INDUSTRY REPORT
“ Additionally , the consumer electronics industry is driven by the increased use of smartphones . Manufactures are launching various models of smartphones with new features and technologies ( such as advanced hardware components ) which is further driving innovation in the market ,” it added .
Analyst Frost and Sullivan expects the consumer electronics industry to grow significantly because of advances in digital and electronics technologies which , it said , will focus on sustainability issues and improve functionality ; user experiences ; connectivity ; integration ; miniaturisation and advanced sensors .
Transparency Market Research estimates the global consumer electronics market to flourish at a CAGR of 8.5 % from 2021 to 2031 . It projects that the overall sales revenue for consumer electronics will reach US $ one trillion by the end of 2031 .
Samsung Electronics Co ., Ltd . has just introduced a new Samsung Health Software Development Kit ( SDK ) Suite .
Trends , drivers and challenges
“ Based on product type , the market is segmented into audio & video equipment , major household appliances , small household appliances and digital photo equipment . Audio and video equipment dominated the market in 2023 , generating a revenue exceeding US $ 920 billion , and is expected to reach US $ three trillion by 2032 ,” commented Global Market Insights .
“ Manufacturers are heavily investing in enhancing consumer
Gaming screen and headset . experiences through innovations such as active noise cancellation , surround sound systems and highresolution displays . These advances not only improve audio listening quality and visual clarity but also cater to the growing demand for entertainment experiences in home environments and commercial spaces ,” it added .
The integration of smart features , including voice assistants and connectivity options such as Bluetooth and Wi-Fi , further enhance the appeal and functionality of audio and video equipment . These smart capabilities allow for seamless integration with other smart home devices and services , contributing to overall convenience .
“ The development of energy-efficient equipment and use of recycled materials in manufacturing will be fuelled by consumer demand for sustainable practices . Longer-lasting devices are in style , which will cut down on eWaste and promote ethical use ,” added analyst , Frost and Sullivan .
“ Consumer preference shifts towards eco-friendly and sustainable
Samsung Electronics Co ., Ltd . recently showcased its latest energy-efficient appliance line-up at IFA 2024 . The new product range includes a BESPOKE AI™ Washer and an A-10 % Bespoke Dishwasher .
Consumer preference shifts towards eco-friendly and sustainable electronics are driving manufacturers to adopt greener practices and materials in production
Image : Shutterstock . com . electronics are driving manufacturers to adopt greener practices and materials in production ,” added Transparency Market Research .
The wearables market for consumer electronics is also growing .
“ The integration of health and wellness features into consumer electronics is gaining traction . Wearable devices equipped with health monitoring sensors and software caters to consumers ’ increasing focus on fitness and wellbeing ,” commented Transparency Market Research .
“ Consumers seek personalised experiences from their electronics . Companies
offering customisable options for devices such as smartphones and laptops are gaining favour , allowing users to tailor their gadgets to specific preferences and needs . Collaborations between consumer electronics companies and other industries ( such as healthcare , automotive and entertainment ) are shaping product innovation . Partnerships enable the integration of electronics into various sectors , expanding market reach and diversifying product offerings ,” it continued .
The analyst also highlighted the incorporation of accessibility features that is becoming more prevalent in consumer electronics . Products designed with features such as voice command , larger text options and screen readers enhance usability for individuals with disabilities , fostering inclusivity and expanding consumer demographics .
“ With increasing concerns over data privacy and security , consumer electronics companies are prioritising robust data protection measures . Investments in encryption technologies , secure authentication methods and privacy-focused policies aim to build consumer trust and safeguard sensitive information ,” concluded Transparency Market Research .
A major challenge for the consumer electronics market is counterfeit products . Counterfeit products are cheap alternatives available in the market which replicate original products , using cheap materials and components . The global consumer electronics market is also highly competitive . “ Numerous brands and manufacturers operate in the market , offering the same types of appliances and products . There is a constant need for research and development to keep products updated with changing technology . There is pressure on manufactures to keep themselves ahead of their competitors by evolving with these technological changes . This leads to shorter product life span and low profit margins ,” added analyst , Global Market Insights
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