Consumer Electronics Market Continues to Expand, Driven by Rising Demand for Innovative and User-Friendly Devices

SkyQuest projects that the consumer electronics market will attain a value of USD 125.44 billion by 2030, with a CAGR of 6.5% over the forecast period (2023-2030). The market is expected to experience growth over the forecast period, fueled by the increasing penetration of smartphones across the country. This can be attributed to the availability of advanced features such as fingerprint scanners, high-resolution displays and powerful camera systems, as well as the availability of cheaper mobile data services offered by companies such as Jio, Airtel and Vodafone, which provide free calling and low-cost internet access for mobile phones.

Westford, USA, June 19, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the Consumer Electronics market is witnessing a surge in demand for televisions with larger screen sizes integrated with new technologies such as 4K and OLED. As a result, growing number of vendors including major players such as LG Electronics, Sony Corporation and Samsung Electronics are offering these advanced technologies, resulting in increased competition in the marketplace. Additionally, the growing popularity of OLED and 4K televisions, followed by the declining prices of these devices, is driving the growth of the market.

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Browse in-depth TOC on "Consumer Electronics Market"

  • Pages - 242
  • Tables - 59
  • Figures – 65

Electronic devices have become ubiquitous products in households, with a wide range of technical consumer goods. For example, the demand for larger screen sizes in television sets has increased, while there is also a trend towards miniaturizing electrical components. Companies are determined to develop highly efficient and user-friendly devices to meet consumer demand.

Prominent Players in Consumer Electronics Market

• Samsung Electronics

• Apple

• General Electric

• Huawei

• LG Electronics

• Sony Corporation

• Bose

• Sennheiser

• Haier

• Canon

• Nikon

• GoPro

• Panasonic Corporation

• Hitachi Ltd.

• Toshiba Corporation

• HP Inc.

• Videocon

• Bharat Electronics

• Dell

• Hewlett Packard

• Vijay Sales

• Koninklijke Philips N.V.

• Bajaj Electricals

• Logitech International

Offline Segment is Anticipated to Grow Due to the Growth of Online Sales Channels

The offline segment is predicted to maintain a substantial market share as specialty electronic shops offer customers the opportunity to personally inspect device features. This enables buyers to compare and select from diverse brands resulting in increased foot traffic to these physical stores. The greater convenience online platforms offer is also expected to drive segment growth.

The North American region has a substantial market share in the electronics industry, driven by the increasing demand for monitors, speakers and wearables. Additionally, the growing trend of gaming is expected to fuel the demand for gaming consoles, video games and gaming monitors in the region.

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Audio and Video Equipment Segment is Dominating the Market Due to the Rising Increasing Popularity of Smartphones

The audio and video equipment segment accounted for over 60% of the market. The increasing popularity of smartphones and the preference for smart homes are expected to drive demand for audio and video equipment. Integrating advanced features such as improved connectivity, voice-activated control, and speech recognition will further increase the adoption of audio and video equipment.

Asia Pacific is dominating the market. This is owing to the significant industry players such as Samsung, LG, Sony, and Panasonic, which are based in countries such as Korea, China, and Japan. Moreover, the higher demand for Asian consumer electronics in Western countries has further contributed to the market's growth.

A comprehensive analysis of the major players in the Consumer Electronics market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.

Key Developments in Consumer Electronics Market

  • LG Electronics (LG) inked a memorandum of understanding (MOU) with LG Uplus, a mobile network operator based in South Korea, and CryptoLab, a South Korean cryptographic firm that specializes in post-quantum cryptography (PQC) technology, in 2022. As per the agreement, the three companies will collaborate to develop PQC technology to improve automotive cybersecurity.
  • Samsung Electronics has set up multiple Samsung Research Global AI centers in various regions worldwide, such as America, Russia, Canada and the United Kingdom, among others, to expand its sales footprint.

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Key Questions Answered in Consumer Electronics Market Report

  • What specific growth drivers are projected to impact the market during the forecast period?
  • List the top companies in the market and explain how they have achieved their positions of influence?
  • In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?

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