INDUSTRY REPORT
“ After decades of strong growth, the consumer electronics market has reached a more mature stage with cycles of growth dictated by new products, innovation and consumer spending.”
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INDUSTRY REPORT
MAKING NEW CONNECTIONS
Growth patterns, technology innovations, trends, forecasts and challenges for global consumer electronics’ markets come under the spotlight.
Gaming has grown in popularity.
Consumer electronics refers to a broad category of electronic devices and gadgets that are designed and manufactured for personal use by consumers. Analyst Research and Markets categorises these as products such as smartphones; computers; televisions; audio systems; gaming consoles; wearable devices and home appliances. Many of them cater to communication, entertainment, productivity and convenience needs. They incorporate advanced technologies such as wireless connectivity, touchscreens and artificial intelligence.
In recent years, said the analyst, the demand for consumer electronics has been growing, driven by the emergence of 5G networks and rise in the Internet of Things( IoT). Some manufacturers are choosing to implement sustainable practices in their businesses to meet consumer expectations.
“ The growing trend towards a connected and intelligent home has led to the introduction of new smart devices to the market and continues to drive market growth. Although the consumer electronics market has already matured, it is anticipated that the adoption of new technologies would support volume growth,” added the analyst.
Global market movements
The global consumer electronics market is projected to grow at a CAGR of 7.37 % during the forecast period of 2024-2029, according to an October 2024 report on the market by analyst Research and Markets. It estimates that market value in 2023 stood at US $ 1.03 trillion and is likely to reach US $ 1.57 trillion by 2029.
According to the report, the growth of the market is driven by several factors including technological advances in TV resolution, the rising popularity of OTT content in smart TVs and the growing prominence of online sales. The rise of streaming services such as Netflix, Amazon Prime Video, Hulu and Disney + is fuelling the demand for streaming
22 | ismr. net | ISMR April 2025