INDUSTRY REPORT
INDUSTRY REPORT
Smart Innovations
Trends , drivers , innovations and market forecasts for global consumer electronics markets come under the spotlight .
“ The consumer electronics market is characterised by fast-moving technology development and integration , with smart technology and AI now playing a key role in connected devices for consumers .”
Consumer electronics are electronics devices used by consumers for their day-to-day use . These include smartphones ; household appliances ; gaming equipment ; cameras ; wearables etc . The market is characterised by fast-moving technology development and integration , with smart technology and AI now playing a key role in connected devices for consumers . Increasing disposable incomes , especially in emerging markets , spur higher spending on consumer electronics and tech gadgets .
The consumer electronics industry is highly competitive and fragmented with prominent players such as Apple Inc ; Bose Corporation ; Samsung Electronics etc . Manufacturers are adopting strategic steps ( such as mergers , acquisitions , partnerships and collaborations ) to meet growing consumer demand and consolidate their positions in the market . The market is also dynamic and multifaceted : it is shaped by innovation , brand reputation and consumer preferences .
“ Mobiles and smartphones lead the consumer electronics market due to high demand , rapid technological advancements and widespread adoption globally . Smart electronics offer increased connectivity , automation and integration with IoT , with enhanced functionality and convenience . The residential end-use segment is driven by the increasing adoption of smart home devices and personal gadgets ,” commented analyst , Transparency Market Research , in its latest report on the consumer electronics market .
Market innovations
According to analyst Global Market Insights , the consumer electronics market was valued at US $ 1.3 trillion in 2023 and is anticipated to register a CAGR of 13.2 % between 2024 and 2032 .
“ The market is growing due to rapid technological evolution . Manufacturers are heavily investing in research and development , resulting in the production of innovative new products across various categories . This innovation extends to advances in crucial components of electronic appliances , such as display technologies like OLED , and the introduction of higher-resolution screens such as 4K and 8K , which are driving the production of smartphones and TVs ,” said the analyst .
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38 | ismr . net | ISMR October 2024