Growing Tech Innovations Driving the Global Consumer Electronics Market Significantly
Electronic gadgets utilized by customers regularly are called consumer electronics devices. TVs, cell phones, home appliances, wearables, PCs, and so on are a part of the items that go under consumer electronics. Recent technological developments have prompted the scaling of miniatured gadgets, and are relied upon to be a key factor driving the consumer electronics industry. Increased investment, accessibility of cost-savvy devices due to large scale manufacturing.
Consumers are narrowing their innovation enthusiasm for gadgets that offer multifunctionality. Single-function devices like, compact music players, digital cameras, and so forth have seen extensive decrease due to the advent of multi-functional gadgets. For instance, there has been an impressive climb in mobile phone users in the last decade, while ownership for cameras has declined. Moreover, End users are becoming more platform-agnostic as they are always open to trying different things with various platforms like Windows, Android, and iOS.
The mobile phone market already boosting and is expected to boom in near future, which might be credited to expanded emphasis on gadgets coordinating a few advanced features like music, GPS, and very good quality cameras. Laptops, desktops, and tablets represented impressive growth in the past decade. The introduction of new low end-gadgets and low cost are key components driving the tablet market. The current pattern in the market is the increasing adoption of smart TVs, high-end wearables, mobile phones, and tablets. Furthermore, innovative advents towards the improvement of low-cost products, miniaturization of electronic gadgets, are factors expected to open doors for significant producers and marketers in the worldwide consumer electronics market.
- Rising purchasing power
- Growing demand for smartphones
- Replacement of obsolete products
- Unorganized sector of the electronics market
- Decreasing demand for digital cameras
- Declining demand for laptops
- Need for modernized appliances in the Asia Pacific
Asia Pacific region consists of mainly developing countries such as China and India. The dense population, rising disposable incomes in the region has prompted demand for more advanced electronic devices, purchasing capacity of consumers in these regions is high and the electronics market here is filled with low quality and outdated electronics products, and even some of the most advanced devices are not yet introduced in the regions.
Wide-scale residential and commercial space development projects in South-East Asian countries such as China, India, and Japan are aiding in the growth of the consumer electronics market. This demand is further streamlined by the increase in global economic conditions and the higher dependence on technology for the operations of every-day activities. Moreover, globalization and industrialization in the Asia Pacific region is prompting an increase in the disposable income of the residing populace. Because of this, an increased number of shoppers would now be able to spend a bigger part of their salary on such items, whereas the demand in some regions is for appliances with more advanced features. Owing to this the region is witnessing a dominant place in the global consumer electronics market.
Thus, it can be concluded that the global consumer electronics market has a high potential growth due to its ever favoring factors mainly in the developing nations, the consumer’s electronics industry is highly fragmented due to the presence of a large number of established players, which are continuously increasing expenditures in R&D for gaining competitive advantage in the market posing high entry barriers for new entrants in the market. Furthermore, the APAC region dominates the worldwide consumer electronics market due to the increased population and well-expanded purchasing capacity in the region. Grey marketing techniques, first copy products are some factors that might hamper the growth of the market.