The global consumer electronics market is thriving more than ever. We have seen that consumers are actively and aggressively investing in smart electronics and better technology. We are looking at exponential growth in the industry with consumers becoming further accepting of change in technologies. Products like smart TVs, virtual assistants, ACs, among others, are no more luxury commodities. The global perspective of the coming year seems positive for the consumer electronics market but at the same time, competition in the consumer electronics market has become fierce as new products and innovations constantly influence consumers’ tastes and preferences.
As we see, the demands of consumers are changing and the best way to benefit from that is by keeping ourselves updated with the key trends that are influencing customer’s decisions.
Advancements in 8K TVs, 5G, VR, and AI-powered voice-assistant technologies are driving the market. We have closely been monitoring CES 2019, which is considered to be the biggest consumer electronics expo that showcases the latest and finest technology the global markets have to offer to consumers this year. It has unwittingly influenced the tech decisions of consumers and predicted the wonderful tech advancements of the near future.
We have seen that these days global trends influence and reflect the demands of our national consumers. The enduring growth in the consumer base and penetration of consumer durables has created great opportunities for the growth of the Indian electronics market. With an affluent middle class and the country’s economic growth being on a rapid track, the consumer electronics industry has never before witnessed such fascinating growth. This increase in demand for electronic goods in our country can also be attributed to the increase in demand from households, changing lifestyles of individuals, easier access to credit, and rising disposable incomes. We have seen capital growth in the total production of electronic goods in India over the last couple of years. Rapid electrification in rural areas has also contributed immensely to the rising demand for consumer electronics in India. We have now seen exceptional penetration of consumer electronics in Tier-II and Tier-III cities. A slow but persistent change in consumer behavior has been noticed through the recent years over the adoption of newer technologies.
Awareness has now surged through these Tier-II and Tier-III cities with people living there having easier access to data and the emergence of affordable smartphones.
Consumers are predominantly becoming technologically conscious. They are demanding products that are multi-functional and yet minimal. Largely driven by consumers’ desire for newer, superior, and improved capabilities, this sector is constantly looking for technologies, innovations, or products that not only capture people’s imagination but are also affordable and relevant to solving day-to-day problems. At Truvison, we are focused on delivering quality feature-loaded products across India at economical prices – be it air conditioners, televisions or speaker systems, all our products have achieved great coverage, thanks to our efficient suppliers.
Eco-friendly – Energy-saving gadgets
We have seen a rise in global warming concerns and environmental issues amongst consumers as they are becoming environmentally sensitive; this has influenced the market to move with greater impetus toward energy-efficient devices. Sustainability is becoming a concerning factor to our industry; we need to focus on designing and redesigning their products to reduce running costs and increase efficiency and durability. Dedicated players in the energy-efficient electronics industry are constantly striving to help customers achieve greater energy conservation and better power efficiency with the assistance of their sustainability-driven and eco-friendly inventions. At Truvison, we have taken these factors into consideration since our initiation; our products are energy-efficient and we participate in reducing the total carbon footprint of our industry.
The air conditioners we produce have R-32 eco-friendly refrigerant, which reduces electricity consumption while providing consistent powerful cooling. We are constantly improving our technology to improve energy efficiency and the longevity of our products. Indoor air quality is going to be one of the next key focus points of smart home technology as it puts emphasis on making day-to-day lives of the consumers healthier and comfortable.
AI becomes conventional
Artificial intelligence (AI) seems to have stormed the healthcare, education, and communication industries and is now set to revolutionize the consumer electronics industry as well. Customer experience has become the center of this new wave of smart technology. Manufacturers are now enhancing their products with AI and IoT, focusing on offering smart household electronic appliances to leverage consumer’s interaction and experience with technology.
The completely automated home is a newer concept in today’s market, but steadily we are moving toward the true realization of it. We now see a lot of household appliances manufacturers integrate IoT and AI in household products, enabling the consumers to connect intuitively with their living spaces, equipped with many such AI-powered capabilities, ensuring the convenience, comfort, and affordability for customers.
Bigger, brighter and sharper screens
Being a part of this industry, we have experienced a considerable shift from black-and-white to color TVs to now the generation of smart TVs; televisions have evolved exponentially over the years. It has now become an essential part of almost every household. TVs now deliver a brilliant viewing experience with a centralized entertainment/edutainment smart hub. This next generation of intelligent smart TVs has enabled the viewers to connect to the internet without any wires and cords; it assists them in accessing multiple streaming services like Netflix and Amazon Prime. Netflix forecasts the next 100 million subscribers to come from India.
We are seeing the general population move further toward feature-rich televisions, which have ultra-wide screens and high-definition displays, immersing the users in realistic gameplay and delivering cinematic viewing experience for all types of content. Our new 55-inch televisions at Truvison have a vivid picture quality with 4K Ultra HD and are a part of the Android smart series, enabling our customers to stream the latest movies and shows from Netflix, Amazon Prime, and the like. The bezel-less design removes screen limitations and provides an immersive experience to customers. Truvison is dedicated to catering to the growing numbers of feature-driven consumers at affordable prices.
Rise of smart homes
Smart homes have been one of the most anticipated advancements of all times and it is now becoming a reality. In the coming years, smart homes are forecasted to become main-stream given the fast-paced and convenience-oriented lifestyle of the subsequent generation. Household electronics that can be controlled with the help of smartphones or smart home panels have witnessed higher demand in our market.
ACs now regulate the temperature of the room before you enter, using the pre-scheduling features synced with the smartphones. Our TruAer technology enables our air conditioners to self-diagnose and inform our customers about any possible issues that may be reducing their efficiency. We look forward to inculcating newer features in the coming years as well.
These are exciting times for the consumer electronics industry globally, with shifting customer demands and preferences along with fast-changing technology. Truvison is always evolving, learning, and inculcating new technologies to be in tandem with the changing consumer demands. Our goal has always been to provide new technologies to our customers at an economical price; we aim to provide true value to our customers. Understanding how new technologies such as AI, VR, smart homes, 5G, and others add value to the customer’s lives will be vital for making crucial decisions.
Our future markets will depend on those who collaborate to inculcate new technologies into their products efficiently, providing a wholesome user experience. This collaborative movement of manufacturers and technological awareness amongst consumers will ultimately shape and benefit the consumer electronics market.