Consumer electronics have become an essential part of consumers’ daily life routines in the past decade. From conventional consumer electronic products such as smartphones, computers, laptops, digital cameras, DVDs, tablets, and printers, to advanced products such as camcorders, phablets, smart televisions, and wearable electronic devices, the global market for consumer electronics encompasses a wide product catalog.
Persistence Market Research projects that the global consumer electronics market is likely to follow stellar growth in the next few years. During the four-year forecast period 2016-2020, revenues of the global consumer electronics market are expected to reach US$ 2,976.1 Bn in 2020, registering a CAGR of over 15%.
Expanding middle-class, changing lifestyle preferences, growing inclination toward using smart electronic devices are among the primary factors driving the growth of the global consumer electronics market. In addition, rising disposable income of consumers, 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.
Burgeoning R&D in consumer electronics and technological advancements will also be some of the most prominent drivers to the consumer electronics market growth. Emergence and growing popularity of wearable electronic devices has been a breakthrough in the consumer electronics market. Rising urbanization and evolving consumer lifestyle will collectively result in higher adoption of wearable electronics, eventually supporting the sales of consumer electronics on a global level. This growth of wearable devices is attributed to their autonomous and user-friendly operability and functionality.
Growing awareness on the benefits of wireless connectivity of a number of electronic devices is another factor identified to foster adoption. Following considerable penetration in developed regions, connected homes are gaining traction in some developing countries as well. This is expected to fuel demand for smart mobile devices, HVAC systems, kitchen appliances, and intelligent security systems. This is foreseen to be a major factor that’s positively impacting the consumer electronics market, especially in emerging economies.
The global consumer electronics market is segmented on the basis of device type. The three key segments i.e. consumer electronic device, smart home device, and wearable device. These segments are further classified into sub-segments.
The consumer electronic device segment will continue dominance, accounting for more than 97% market share by 2020-end. The revenues of this segment are predicted to reach US$ 2,907.0 Bn by the end of the forecast period. Within consumer electronic device segment, smartphones will continue to gain the maximum traction, accounting for over 30% market share by 2020 end, followed by PCs. However, smart home device segment is pegged to witness the fastest CAGR of 23% through to 2020. Wearable device segment is also projected to witness steady growth during the forecast period.
The global market for consumer electronics is geographically segmented into seven key regions viz. North America, Asia-Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Middle East and Africa (MEA), Latin America, and Japan.
APEJ will continue to be the largest market for consumer electronics throughout the forecast period 2016-2020, expanding at the highest CAGR of 17.5%. North America, led by the U.S., will remain the second largest market, followed by Western Europe. While the market value share of North America will be over 16% by 2020 end, Western Europe is also expected to register a significant share.
Key Players Analysis
The global consumer electronics market is highly competitive. Established international brands as well as new entrants form a competitive landscape. A number of key players are increasingly seeking market expansion through strategic mergers and acquisitions. Innovative, cost-effective product development has been at the center stage of leading consumer electronics manufacturers. Some of the key market players include HP Inc., Apple Inc., Samsung Electronics Co. Ltd., ., Sony Corporation, LG Electronics Inc., Panasonic Corporation and Hitachi Ltd., and Toshiba Corporation.
This Persistence Market Research (PMR) report examines the global consumer electronics market for the period 2016–2020. The primary objective of the report is to offer updates and information related to market opportunities in the global consumer electronics market and provide insights into developments impacting global businesses and enterprises. The global consumer electronics market is segmented on the basis of device type, into electronic device, wearable device, and smart home device. This report covers the global consumer electronics market performance in terms of revenue contribution from various segments and includes a detailed analysis of key trends, drivers, restraints, and opportunities influencing revenue growth of the global consumer electronics market.
Impact analysis of key growth drivers and restraints based on the weighted average model are included in this report to better equip clients with useful decision-making insights. The global consumer electronics market report begins with an overview of the market and key definitions. The subsequent sections evaluate the present scenario and future growth prospects of the global consumer electronics market on the basis of device type and geographical region, and provide a comprehensive market forecast for the next four years. The report provides a market outlook for 2016–2020 and sets the forecast within the context of the global consumer electronics market.
The study further analyzes the extent to which drivers are influencing the market across the key assessed regions of North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. In the final section of the report, a competitive market landscape has been included to provide report audiences with a dashboard view of key players operating in the global consumer electronics market, along with an analysis of company-specific long-term and short-term strategies, key offerings, and recent developments in the global consumer electronics market. Top market companies profiled in the report include Apple Inc., Sony Corporation, Samsung Electronics Co. Ltd., LG Electronics Inc., HP Inc., Panasonic Corporation and Hitachi Ltd., and Toshiba Corporation. Our report also provides key strategic recommendations for both existing and new players in the global consumer electronics market to emerge sustainably profitable.
To ascertain the global consumer electronics market revenue, the report considers regional revenue contribution and contribution of key players operating in the market. The forecast presented in the report assesses the total revenue generated by value across the global consumer electronics market and in order to provide an accurate forecast, the report begins by sizing the current market, which forms the basis of how the global consumer electronics market is anticipated to perform in future.
Given the ever-fluctuating nature of the global economy, the report not only conducts forecasts in terms of CAGR, but also analyzes the market based on key parameters such as year-on-year (Y-o-Y) growth to understand market predictability and to identify the right opportunities across the global consumer electronics market. The different market segments and sub-segments have also been analyzed in terms of Basis Point Share (BPS) to understand individual segments’ relative contribution to market growth. This detailed level of information is important for identifying various trends impacting the global consumer electronics market.
Another key feature of this report is the analysis of key segments in terms of absolute dollar opportunity. This is overlooked while forecasting the market. Absolute dollar opportunity is critical for evaluating the scope of opportunity that a provider can look to achieve, as well as to identify potential resources in the global consumer electronics market.
The overall absolute dollar opportunity along with the segmental split is mentioned in the report. Further, to understand key market segments in terms of growth and performance in the global consumer electronics market, PMR has developed a market attractiveness index to help providers identify real market opportunities across the global consumer electronics market.