Consumer
electronics is a vast field that includes numerous electronic devises
for home and office and includes communication, personal use and
entertainment requirements. Spiraling demand for consumer electronic
devices for personal and official use are driving the market
worldwide. Consumer electronic devices include notebooks, radios,
laptops, tablets, personal computers, digital cameras, audio
equipment, calculators, personal care devices and gaming consoles
among the classifications of products. Consumer electronics are
developing rapidly with enhanced technologies to satisfy the demands
of consumers. The global consumer electronics market is anticipated
to reach a value of US$ 1,550.34 billion by 2022, expanding at a CAGR
of 4.0%. In 2013 the market for consumer electronics had reached a
value of US$ 1,074.56 billion.
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Full Global Consumer Electronics Market Report With Complete TOC @
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Sophisticated
Innovation, Increased Disposable Income, Lower Costs, Among Market
Driving Factors
There
are many factors that have accelerated the global market for consumer
electronics. Among these are reduced costs of consumer electronic
devices, technological innovation in various devices,
state-of-the-art mobile and infotainment technologies, and new
connected technologies for communication. Increase in disposable
income, devices that accommodate lifestyle needs of consumers, and
expansion of online retail stores for consumer electronics have
resulted in the market receiving a boost.The market impeding factors
include substantial drop in average selling price, which is impacting
vendors’ profit margins. OEMs sustainability is affected by the
continuous and tenacious technological advancements.
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Full Press Release:
Consumer
Electronics Market Expansion Anticipated in Low-Cost Handheld Devices
in Asia Pacific, Middle East, Africa, and Latin America
The
consumer electronics market can be grouped according to product type
to include handheld devices, televisions, personal computers, cameras
and camcorders, audio/video devices, gaming consoles, and personal
care devices. There is continued growth expected in low-cost handheld
devices in the Middle East, Africa, Asia Pacific, and Latin America
consumer electronics markets. Leading market players are expected to
use competitive pricing to suit the market conditions in these
regions.
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The
handheld devices segment accounted for the largest revenue and this
trend is expected to continue over the next few years. In the
handheld device segment, smartphones are the most popular products
because they are substituting the need for use of other electronic
products such as camcorders, mp3 audio players, alarm clocks,
standstill cameras, laptops, wristwatches, gaming devices, GPS
devices, and landlines. Smartphones have the features of all these
devices built-in. Hence the market for personal computers, laptops,
cameras, and camcorders has declined in revenue terms. Among the
rapidly growing segments are audio/video segment and the decreasing
prices are proving to be a market driver for this segment.
Residential/Personal
Segment Growth Anticipated Due to Smartphones Tablets Use
Based
on end-use application, consumer electronics are divided into
residential/personal and commercial applications. In the
residential/personal segment, market growth is accelerating due to
increased use of smartphones and tablets. The commercial application
segment is driven by the need for high definition television screens,
display screens, and advertisements.Market opportunities for consumer
electronics companies include the boost in demand for smartphones,
tablets, interchangeable lens cameras, Android operation system based
smartphones, and the growing market in emerging nations.
The
major players in the market for consumer electronics are Sony
Corporation, Nikon Corporation, Panasonic Corporation, LG
Corporation, Samsung Electronics Co. Ltd, Apple, Inc, Hewlett-Packard
Company, Canon, Inc, Koninklijke Philips N.V., and Dell, Inc,. These
companies use rapid product upgrading, online and multichannel
retailing, and mergers to expand their market growth, and intensive
research and development among other strategies.
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