According to a recent study from market research firm Global Market Insights, The demand for consumer electronics market is anticipated to grow at a significant rate on account of increasing purchase of devices integrated with latest technologies. Federal agencies like the European Commission and U.S. Environmental Protection Agency are introducing new initiatives to encourage the production and commercialization of sustainable appliances.
The advent of smart technologies like AI, voice assistants, and IoT has enhanced the functionalities of consumer electronics. Impressed by its outstanding features, consumers are willing to spend more on such smart devices. The integration of microLED and OLED technologies in televisions has significantly driven the display and TV market.
While rapid developments in smart homes and smart city infrastructure across regions like Latin America and the MEA have boosted the demand for technologically advanced household appliances. According to a study conducted by Global Market Insights, Inc., the consumer electronics market might surpass USD 1,500 billion by the year 2026.
However, the COVID-19 pandemic has halted market growth over the past few months. Since the start of January 2020, the global consumer electronics market is witnessing a sluggish growth as more people are preferring to invest in essential goods like food items and medicines over luxurious goods like consumer electronics.
The prices of 4K televisions have been witnessing a steady decline since 2012, with costs dropping from $ 8000 to $ 1250 by 2015. This decline is expected to continue even in coming years, thereby contributing significantly towards consumer electronics industry expansion across the globe.
Due to a significant number of home appliance and smartphone consumers in the region, the APAC market is expected to generate strong gains in the consumer electronics industry.
This regional growth is primarily motivated by increasing population density and higher disposable income in countries like India, China, Korea and South Japan.
The APAC region is anticipated to emerge as a pivotal regional consumer electronics market due to the advancement of mobile device sectors in densely populated nations. Furthermore, the increasing demand for headsets from offshoring facilities in India and Philippines is expected to boost product demand.
Favorable government strategies to foster smart city technology and smart home systems are also generating strong demand for such products.
In the major home appliances sector, demand for air conditioners is expected to increase over the projected period. Improving income levels and elevated middle-class demographic temperatures in nations like China and India also lead the development of the sector. Expanding air conditioner penetration can also be attributed to decreasing costs of such systems.
In the U.S., air conditioner power consumption has nearly doubled, due to shifting weather conditions and larger home sizes. Owing to rising acceptance of advanced technological products coupled with the contribution of evolving urban lifestyles to the overall consumer electronics market, kitchen appliances like ovens and cookers are anticipated to experience a high demand. CTimes