According to the research report titled, ‘Consumer Electronics Market Size, By Product (Audio & Video Equipment [Personal, Professional], Major Household Appliance, Small Household Appliance, Digital Photo Equipment [Personal, Professional]), By Application (Personal, Professional), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global consumer electronics market is anticipated to amass notable gains over 2021-2027.
Surging demand from emerging economic classes and rise in disposable income and spending capacity of consumers are the major factors propelling the growth of global consumer electronics market.
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In addition, an increase in the work from home culture driven by stringent lockdowns in the wake of the COVID-19 outbreak has led to a tremendous rise in the demand for consumer electronics, which in turn is augmenting the industry outlook.
Furthermore, the sales of smart phones have increased substantially since early 2021, owing to the post pandemic economic boom which has enabled the overall market to pick up pace. Most major enterprises are moving forward to adopt either complex or hybrid work models, thus aiding the market expansion.
On the contrary, rise in unemployment rates worldwide and availability of counterfeit products are likely to hamper the remuneration scope of this industry in the ensuing years.
Based on product ambit of global consumer electronics market, professional equipment sub-segment of the digital photo equipment segment is expected to amplify considerably over 2021-2027, owing to highly positive outlook towards the overall media and entertainment sectors.
In terms of application spectrum, the personal segment is projected to grow notably over the study period accreditable to increasing sales of laptops and smartphones driven by a surge in remote working trends.
Regionally speaking, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa are considered in the report to depict the dynamics of this industry vertical. Among these, Latin America market is anticipated to record a CAGR of 6% over 2021-2027, on the back of surging adoption of smart home appliances.
Key players operating in global consumer electronics market are The Whirlpool Corporation, Vivo Communication Technology Co., Ltd., Toshiba Corporation, TCL Technology, Sony Group Corporation, Siemens AG, Sonos, Inc., Sennheiser Electronic GmbH & Co. KG, Samsung Electronics Co., Ltd., Robert Bosch GmbH, Panasonic Corporation, Guangdong Oppo Mobile Telecommunications Corp., Ltd., Nikon Corporation, LG Corporation, Microsoft Corporation, Lenovo Group Limited, and Hitachi Ltd.
Questions and Answers
1.What are the factors propelling the growth of global consumer electronics market?
Ans: Surge in the sales of smartphones and related electronic accessories, high product demand in emerging economies and rise in disposable income & spending capacity of consumers are the major factors propelling market growth.
2.What are the expansion prospects of Latin America consumer electronics market?
Ans: Latin America market is anticipated to record a CAGR of 6% over 2021-2027, owing to surging adoption of smart home appliances.
3.Which are the key players operating in global consumer electronics market?
Ans: Key players operating in the marketplace are The Whirlpool Corporation, Vivo Communication Technology Co., Ltd., Toshiba Corporation, TCL Technology, Sony Group Corporation, Siemens AG, Sonos, Inc, Sennheiser Electronic GmbH & Co. KG, and Samsung Electronics Co., Ltd. among others
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