Sales of consumer electronics are projected to turn positive in 2021 after consumers’ sentiment was badly affected by the pandemic. However, a full recovery is only expected in 2022 as sales exceed pre-pandemic levels.
This report comes in PPT.
Sales are projected to recover in 2021 after a decline in 2020. A full recovery is expected in 2022 as sales are projected to exceed pre-pandemic levels.
Markets that have seen strong vaccination rollouts recorded marginal increase between the two quarters in projected growth. The growth reflects a growing consumer optimism as the world transits to the new normal.
The pandemic hastened companies' digital transformation as brands looked for new ways such as livestreaming and online live chats to engage users as many markets are still imposing lockdowns.
Companies are investing to reinvigorate consumer electronics demand with new enhancements to attract consumers. LCD panels are now undergoing a massive upgrade to narrow the deficiency with OLED. 5G rollout will also drive demand for new phone models.
Companies are now trying to launch new mid-range models without major compromises to attract mainstream consumers who make up 60-70% of the market.
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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