According to a new report published by UnivDatos, the Consumer Electronics Market was valued at more than USD 700 bn million in 2022 and is expected to grow at a CAGR of around 7% from 2023-2030. The analysis has been segmented into Product Type (Electronics Devices and Home Appliances); Distribution Channel (Online and Offline) Region/Country.
The consumer electronics market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Consumer Electronics market. The consumer electronics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the consumer electronics market at the global and regional levels.
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Market Overview
The Asia Pacific Consumer Electronics Market is expected to grow at highest CAGR 6.5% during the forecast period (2023-2030). Electronics devices are highly penetrated products among a wide range of technical consumer goods in households. On one side, television sets with wider screen sizes are receiving popularity, whereas, on the other side, the miniaturization of electrical components is on the rise. The main focus of manufacturers is on developing high-performing and convenient-to-use devices owing to the increasing consumer demand for electronics goods. The growing demand for consumer electronics can be attributed to easier access to credit and rising disposable incomes. For instance, Q2 results of LG electronics share of monitors in total revenue increased to 23% in Q2 2020 from 17% in Q1 2020, that of notebook and tablets increased to 29% in Q2 from 20% in Q1 2020. Intentional reduction by the Government in the import bill, coupled with government and corporate spending is anticipated to complement the positive demand in this market. Furthermore, rising demand for home improvement products and the advent of rapid change in the technologies such as artificial intelligence, internet of things, Wi-Fi, Bluetooth, internet, augmented realty, virtual reality, and cloud computing is significantly influencing the consumer electronics market. Also, the work from home trend led to an increased demand for computing devices and peripherals.
COVID-19 Impact
Due to the COVID-19 pandemic, the demand for consumer electronics has been significantly impacted. Manufacturing plant shutdown and supply chain disruptions resulted in substantial component shortages. Increased counterfeiting, shipping delays, customer behavior, and environmental concerns had a significant impact on the market growth. Due to the pandemic, manufacturers of consumer electronics have witnessed component shipment delays of at least five weeks from suppliers.
· Based on the product type, the consumer electronics market is segmented into electronics devices and home appliances. Electronics devices further segmented into television, computer, digital camera & camcorders and others. Home appliances further segmented into refrigerator, washing machine, air conditioner and others. The electronics segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe due to various factors such as higher household penetration of TVs, computers, tablets and laptops.
· Based on the distribution channel, the market is fragmented into online and offline. The offline segment grabbed a considerable market share and it is expected to grow at a significant CAGR during the forecast period due to various factors such as the presence of huge number of consumer electronic stores, small retail stores, supermarkets, and specialty electronic stores made the offline segment the most preferred distribution channel for the customers.
Have a Look at the Chapters
Consumer Electronics Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
· Rest of the World
North America constitutes a major market for the consumer electronics market industry the high disposable income of the consumers, huge demand for the luxury and premium products, high standard of living, higher adoption of the latest technologies, and the presence of the top players in the region are some of the prominent factors that has driven the North America consumer electronics markets influencing consumers to opt for consumer electronic products and their overall accessories.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the consumer electronics market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Recent Developments:
· In October 2021, Panasonic Corporation, a leading diversified technology business in India, has announced the addition of 43 new refrigerator models and 24 new washing machine models to its home appliance lineup ahead of the festive season
· In January 2021, In India, Toshiba’s Home Appliance Business has opened its first unique store. The Toshiba Lifestyle Centre, which opened in Bangalore, is expected to provide first-hand experience with Toshiba’s home appliance portfolio, which includes refrigerators, washing machines, dishwashers, water purifiers, and air purifiers.
Click here to view the Report Description & TOC: https://univdatos.com/reports/consumer-electronics-market
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the consumer electronics market?
• Which factors are influencing the consumer electronics market over the forecast period?
• What are the global challenges, threats, and risks in the consumer electronics market?
• Which factors are propelling and restraining the consumer electronics market?
• What are the demanding global regions of the consumer electronics market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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