A meticulous abstract of consumer electronics market with regional frame of reference, technology interventions to underline the strategic landscape

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Automation and digitization trends have been a game changer for practically every business sector, consumer electronics industry bagging the top position in the transformation queue. In fact, it wouldn’t be wrong to mention that with these hi-tech features, the product spectrum of consumer electronics market has revolutionized. The industry, over the recent years, has seen a slew of new product launches that runs a gamut from hard-drive equipped TVs to networked home appliances including next-generation refrigerators and washing machines, credits – the increasing technology appetite along with the ‘smart’ trends that have indeed led to a paradigm shift in the consumer behavioral pattern, impacting the consumer electronics industry dynamics. Not to mention, with anticipation of ‘smart’ notion chiefly characterizing this business fraternity, the consumer electronics industry players are overt to witness a plethora of opportunities in the coming years. The global consumer electronics market, as per industry analysts, stood at USD 1100 billion in 2016.

Global Audio & Video Equipment Market, By Region, 2016 & 2024 (Million Units)
 Global Audio & Video Equipment Market, By Region, 2016 & 2024 (Million Units)

Asia Pacific – a profound business frontier for consumer electronics industry

Asia Pacific is touted to be one of the largest markets for consumer electronics, driven by  the extensive changes in macroeconomics, such as the expanding middle class population, rising disposable incomes, changing demographic patterns, and rapid urbanization trends. The substantial surge in household incomes has had a direct relationship with the spending on electronics items, in turn stimulating the sales of consumer electronics products including the likes of tablets, smartphones, home appliances, and other wearable electronics. As per reliable statistics, by 2020, Asia Pacific is expected to witness 903 million TV households, an upsurge of 100 million than that recorded in 2014.

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It has been further anticipated that the TV households will have an average of 1.21 TV sets per home, significantly leading to more than 1.3 billion sets across the Asia Pacific belt by 2020. It is also prudent to mention that India accounted for a household refrigerator & washing machine user rate of 31% and 10% respectively in 2013. China is another major region standing as a major contributor toward global consumer electronics industry share. China’s urbanization drive and rising focus on living a high-quality life have been the prominent factors fueling regional consumer electronics market trends. A data bearing testimony to the aforesaid fact – China’s household electric appliances sales reached 1,284 billion yuan in 2013, up from about 715 billion yuan in 2009. Yet another factor to have propelled China consumer electronics industry space is the region being host to renowned industry players including the likes of Midea group and Gree Electric, which are regarded as two of the top pioneers in consumer electronics industry space.

Speaking of the competitive trends in consumer electronics market space, the industry is dynamically charged with participation of globally preeminent magnates such as Apple Inc., Samsung Electronics, Sony Corporation, Nikon, Bose, GoPro, and Sennheiser. Amidst a backdrop where technological advancements are being referred to as the top most success quotient underlining the sales of these products, these players are vigorously expanding their product pallets in sync with the latest smart trends.

The industry is further anticipated to witness an interesting change of events with the integration of AI and IOT in the product spectrum. What remains to be seen is how these ‘smart’ interventions would mold the competitive hierarchy of consumer electronics market in the coming years. All in all, in terms of remuneration, global consumer electronics market is estimated to surpass USD 1500 billion by 2024.

Author Name : Ojaswita Kutepatil

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