INDUSTRY REPORT
INDUSTRY REPORT
SMART AND CONNECTED
We highlight growth patterns , trends and forecasts for global consumer electronics markets .
“ The global consumer electronics market size is expected to show considerable growth by reaching US $ 989.37 billion by 2027 .”
Consumer electronics denote electronic equipment for noncommercial use . They include devices that provide one or more functionalities such as computers ; laptops ; mobile devices ; smart wearables ; television sets ; refrigerators ; smartphones and home appliances . It is highly driven by consumers ’ desire for more innovative and advanced technology . This sentiment has played a significant role in stepping up innovation over the past decade . Industry efforts to promote their innovative products is expected to reflect steady growth between 2021 to 2031 .
The COVID-19 pandemic adversely affected the consumer electronics market during the first quarter of 2020 . Companies including Sony , LG , Samsung and Apple suspended their production in several countries to comply with government regulations and contain the virus spread . However , the electronics industry regained momentum in the first quarter of 2021 and strong growth for the sector is projected .
Other factors contributing to the industry ’ s expansion during COVID-19 are work from home policies and e-learning trends . The high demand for laptops , smartphones and tablets ( due to e-learning and remote working practices ) resulted in higher production levels of these electronics .
The market in focus
The global consumer electronics market size is expected to show considerable growth by reaching US $ 989.37 billion by 2027 , said analyst Fortune Business Insights . The growth is attributable to ‘ the growing demand for user-friendly electronic products and the rising residential sector that propels the demand for consumer electronics globally ’. The market stood at US $ 729.11 billion in 2019 , it said , and is projected to exhibit a CAGR of 5.3 % between 2020 and 2027 .
32 | sheetmetalplus . com | ISMR October 2021