Consumer Electronics - Improving standard of living and increase in disposable incomes are the factors fueling the market growth
According to a new market report published by Stratistics MRC the Consumer Electronics market accounted for $1,165.76 billion in 2015 and is expected to reach $1,692.30 billion by 2022 growing at a CAGR of 5.5% from 2015 to 2022. Improving standard of living and increase in disposable incomes are the factors fueling the market growth. Technological convergence is hampering the consumer electronics market. In addition, coupled with the need for internet usage, will propel the demand for electronic devices over the forecast period. Governments around the world are increasingly supporting digitalization, eventually promoting the usage of various electronic devices among consumers. This is anticipated to bolster the consumer electronics market on a global level.
Global Consumer Electronics market is segmented by product type into gaming consoles, personal computers, televisions, audio/video devices, handheld devices, personal care products, cameras and camcorders. The handheld device segment accounted for majority of the share in terms of revenue in global consumer electronics market and is expected to dominate the market throughout the forecast period. Smartphones with enhanced features are displacing the need for other consumer electronics products such as standstill cameras, laptops, MP3 audio players, wristwatches, alarm clocks, gaming devices, and landlines and GPS navigators among others. Therefore, the market has observed decline in the revenue of personal computer, laptop and camera and camcorders segment. The audio/video device segment is anticipated to be the fastest growing product segment over the forecast period.
Browse the full report at "Consumer Electronics Market Outlook".
Global Consumer Electronics market is classified by application into commercial and residential. The residential segment is the major end-user application segment. Increasing demand for smartphones and tablets by an individual is the key factor driving the growth of consumer electronics market. The commercial application segment is anticipated to be driven by increasing demand for display screens, advertisements and big-sized televisions in the commercial sectors.
This report also covers trends driving each segment and offers analysis by geography, with key regions such as North America, Europe, Asia Pacific and Rest of the World. North America accounted for the largest share in consumer electronics market owing to technical advancements. The consumer electronics market is highly competitive with major players witnessing cut-throat competition across most of the segments covered under the research scope. In order to sustain in the competitive environment, market players are offering low cost consumer electronics products in price sensitive regions such as Asia Pacific and MEA.
The key players in the Consumer Electronics market include Hewlett-Packard Company, Sony Corporation, Canon, Inc., Panasonic Corporation, Koninklijke Philips N.V., Samsung Electronics Co. Ltd., BlackBerry, Dell, Inc., Nikon Corporation, Apple, Inc., LG Corporation, Lenovo, Micromax Mobile, Motorola, Toshiba, Asus and ZTE.
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