INDUSTRY REPORT
The rise of AI
The consumer electronics industry is experiencing the rise of smart electronics integrated with AI . This trend is driven by continuous technological innovations which enhance connectivity and introduce advanced features . Continuous advances in AI , IoT and 5G drive innovation , enhancing functionality and connectivity in consumer electronics products . Increasing consumer demand for smart home devices , wearables and IoT-enabled gadgets is also fuelling market growth .
“ Manufacturers are introducing electronics by integrating voice assistant controls , Bluetooth connectivity and other smart capabilities . These advances aim to enhance the consumer experience by offering convenience , interactivity and efficiency across various electronic products . As a result , smart electronics are reshaping how consumers interact with devices further providing seamless integration into everyday life and driving market growth ,” outlined analyst , Global Market Insights .
Artificial intelligence ( AI ), said analyst Frost and Sullivan , will power features such as voice assistants with natural language processing , smarter recommendations and personalised user experiences .
“ Generative AI ( GenAI ) technology will enable capabilities such as creating realistic images or music , editing photos with advanced tools and experiencing immersive augmented reality ( AR ) that seamlessly blends the physical and digital world . A growing network of connected devices will create smart homes , offices and even cities . Imagine appliances that work together seamlessly , wearables that communicate with smartphones or environmental sensors that adjust lighting and temperature automatically . Features such as real-time data processing for AR / VR experiences , smooth cloud gaming and quicker downloads for updates and content will all be made possible by faster and more dependable internet connectivity ,” pinpointed Frost and Sullivan .
Environmental sensing for smart homes , enhanced camera capabilities in smartphones and health monitoring through wearables will all be made possible by smaller and more advanced sensors . Smaller components will also enable sleeker gadget designs and the integration of additional functionality into smaller form factors as technology develops .
“ With rapid advances in AI , IoT and 5G , the competitive arena intensifies , driving companies to differentiate through seamless integration , design aesthetics and personalised user experiences ,” added Transparency Market Research .
Image : Shutterstock . com .
Generative AI technology .
Regional segmentation
As confirmed by several market research reports , the consumer electronics market is dominated by the Asia-Pacific region .
“ The Asia-Pacific region has emerged as the dominant force in the consumer electronics market , generating substantial revenue of US $ 560 billion and expected to reach US $ 1.3 trillion by 2032 . This dominance is driven by large consumer bases in countries such as China and India . Additionally , the region is known as a technological hub with South Korea leading in the development of advanced components and technologies , including high-end resolution displays , AI assistants and Bluetooth connectivity . These innovations not only drive regional growth but also influence global consumer electronics trends , clarifying Asia-Pacific ’ s leading position in the market ,” highlighted analyst , Global Market Insights .
The analyst confirmed that China dominated the Asia-Pacific consumer electronics industry with revenue of around US $ 210 billion in 2023 and is expected to grow at a CAGR of 13.8 % during the forecast period . China is a manufacturing hub for electronics which helps to lower production costs .
In North America , the U . S . dominates the consumer electronics market with an expected revenue of around US $ 550 billion by 2032 ( according to the analyst ). U . S . manufacturers are continuously developing technologies ( such as AI-powered devices ) to attract consumers who look for advanced technologies in smartphones , home entertainment and other consumer electronics products .
“ With a tech-savvy consumer base , North America boasts high adoption rates for smartphones , smart home devices and wearable technologies ,” outlined Transparency Market Research .
European countries showcase robust demand for consumer electronics , driven by affluent populations and a penchant for cuttingedge gadgets . According to Transparency Market Research , European consumers prioritise design , sustainability and data privacy , shaping product offerings and market strategies for companies like Samsung and Philips .
“ Germany led the European market with a revenue of around US $ 82.8 billion in 2023 , with revenue expected to reach around US $ 200 billion by 2032 ( growing at a CAGR of 13.9 %). German consumers exhibit strong demand for luxury and premium technology products . They are ‘ tech- savvy ’ and display a strong interest in consuming the latest technological electronics products ,” concluded Global Market Insights . n
Continuous advances in AI , IoT and 5G drive innovation , enhancing functionality and connectivity in consumer electronics products
LG Electronics ( LG ) has launched its latest LG gram laptop . The LG gram series now integrates advanced AI capabilities powered by the latest Intel ® Core™ Ultra processor .
40 | ismr . net | ISMR October 2024