recent report. So as to stay ahead amid the volatile operating conditions, companies have resorted to finding newer ways of enticing the rising consumer base of young and affluent middle-class people in emerging economies. Focus on marketing their products through e-commerce websites, which are increasingly becoming the most preferred mode of retail shopping in emerging economies, is gaining strength.

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As even some of the world’s most renowned consumer electronics brands struggle to keep up with the low costs of the slew of new, innovative product varieties brought in by small and regional companies, focus has also increased on good collaboration opportunities with regional players. Refinement of current product lines through the incorporation of technological advancements and development of product lines specifically suited to lucrative application areas such as IoT, connected devices, and in-car infotainment are also popular strategies adopted by companies operating in the market. Some of the leading companies in the market are Canon, Inc, Sony Corporation, Samsung Electronics Co. Ltd, Koninklijke Philips N.V., Apple, Inc, LG Corporation, Nikon Corporation, and Panasonic Corporation.

According to the report, the global consumer electronics market will rise to a revenue opportunity of US$1,550.34 bn by 2022, registering a CAGR of 4.0% from 2014 to 2022.

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Asia Pacific to Remain Most Lucrative Regional Market

Of the key product varieties in the market covered in the report, the segment of handheld devices is estimated to account for the dominant revenue share in the market presently. The segment is driven due to the massive surge in uptake of devices such as tablets, laptops, and smartphones on a global front. The sales of smartphones, especially, account for the dominant share and is likely to continue to account for a significant share of the overall market throughout the report’s forecast period.

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From a geographical standpoint, the market in Asia Pacific is presently the most lucrative and is expected to remain so over the forecast period as well. Presence of large metropolitan areas and ever-expanding urban population will ensure that the benefits of economic development are reaped to the maximum. This is bound to have a positive impact on the consumer electronics market.

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Pragati Pathrotkar

As one of the lead news writers on cmfenews, Pragati’s specialization lies in the science and technology domains. Her passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Pragati’s take on the impact of digital technologies across the science, technology, and business domains gives her writing a fresh and modern outlook.

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