Consumer Electronics Market is projected to total US$ 12 Bn in 2021 and expanding at 5.6% CAGR, total revenue is anticipated to reach US$ 17 Bn by 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.
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
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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.
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
Segmentation
The Consumer Electronics market is segmented into application, form, end use industry, source and geography.
Product
- Consumer Electronic Devices
- Wearable Devices
- Smart Home Devices
Sales Channel
- Hypermarkets/Supermarkets
- Specialty Stores
- Multi-brand Stores
- Online Retailers
- Wholesalers & Distributors
- Other Sales Channel
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Regional Segments Analyzed Include
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa, N. Africa)
Reasons to Buy the report
- We provide authentic and detailed analysis on various market trends to enable businesses to make informed and beneficial decisions to attain competitive edge over key players.
- Our analysts provide detailed market segmentation along with meaningful insights and extensive reports that other companies fail to include.
- The report includes accurate analysis of the market and the current developing trends affecting the growth. FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts.This ensures that the data collected is from highly reliable sources.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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