Consumer Electronics Market Revenue to Hit $1500 Bn by 2027
Consumer electronics market size is estimated to exceed USD 1.5 trillion by 2027, according to a new report by Global Market Insights, Inc. Amid the tremendous shifts in the technological domain, consumer electronics companies across the globe are focusing on introducing new and attractive features to the widely used devices like smartphones, laptops, computers, cameras, televisions, speakers, etc. It has become more important than ever for the companies operating in the consumer electronics market to seek new ways to innovate their products to reach a large consumer base.
The industry has embraced disruptive technologies such as the Internet of Things, artificial intelligence, and machine learning which in turn is impelling the application of consumer electronics. In addition to this, the proliferation of wireless technologies such as Near Field Communication (NFC), Bluetooth, and Wi-Fi is further supporting product adoption, subsequently leading to industrial growth.
Following pivotal trends:
Innovative product launches by market players
Manufacturers active in the consumer electronics industry are mainly focusing on product innovations in order to gain a competitive edge which itself is paving way for enormous growth opportunities for the market. Quoting an instance, in 2021, Canon revealed its plans to roll out the XF505 video camera later in 2021. According to the company, this camera will be equipped with a variety of features including an integrated zoom lens with 15x zoom, one-inch image sensors, and intelligent battery system BP-A batteries.
The growing popularity of audio and video equipment
With the emergence of multimedia and incorporation of various smart technologies, audio and video equipment such as televisions, digital cameras, speakers, players, remote controls, headsets, etc., are gaining massive traction across the globe. Speaking of television, its technology landscape has enormously transformed in recent years with the advent of smart TVs. These TVs are generally equipped with a wide range of exciting features like browsing the web and social media, online streaming, smartphone connectivity, motion control, voice control, games, and applications. Growing consumer preference for such devices coupled with increased spending capacity is impelling their demand to a great extent.
Increasing demand for household appliances
Significant growth in the residential sector globally, in conjunction with increasing disposable incomes, has strongly influenced the demand for small household appliances such as microwave ovens and mixers. Other kitchen appliances such as dishwashers and smart coffee makers are also witnessing a mounting demand on account of changing lifestyles in urban areas. According to the U.S. Census Bureau, exports of household and kitchen appliances in the U.S. increased to USD 603 million in May from USD 602.44 million in April 2021.
A strong presence of major technology companies in North America
The outlook of the consumer electronics industry in North America has been bolstered by the heightened demand for smart household appliances and mainly by the strong presence of major technology companies like Google, Apple, Amazon, and General Electric. These companies are involved in rigorous R&D and are making hefty investments for the same. To illustrate, credible sources have reported that tech giant Apple Inc is working on a new product line that combines Apple TV set-top box and a HomePod speaker as well as a camera for video conferencing. This product is expected to be one of the most powerful smart home devices by the company.
Source: Global Market Insights, Inc