Consumer Electronics: Quarterly Statement Q2 2021

June 2021

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.

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Key findings

Sales of consumer electronics poised for recovery in 2021

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.

Mostly positive increases between the latest baseline forecasts and previous (Q1 2021)

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.

Companies exploring new ways to engage users on digital platforms

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.

Investment in new technology to ignite interest in electronic products

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.

Cost-attractive products to appeal to the mass market

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.

 

Introduction

Scope
Key findings

Q2 2021 Consumer Electronics Update

Positive growth in 2021 as smartphones lead the recovery
Optimism as Q2 showed more markets with stronger increase in sales
Computers and peripherals: demand for laptops starts to slow down
In-car entertainment: the pandemic accelerated its demise
Consumers cannot keep their hands away from their smartphones
Focus on health and wellness drives sales of wearables
Companies are rethinking ways to grow revenue streams
Strengthen e-commerce: livestreaming and live assistance
New technology: advances in display panels spur TV demand
Cost competitive: Xiaomi’s growth driven by its high value to price ratio

Q2 2021 Macroeconomic Update

Global baseline outlook: faster recovery expected
Uncertainty continues to decline but remains significant
Real GDP annual growth forecasts and revisions from last quarter, AE
Real GDP annual growth forecasts and revisions from last quarter, EMDE

About our Industry Forecast Model

About Consumer Electronics forecast updates
Euromonitor International and COVID-19: forecasts and analysis
Consumer Electronics: COVID-19 data and reporting timeline
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