With the middle-class, urban population increasing and a major shift in lifestyle, Future Market Insights anticipates exponential growth prospects for the global consumer electronics market. The market is expected to reach a market valuation of US$ 1,712.9 Bn by 2016 end registering a CAGR of 15.4% over 2016-2020. Smartphones are slated to dominate the consumer electronics product type segment, whereas Asia Pacific will continue to be the leading region in terms of consumer electronics consumption over the forecast period.
Within the consumer electronics market, the consumer electronic device segment will remain dominant with over 97% share of the global market by the end of the forecast period. The smart home device segment, on the other hand, is poised to expand at the fastest CAGR through the forecast period, with maximum revenue from smartphones . Geographically, top producers are likely to focus on product capacity, production, value, consumption, market share and growth opportunity in key regions, covering North America, Eastern & Western Europe, Latin America, APEJ, Japan, and MEA. APEJ is anticipated to retain dominance registering the fastest CAGR and the largest market value share by 2020 end, followed by North America and Europe, slated to be next major markets.
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Lifestyle Shift, Internet Penetration to Fuel Consumer Electronics Consumption
In the last few years, the world has witnessed a surge in the middle-class population, owing to better per capita income. This has led to a shift in lifestyle and in turn, preferences of urban consumers. Soaring Internet penetration and increasing disposable income are the primary factors fueling the consumer electronics market over the next few years. Additionally, wearable electronics have also witnessed wide adoption among consumers in the recent years.
Moreover, growing awareness about the benefits of electronic devices, rising popularity of the connected homes, and increased adoption of smart mobile devices, kitchen appliances, and intelligent security systems will fuel the consumer electronics market. Government support to digitalization of a variety of services and technological advancements as a result of consistent R&D by key companies to develop new products will further boost the consumer electronics market growth during the forecast period.
High Product Costs, Technological Hazards Could Hamper Consumer Electronics Market
On the other hand, high purchase costs associated with connected consumer electronics, wearable devices, and smart home devices are expected to hamper adoption rates. To worsen the market dynamics, FMI anticipates that the costs of connected consumer electronic devices such as tablets, connected TVs, and digital camcorders are expected to remain high over the forecast period- impeding the growth of the consumer electronics market to some extent. Lower technological awareness in emerging economies and high cost of electronic devices, along with recent incidents of technological hazards and accidents, especially in smartphones may continue to restrict adoption of smart consumer devices on a global level.
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Key players including Apple Inc., Sony Corporation, Samsung Electronics Co. Ltd., Hitachi Ltd., Toshiba Corporation, LG Electronics Inc., HP Inc., Panasonic Corporation, and Toshiba Corporation are largely targeting product portfolio expansion through innovative and cost-effective product launches and development. Mergers, acquisitions, joint ventures, and partnerships are going to the key market strategies adopted by key players.