INDUSTRY REPORT
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access to the internet has drastically improved the number of products manufactured and sold . Products that were earlier purchased in-store are now being bought online at the click of a button ,” highlighted analyst , Valuates .
Although industry supply shortages for semiconductor and electrical products industries remain far above their long-run average , these shortages have showed some signs of easing in recent months . Global electronics manufacturers faced intense cost pressures during the first half of 2022 , due to rising international raw material prices .
“ The outbreak of the COVID-19 pandemic in 2020 had a negative impact on the consumer electronics ’ market . Lockdown measures and travelling restrictions imposed by government resulted in supplychain disruptions ; lack of labour and the closure of production facilities . However , certain segments such as dishwashers and laptops , witnessed positive growth owing to increased expenditure on home improvement products and rising work-from-home trends . E-commerce platforms also played an exceptional role in the sales of consumer electronics during the pandemic across the globe ,” added analyst , Precedence Research .
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Developers can integrate augmented reality experiences with everyday devices ( such as smartphones )
Shifting trends
Introduction of the latest technologies is also influencing the market . These include artificial intelligence ; Internet of Things ; Wi-Fi ; Bluetooth ; augmented reality ; virtual reality and cloud computing .
“ 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 ,” added analyst , Infiniti Research .
Manufacturers are also investing heavily into the integration of various digital technologies in consumer electronic products as well as providing high-quality experiences to consumers .
“ The miniaturisation of electronic products is gaining rapid traction across the globe . The portability and light weight of electronic goods are gaining popularity among the consumers . Therefore , the adoption of miniature electric components is driving growth of the global consumer electronics ’ market . The shifting focus of manufacturers towards the development of easy-to-use and convenient products is expected to drive sales of consumer electronics . The most popular consumer electronic products include mobile devices ; laptops ; computers ; televisions ; smartphones ; refrigerators ; home appliances and wearable devices ,” explained Precedence Market Research .
“ Surging investments by top market players in research and development and innovation are resulting in new product launches with the latest , innovative features . Moreover , the development of energy-efficient electronic devices has gained significant traction among consumers . Rising investments in developing distribution networks and expansion across the globe are also propelling growth of the consumer electronics ’ market ,” it concluded . n
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