Consumer Electronics Market Is Foretold To Register Highest CAGR of 15.4% Throughout The Forecast Years

The study on the ‘Consumer Electronics Market’, by Persistence Market Research, is a compilation of systematic details in terms of market valuation, market size, revenue estimation, and geographical growth insights. The study also offers a precise analysis of the challenges and growth prospects helpful for the key players of the Consumer Electronics Market, including a concise summary of their corporate strategies and competitive setting.

Market Dynamics

Expanding middle-class, changing lifestyle preferences, growing inclination toward using smart electronic devices are among the primary factors driving the growth of the global consumer electronics market. In addition, rising disposable income of consumers, coupled with the need for Internet usage, will propel the demand for electronic devices over the forecast period. Governments around the world are increasingly supporting digitalization, eventually promoting the usage of various electronic devices among consumers. This is anticipated to bolster the consumer electronics market on a global level.

Burgeoning R&D in consumer electronics and technological advancements will also be some of the most prominent drivers to the consumer electronics market growth. Emergence and growing popularity of wearable electronic devices has been a breakthrough in the consumer electronics market. Rising urbanization and evolving consumer lifestyle will collectively result in higher adoption of wearable electronics, eventually supporting the sales of consumer electronics on a global level. This growth of wearable devices is attributed to their autonomous and user-friendly operability and functionality.

Growing awareness on the benefits of wireless connectivity of a number of electronic devices is another factor identified to foster adoption. Following considerable penetration in developed regions, connected homes are gaining traction in some developing countries as well. This is expected to fuel demand for smart mobile devices, HVAC systems, kitchen appliances, and intelligent security systems. This is foreseen to be a major factor that’s positively impacting the consumer electronics market, especially in emerging economies.

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Segment Analysis

The global consumer electronics market is segmented on the basis of device type. The three key segments i.e. consumer electronic device, smart home device, and wearable device. These segments are further classified into sub-segments.

The consumer electronic device segment will continue dominance, accounting for more than 97% market share by 2020-end. The revenues of this segment are predicted to reach US$ 2,907.0 Bn by the end of the forecast period. Within consumer electronic device segment, smartphones will continue to gain the maximum traction, accounting for over 30% market share by 2020 end, followed by PCs. However, smart home device segment is pegged to witness the fastest CAGR of 23% through to 2020. Wearable device segment is also projected to witness steady growth during the forecast period.