Consumer Electronics Market Status by Top Key Companies, Industry Key Challenges Due to Coronavirus Outbreak | Fortune Business Insights™
The global consumer electronics market size is expected to showcase considerable growth by reaching USD 989.37 by 2027. The growth is attributable to the growing demand for user-friendly electronic products and the rising residential sector that propels the demand for consumer electronics globally. Fortune Business Insights in its latest report, titled, “Consumer Electronics Market Size, Share & Industry Analysis, By Product Type (Electronic Devices (Television, Computer, Digital Camera & Camcorder, and Others) and Home Appliances (Refrigerator, Washing Machine, Air Conditioner, and Others)), Distribution Channel (Offline and Online), and Regional Forecast, 2020-2027.”, mentions that the market stood at USD 729.11 billion in 2019 and is projected to exhibit a CAGR of 5.3% between 2020 and 2027.
COVID-19 Impact: Market to Register
Significant Growth After Initial Slowdown
According
to our analysis, the global market for consumer electronics is expected to
experience a negative CAGR of -5.4% in 2020. The
lockdown announced by the government agencies and the growing insecurities
regarding jobs is likely to be the main factors leading to the disruption in
the electronics industry. However, the growing work-from-home culture is likely
to drive the adoption of electronics such as computers, laptops, and others to
stabilize the market in the near future.
Consumer electronics are devices such
as computers, refrigerators, laptops, Television sets, and mobile phones. One
of the highly penetrated products across every household, they experience a
great demand from consumers. Moreover, product innovations by companies backed
by the increasing technological advancements are likely to surge the demand for
electronic products across the globe.
What does the Report Provide?
The market report provides an in-depth
analysis of several factors such as the key drivers and restraints that will impact
growth. Additionally, the report provides insights into the regional analysis
that covers different regions, contributing to the growth of the market. It
includes the competitive landscape that involves the leading companies and the
adoption of strategies to introduce new products, announce partnerships, and
collaborate that will further contribute to the market growth in the
forthcoming years. Moreover, the research analyst has adopted several research
methodologies to obtain information about the current trends and industry
developments that will drive the market growth between 2020 and 2027.
DRIVING FACTORS
Increasing Adoption of User-Friendly
Devices to Surge Demand
Technological advancements and the
availability of high disposable income amongst the working population are
leading to the high adoption of smart appliances. The manufacturers are
focusing on developing user-friendly products that cater to consumer needs. For
instance, a huge demand for smart appliances that offer voice assist, WIFI &
Bluetooth connectivity, and faster networks is a driving factor for the
considerable growth of consumer electronics.
The rapid-paced industrialization and
urbanization has led to the massive development of the residential sector. The
rising residential sector is proving to be beneficial for the increasing
adoption of electronic products that will favor the global consumer electronics
market growth in the forthcoming years.
SEGMENTATION
Electronics Segment to Hold the Largest
Market Share
Based on product type, the electronics
segment is expected to showcase exponential growth due to the high penetration
of consumer electronic devices such as digital cameras, computers, TVs,
laptops, and tablets, among others.
REGIONAL INSIGHTS
Presence of Established Players in
Asia-Pacific to Augment Growth
Among all the regions, Asia-Pacific is
expected to remain at the forefront and hold the highest position in the global
consumer electronics market in the forthcoming years. This is attributable to
the presence of established players such as Sony, LG, Panasonic, and Samsung
that dominate the consumer electronic segment in the region. Asia-Pacific stood
at USD 274.00 billion in 2019.
The market in Europe is expected to
showcase significant growth backed by the growing demand for smart home
appliances in countries such as the U.K., Germany, and France between 2020 and
2027.
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Complete Report Summary @ https://www.fortunebusinessinsights.com/consumer-electronics-market-104693
COMPETITIVE LANDSCAPE
Facility Expansion by Prominent
Companies to Amplify Their Market Positions
The global consumer electronics market
is fragmented by the presence of key players such as LG, Samsung, Sony, and
others. These companies hold a dominant share in the consumer electronics
segment and strive to maintain their presence by expanding their capacity to
cater to the growing consumer demand globally. Moreover, the other major
companies focus on maintaining a stronghold by adopting strategies such as
partnership, the introduction of new products, and collaboration that will
favor market growth.
Industry Development:
November 2020 – Samsung announced the launch of its new Smart
Monitor that functions as a do-it-all screen. The company reports that the
device is equipped with mobile and PC connectivity and entertainment Smart Hub
features.
List of the Companies Profiled in the
Global Market for Consumer Electronics:
- Samsung Group (Suwon, South Korea)
- LG Electronics Inc. (Seoul, South Korea)
- Sony Corp. (Tokyo, Japan)
- Panasonic (Osaka, Japan)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Whirlpool Corp. (Benton Harbor, U.S.)
- AB Electrolux (Stockholm, Sweden)
- Apple Inc. (Cupertino, U.S.)
- HP Inc. (Palo Alto, U.S.)
- Huawei Technologies Co., Ltd. (Shenzhen, China)
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