A new research report by Future Market Insights (FMI) presents deep insights into the global consumer electronics market, taking the prominent trends in this market into consideration. The leading market players, such as Samsung Electronics, Apple Inc., LG Electronics Co. Ltd., Hitachi Ltd., and Sony Corp., are focusing aggressively on the designing and developing technologically advanced products and solutions for consumers in a bid to meet their ever-changing demands, states the research study.
According to the research study, the worldwide market for consumer electronic market is anticipated to rise at a CAGR of 15.0% during the period from 2016 to 2026 and attain a value of US$3.0 tn by the end of the period of the forecast. The demand for wearable electronic devices is comparatively greater than consumer electronic devices and smart home devices. With significantly low cost incurred in the maintenance and support of wearable electronic devices after installation, they are likely to continue experiencing a prominent demand over the next few years, reports the research study.
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Increasing Investment by Leading Players to Boost Market Growth
Mainly driven by the significant rise in the purchasing power of consumers, stimulated by the increase in their disposable income, the market for consumer electronics is witnessing tremendous progress across the world. The continual advancements in technology is another important factor that has been fueling this market. However, the high costs incurred in the designing and developing technically advanced consumer electronic products, lack of after-service support solutions, and the dearth of skilled professionals to manage the production procedures are likely to impede the growth of this market in the years to come.
On the other hand, the increasing investments by leading companies in novel technologies and their expansion in emerging economies, where labor cost is low, will support the progress of this market substantially in the near future, states the research study.
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Asia Pacific to Emerge as Leading Regional Market
The research report also offers a comprehensive regional assessment of the worldwide market for consumer electronics. As per the market study, North America, the Middle East and Africa (MEA), Europe, Asia Pacific Excluding Japan (APEJ), Latin America, and Japan are the main regional segments of this market. Among these, Asia Pacific has surfaced as the most prominent regional market for consumer electronics, with the rising number of consumers buying smartphones and HD TVs.
The market in Asia Pacific, excluding Japan, is driven by price differentiation and vendors are offering maximum features at lowest possible cost. With India emerging as the second-leading market for smartphones in the world, this regional market is likely to remain on the top over the forecast period, states the research report.
The review is based on a report by Future Market Insights (FMI), titled “Consumer Electronics Market (Device Type - Consumer Electronics Devices (Smartphones, Personal Computers, CRT TVs, Smart TVs, Tablets, Digital Camcorders and Cameras, Feature Phones, Game Consoles, Set-top Boxes, DVRs, and Printers), Digital Media Adapters, Wearable Electronics Devices, and Smart Home Devices): Global Industry Analysis and Opportunity Assessment 2015–2020.”
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