The global consumer electronics market is projected to grow more than 23% over the forecast period driven by consumers upgrading, especially those in developing regions and middle-income households. Manufacturers are also driving innovation while still maintaining affordability to gain competitive advantage. At the same time, smart home and artificial intelligence will play a huge part in the growth of consumer electronics.
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This report comes in PPT.
Companies are seeing more demand for premiumisation from emerging and developing regions such as Asia Pacific and Latin America where consumers are willing to pay more to have access to premium features on their electronic products.
Honor’s success in becoming the number one smartphone brand in China in 2023 shows that young consumers look for the best value, where products offer innovation at an affordable price. This open opportunities from new entries in the market.
Samsung and Apple have significantly more resources and budgets when it comes to developing new products and features. This helps them gain a competitive advantage to not only provide the best technology for today, but also bet on future technologies.
Tablet and smart speaker sales will benefit from the growing awareness of the smart home in the market, especially with the release of Matter interoperability standard towards the end of 2022.
Elevating experience in a digital space is increasingly important as consumers are now spending more time interacting with each other virtually. Manufacturers continue to incorporate AI features to gain competitive advantage.
Consumer Electronics refers to the sales of Computers and Peripherals, In-Home Consumer Electronics, In-Car Entertainment and Portable Consumer Electronics to the end consumer.
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