The rise in requirement for smart accessories, smart home devices, and others coupled with the increase in environmental awareness is encouraging adoption of energy efficient products that guarantee more performance efficiency in cost-effective ways. FMI projects the global consumer electronics market to expand at a CAGR of 5.6% through 2031. The study reveals that covid-fatigue and launch of new models by consumer electronics companies will induce momentum in consumer electronics market in 2021. Many manufacturers had put off launching new models considering lockdown and low consumer confidence, however, 2021 is being looked at with tempered optimism.
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Global consumer electronics shipments are set to surpass 12 billion units in 2021, as success with COVID-19 vaccination and gradual reopening raise consumer confidence. Sales will be supported by relatively less precarious COVID-19 scenario in Asia Pacific, home to some of the fastest growing consumer electronics markets in the world. In the updated edition of the study, Future Market Insights analyses consumer electronics sales in 20+ high-growth markets, offering a comprehensive analysis on future growth.
Key Takeaways
Recovery expected for smart phones, smart TVs, printers in 2021 Sales through multi-brand stores to be lucrative Germany’s consumer electronics market will be lucrative in Europe US held 80% of North America share, sales in Canada growing modestly China and India hotspots for global consumer electronics manufacturers
Consumer electronics manufacturers will be looking at capturing higher market share in East Asia and South Asia. The markets in these regions, especially in China, India, Indonesia, Malaysia, and Thailand continues to be flooded with low-cost or mid-range consumer electronics.
Manufacturers from US, Western Europe, Japan, and South Korea are facing stiff competition in these markets due to the influx of low-cost Chinese products. However, owing to COVID-19 outbreak and China’s rise as a global heavyweight, geo-political situation can have an influence on Chinese imports.
“Market players are keeping a close tab on evolving consumer sentiment, as many consumers are in fatigue mode due to COVID-19. The way brands communicate differently may be visible in their advertising strategies” says an FMI analyst.
What is the Regulatory Impact on Global Sales of Consumer Electronic Products?
Electronics industry operates in a stringent regulatory environment. It includes regulation related to manufacturing, safety, efficiency, and environmental norms. The product suppliers are required to adhere to specific regulatory framework, products standards and certifications required in specific countries or regions.
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The electronic products intended to be sold in specific region or country are further required to comply with the prevailing specific national laws and regulations. For instance, suppliers selling products are required to know about Federal Communications Commission (FCC) regulation, Electrical Testing Laboratories (ETL) and Underwriter Laboratories (UL) standards and labelling requirements.
Who is winning?
The key players in the global consumer electronics market are aggressively investing to encourage and promote product development with an aim to gain a competitive advantage over other players operating in the market. For instance,
Samsung Electronics Co. Ltd. Launched its newest galaxy smartphones in January, 2021, while its new flagship Galaxy S smartphones are targeted for remote workers and gamers Hitachi Ltd. Has announced in its new report published on 4th February, 2021, that Hitachi ABB Power Grids will provide energy storage solution for Singapore’s first virtual power plant in order to enhance both of their production capacity
Product
- Consumer Electronic Devices
- Digital Camcorder/DVR and Camera
- Smart Phones/Feature Phones & Tablets
- Smart TV
- Printers/ Set Top Box
- Personal Computers & Gaming Consoles
- Wearable Devices
- Smart Accessories
- Other Wearable Devices
- Smart Home Devices
- Securities & HVAC Systems
- Smart Kitchen Appliances
Sales Channel
- Hypermarkets/Supermarkets
- Specialty Stores
- Multi-brand Stores
- Online Retailers
- Wholesalers & Distributors
- Other Sales Channel
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
- Oceania
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Key Questions Answered in the Report
- Which is the most lucrative market for consumer electronics?
- Which is the top-selling consumer electronics?
- Which is the prominent sales channel in the consumer electronics industry?
- Which are some of the leading companies offering consumer electronics?
- Which is a prominent factor driving sales of consumer electronics?
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