The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreOct 2018
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Asia Pacific is the largest and fastest growing region for portable consumer electronics globally over the forecast period. Currently, it still lags significantly in terms of units per capita due to consumers’ low disposable income. As most products such as smartphones, imaging devices and portable players reach their saturation point, companies are looking for new product innovations. This results in the rise of wearable electronics and wireless speakers in search for future growth.
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China is the largest market, with 48% volume share of regional portable consumer electronics sales in 2018. It is also the country with second highest absolute forecast growth from 2018 to 2023. India is the second largest market, with 25% volume share. The untapped market means that it is ranked first in terms of absolute growth over the forecast period.
Mobile phones continue to dominate the industry as smartphones have become a necessity rather than luxury. The uses of smartphones and their applications are endless, ranging from photo-taking, web surfing, accessing social media platforms, communicating and even mobile payments.Internet retailing records fastest growth rate Internet penetration rates and consumers’ confidence in online shopping continue to increase in Asia Pacific. With consistent improvements made to online payment services, security and reliability, internet retailing channel is set to record high growth as consumers in Asia Pacific feel comfortable and confident making online transactions.
With huge financial backing and investments, Chinese companies are able to expand aggressively into other domestic cities and countries with their affordable smartphone models that are targeted towards the mass market.
Since the introduction of the revolutionary smartphones more than a decade ago, portable electronics industry has seen declining growth as most products become obsolete or saturated in the markets. Smart wireless speakers and wearable electronics are shaking things up as they provide fresh and innovative way of interactions with consumers.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.