COVID19: CONSUMER ELECTRONICS MARKET TO REACH USD 1,230.2 BILLION BY 2027 | CAGR 7.1% — FORENCIS RESEARCH
Global Consumer Electronics Market: Key Highlights
- According to the new market research report “Consumer Electronics Market by Product Type (Audio & Video Equipment, Digital Photo Equipment, Consumer Electronics Devices, Smart Home Devices and Wearable Electronic Devices), by Application (Personal, Professional), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2020 to 2027)”, the global Consumer Electronics Market is estimated to reach USD 1,230.2 Billion by 2027 at a CAGR of around 7.1% during the review period.
- The consumer electronics is the electronic equipment, which includes television sets, MP3 players, video recorders, DVD players, radio receivers, and various other products.
- Moreover, it includes a large set of electronic devices which provides one or more functionalities in home as well as for the individuals. Also, it can incorporate in smartphone and computing devices which helps the individual to enhance its services outdoor with the cell phone or a tablet PC.
Global Consumer Electronics Market: Key Market Dynamics
- With the increasing growth in digital platform is witness to boost the growth of the market in the projected period. Whereas, it helps to boost and develop the customer experience as well as enhance the business perspectives for the company growth.
- One of the major key concern of the consumer electronics market is the ongoing Covid-19 Pandemics which may restraining factor for the growth of the market. Whereas, various factors including disruptions in restrictions on trade, supply chain & logistics as well as shortage of raw materials has create a hamper the production capacity for the consumer electronics manufacturers.
- Growing adoption of Internet of Things (IoT), lead to enhance the device efficiency as well as boost the customer experiences which will lead to fuel the growth of the consumer electronics market in the forecast period.
- High availability of spurious products will create a negative impact for the growth of consumer electronics market in the forecast period.
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Global Consumer Electronics Market: Regional Overview
- North America:
The North America is witness to be one of the major player for the adoption of advance technologies. Whereas, the region consumer electronics market is projected to emerge as the dominant regional industry with the high penetration. However, the countries in the region are anticipated to grow the demand for improve consumer electronics in personal as well as professional applications.
Hence, the increasing trends of smart office buildings and smart homes is also contributing the market size of smart consumer electronics in the forecast period.
The region is witness to increase significant market growth during the forecast period. Whereas the emerging economies which includes China, South Korea, and India have emerged to be largest revenue generate for APAC consumer electronics market share. However, the region consumer electronics market are growing demand for smartphones from countries such as India, China and Japan which is presence of main consumer electronic goods manufacturers in countries.
Hence, with the growing industries and penetrations of smartphone in the region will lead to increase the market growth in the forecast period.
Global Consumer Electronics Market: Key Players Overview
- IBM Corporation:
The company is a multinational company, which engages in provision of cloud platforms and cognitive solution. Also, it produces and sells computer hardware, middleware and software. In 2020, the company had announced the launch of advertising accelerator with Watson, which is first to market offering which lead to support artificial intelligence for predicting the optimal combination of creative elements. These will helps to boost the high engagement and conversion for a consumers.
Hence, it also helps to drive faster predictive platform, improve the creative performance, as well as enhance the audience.
- Panasonic Corporation:
The Panasonic Corporation is a global leader for the growth of diverse electronics technologies and solutions for user in the consumer electronics. Whereas, the company is developing a large range of consumer products, such as audio visual, communication products and different home appliances such as such as refrigerating, air conditioning and washing equipment. In 2020, the company and Blue Yonder has extend strategic partnership to accelerate the autonomous supply chain.
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