Pune, India, January 18, 2022 (GLOBE NEWSWIRE) – According to Fortune Business Insights, the world consumer electronics industry It is expected to reach $ 989.37 billion by 2027. The growth is driven by growing demand for user-friendly electronic products and the growth of the residential sector, which is stimulating demand for consumer electronics worldwide. The study notes that in 2019 the market was $ 729.11 billion and is projected to have a CAGR of 5.3% between 2020 and 2027.
Expanding facilities by well-known companies to expand their market position
The global consumer electronics market is fragmented due to the presence of key players such as LG, Samsung, Sony and others. These companies occupy a dominant share in the consumer electronics segment and seek to maintain their presence by expanding their capabilities to meet growing consumer demand worldwide. Moreover, other large companies are focusing on preserving the fortress by adopting strategies such as partnerships, new product introductions and collaborations that will promote market growth.
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Key areas of development:
November 2020 – Samsung has announced the launch of its new smart monitor that functions as a screen for everyone. The company reports that the device is equipped with a connection to mobile and PC, as well as Smart Hub for entertainment.
List of companies registered in Global Consumer Electronics Market:
- Samsung Group (Suwon, South Korea)
- LG Electronics Inc. (Seoul, South Korea)
- Sony Corp. (Tokyo, Japan)
- Panasonic (Osaka, Japan)
- Koninklijke Philips NV (Amsterdam, The Netherlands)
- Whirlpool Corp. (Benton Harbor, USA)
- AB Electrolux (Stockholm, Sweden)
- Apple Inc. (Cupertino, USA)
- HP Inc. (Pala Alta, USA)
- Huawei Technologies Co., Ltd. (Shenzhen, China)
What does the report provide?
The market report provides an in-depth analysis of several factors, such as key factors and constraints that will affect growth. In addition, the report provides an overview of the regional analysis covering different regions, contributing to market growth. It includes a competitive landscape that includes leading companies and adopting strategies for introducing new products, announcing partnerships and collaborations that will foster market growth in the coming years. In addition, the analyst adopted several research methodologies to obtain information on current trends and industry developments that will stimulate market growth between 2020 and 2027.
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Increase the use of convenient devices to increase demand
Technological advances and the availability of high disposable income among the working population are leading to the proliferation of smart appliances. Manufacturers are focused on developing user-friendly products that meet the needs of consumers. For example, the huge demand for smart devices that offer voice assistance, WIFI and Bluetooth connectivity and faster networks is a factor in the significant growth of consumer electronics.
Rapid industrialization and urbanization have led to the massive development of the residential sector. The growth of the residential sector is proving to be beneficial for increasing the proliferation of electronic products, which will contribute to the growth of the global consumer electronics market in the coming years.
The electronics segment will occupy the largest market share
Depending on the type of product, the electronics segment is expected to demonstrate exponential growth due to the high penetration of consumer electronic devices such as digital cameras, computers, TVs, laptops and tablets, among others.
Having well-known players in the Asia-Pacific region to increase growth
It is expected that among all the regions, the Asia-Pacific region in the coming years will remain at the forefront and will occupy the highest positions in the world market. This is due to the presence of well-known players such as Sony, LG, Panasonic and Samsung, which dominate the consumer electronics segment in the region. The Asia-Pacific region in 2019 amounted to $ 274.00 billion.
The market in Europe is expected to show significant growth, supported by growing demand for smart appliances in countries such as the UK, Germany and France, between 2020 and 2027.
See a detailed summary of the study report from the TOC:
- Volume of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market drivers
- Market restrictions
- Market opportunities
- Key ideas
- Overview of parent / related markets
- SWOT analysis of the industry
- New trends
- Recent developments in the industry – policies, partnerships, new product launches, and mergers and acquisitions
- The impact of COVID-19 on the consumer electronics market
- Analysis of the global consumer electronics market, assessment and forecast, 2016-2027.
- Key Findings / Summary
- Estimates and forecast of market size
- By product type (value)
- Electronic devices
- Digital camera and camcorder
- Home appliances
- Washing machine
- Air conditioning
- Electronic devices
- By distribution channel (value)
- By region (value)
- North America
- Asia-Pacific region
- South America
- Middle East and Africa
- By product type (value)
TOC Continued …!
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