Changing consumer needs, innovation and digitization are placing the consumer electronics industry players on their toes. The growing prominence of the wearable technology is likely to create a lasting boom in the consumer electronics market. The fundamental role of smart consumer electronics along with changing lifestyle preferences of the customer-base is likely to catapult demand for the consumer electronics in forthcoming years. Consumers are making heavy investments for specialized appliances inclusive of milk coolers for maintaining quality and flavor of specific beverages for a longer period of time. Stringent government regulations including U.S. Department of Energy’s new energy standards together with eco-friendly refrigerant alternatives by EPA (Environmental Protection Agency) strengthens the demand for refrigerators in the consumer electronics market.
What are the major developments in the consumer electronics market?
- Manufacturers such as GE Appliances are planning to launch new services such as giddy for helping other major companies in developing products from fringe ideas. This major offering is a part of GEA’s innovation lab, “FirstBuild”, which helps entrepreneurs in taking up new ideas through to the small volumes of finished products. A major example of this is an induction cooker developed recently that utilizes Bluetooth for controlling cooking temperatures from smartphones.
- San Diego-based Qualcomm is set to launch its all-new mobile processing chip-Snapdragon 855, designed for running a 5G network on all devices, better and at a faster rate.
What makes India potential manufacturing hub for the consumer electronics market?
Consumer electronics manufacturers in India are striving for elevating their investments in R&D, distribution and production. With the rapidly increasing presence of the organized retail, consumer electronics market in India are witnessing the emergence of durable and modern retail chains such as Tata Croma, Reliance Digital and E Zone, etc. According to Make in India initiative, EDFP (Electronic Development Fund Policy) is approved, in order to rationalize transposed duty structure. M-SIPS (Modified Special Incentive Package Scheme) has been launched for providing a capex funding of approximately 15-20 percent.
How are televisions marking a significance for increasing sales in the consumer electronics market?
Rapidly increasing demand for TVs with large screens incorporated with newest technologies such as OLED and 4K is expected to boost sales in the consumer electronics market in 2019. Lately, a major player in the consumer electronics market, LG Electronics launched an OLED TV that holds the ability to roll up and disappears on command. The consumer electronics manufacturer is likely to roll out the world’s first innovation on television by the second half of 2019.―FMI