INDUSTRY REPORT
“ There is also a large presence of leading players such as Samsung ; Sony ; LG ; Panasonic and many others in the Asia-Pacific region . In addition , increasing disposable incomes and population increases have supported the high utilisation of home appliances which , in turn , propels growth of the consumer electronics ’ market in this region ,” it added .
Analyst , Valuates , believes that the personal segment will witness considerable growth opportunities due to falling prices for personal electronic items and rising spending on products such as Bluetooth speakers , smartphones , earphones , wearables etc .
Smart-home automation
Any collection of gadgets , systems or appliances that are connected to a single network and may operate independently and from a distance are referred to as smart-home automation . A connected home is a more general term for a home ' s technology when it functions as one system . As an illustration , the home ' s thermostat ; lighting ; audio speakers ; security cameras ; TVs ; locks ; appliances and more are all interconnected into a single system that can be managed from a smartphone or via a mobile touchscreen device .
One of the major benefits of employing a smart-home automation system is that it allows the user to remotely monitor their entire house . The rising focus on energy conservation and reduced carbon emissions are anticipated to drive market growth . Improved regulatory initiatives
Market drivers include the increasing use of smartphones in daily life and the greater use of advanced technologies in new product development ( such as micro-LED technology in TVs )
by governments for deploying smart-home devices to save energy are encouraging people to adopt these products , thereby significantly impacting market growth .
The global smart-home automation market size is expected to reach US $ 187.8 billion by 2028 , rising at a market growth of 15.2 % CAGR during this period , according to ResearchandMarkets .
“ Due to an uncertain supply chain , the production of products and gadgets for home automation initially decreased significantly due to the unavailability of input products or raw materials . Additionally , the proportion of spending on smart devices declined because of the economic crisis . The restrictions on staying at home to minimize the diffusion of the infection , however , drove up internet demand steadily . As a result , there is now more demand for smart TVs , voiceactivated streaming sticks , smart set-top boxes and other gadgets . The
Working from home has fuelled demand for consumer electronics ( image : Shutterstock . com ).
Smart-home automation ( image : Shutterstock . com ).
demand for effective home energy-saving smart devices to track energy usage and lower utility costs has increased as a result of the economic crisis during the pandemic ,” added the analyst .
Rising home-automation trends and favourable government policies will also fuel the market ' s growth , according to analyst Valuates . Extensive R & D initiatives by key players will also drive market demand , it added .
“ The increasing penetration of smartphones and the integration of advanced features have augmented the need for audio and video equipment . Consumers are shifting towards smart homes , due to convenience and the rise in disposable incomes . Improved connectivity , voice-enabled control and speech recognition have enabled consumers to control home appliances through simple voice commands . This will bolster the growth of the consumer electronics ’ market in coming years . The proliferation of smart-home devices and the growing home automation trend has led to the explosion of devices that are available online . Phones , tablets , window blinds , lights and wall outlets all interact with each other as users just swipe a screen ,” explained the analyst .
Several government authorities are making efforts to promote the growth of electronic products . Initiatives are underway to integrate modern technologies such as 5G , IoT , AI and machine learning in electrical equipment . Increasing investments are also afoot to boost domestic electronic manufacturing hubs . Multi-pricing strategies and specific product launches are also being introduced to attract various consumer segments .
The impact of COVID-19
The COVID-19 outbreak affected various industries worldwide . Governments across the world implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic . Manufacturing facilities around the world were also shut down during the initial stages of the pandemic .
“ The economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry . Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020 . Market players faced numerous challenges as disruptions in the supply chain were observed . However , things will improve in the second half of 2022 as more supplies come online ,” explained Vantage Market Research .
However , the onset of the pandemic , work from home and the shift towards e-learning have also fuelled the demand for laptops , tablets and PCs .
“ The COVID-fuelled home entertainment boom and rising digitisation has resulted in the increased production of electronics . This will increase the growth of the global consumer electronics ’ market . Global
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