INDUSTRY REPORT
Developers can integrate augmented reality experiences with everyday devices ( such as smartphones )
Miniaturisation , IoT and AI
Regional markets
According to Global Market Insights , the Asia Pacific consumer electronics market size was worth over US $ 400 billion in 2020 .
“ Growing urbanisation and rising disposable income in the region are propelling the usage of consumer electronics in high and middle-income households . The emergence of new regional manufacturers and the adoption of low pricing strategies by several manufacturers will drive regional growth . Furthermore , rising technological awareness among the younger population , for new and forthcoming electronics , is also fuelling demand in this market ,” it said .
The rising demand for consumer electronics and support from local governments are encouraging prominent market leaders to launch new products in this region . For instance , in October 2020 , Samsung announced its plans to set up its TV manufacturing plant in India by December 2020 , under the ‘ Make in India ’ campaign . It also invested US $ 670 million in its smartphone display manufacturing facility to boost production and expand the manufacturing plant .
Market leaders are focusing on new product launches as well as mergers and acquisitions to increase their global presence and capture higher revenue shares . For instance , in April 2021 , Panasonic acquired Blue Yonder , a U . S . software company , for US $ 7.1 billion to improve its autonomous supply chain management by leveraging Blue Yonder ’ s machine learning and artificial intelligence . The acquisition will strengthen Panasonic ’ s portfolio and accelerate the company ’ s autonomous supply chain .
“ Among all the regions , Asia-Pacific is expected to remain at the forefront and hold the highest position in the global market in the forthcoming years . This is attributable to the presence of established players such as Sony , LG , Panasonic and Samsung that dominate the consumer electronic segment in the region . Asia-Pacific stood at US $ 274 billion in 2019 ,” commented analyst , Fortune Business Insights .
“ The market in Europe is expected to show significant growth backed by the growing demand for smart home appliances in countries such as the U . K ., Germany and France between 2020 and 2027 ,” it added .
China represents the world ’ s largest consumer electronics market , forecast to generate US $ 258.8 billion in revenue in 2021 . The United States is the second-largest consumer electronics market globally . India is set to witness huge growth among the top five markets , followed by Brazil and Japan .
Consumers today are more conscious of receiving ‘ more in less ’. With each new development of device generation , consumers expect more features either of the same size or even smaller . The adoption of miniature designs with rich features is rising steadily .
“ According to the report entitled ‘ Electronics – Shaping Europe ’ s Digital Future ’, published by the European Commission ( EC ) on 8 March 2020 , miniaturisation is taking over the electronics industry in Europe while having significant impact on the digital world . No doubt this indicates the new trends in consumer electronics in the coming years ,” said analyst , Future Market Insights .
Connected devices are widely expanding day by day . Most of the smart devices ( such as kitchen appliances , wearable devices and others ) can communicate with users , despite being wireless . Communication and connectivity are omnipresent .
“ The Internet of Things ( IoT ) facilitates increased safety while improving product quality and performance . All these aspects in respect to IoT are set to further facilitate growth in demand for consumer electronics ,” added Future Market Insights .
Prominent players , such as Samsung Electronics , Panasonic Corporation , Apple , Inc ., Sony Corporation and others , are focused on stepping up innovation in connected electronics such as home appliances and wearable devices .
“ With continuous innovation and the advent of technologies such as 3D sensors and AI ( artificial intelligence ) chips , developers can integrate augmented reality experiences with everyday devices ( such as smartphones ). Smart TVs , smart speakers , software ecosystems and wearable devices are significant influencers in the consumer electronics market today . They have a considerable impact on the demand and buying behaviours of consumers ,” concluded analyst , Infiniti Research . n
The Asia Pacific consumer electronics market size was worth over US $ 400 billion in 2020
34 | sheetmetalplus . com | ISMR October 2021