Voice of the Industry: Consumer Electronics 2021

July 2021

This report surveyed industry experts on how they are trying to reinvent the business and shared their plans to move production away from China.

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Key Findings

Top findings from Euromonitor’s Consumer Electronics Voice of the Industry survey include:

According to industry professionals, the COVID-19 pandemic has had a positive impact on the consumer electronics industry. The positive impact on sales is anticipated to continue in 2021.

Industry experts identify that in 2021 their companies are moving towards premium and digital commerce. The COVID-19 pandemic led to the growth potential of e-commerce.

Industry is increasing focus on young and urban consumers.

More than half the respondents from industry businesses claim that their companies are using or planning to use products or services that integrate with third-party smart assistants.

Introduction

Voice of the Industry: Consumer E lectronics s napshot

Market Outlook

COVID-19 ha d a more positive i mpact on sales for companies
Most companies expect strong recovery in 2021
Cautious spending in 2020 and a rebound in 2021 as situation improves
Bullish sentiment partially linked to vaccination rollout in key markets

Business Model and Industry Innovations

Companies are exploring innovations to drive its business in 2021
Samsung forging deeper engagements on e-commerce
Relentless spending on R&D by the tech companies
Cost-competitive products: the rise of affordable flagship models
E-commerce and new technologies are the focus areas for companies
China still maintains its prowess as a major manufacturing hub
Tech firms attract affluent millennials
Companies reinventing business models to drive revenue growth

Voice Commerce

Cost and large installed base are reasons to use Google and Alexa

About Voice of the Industry

About Euromonitor’s Voice of the Industry survey series
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