Global Consumer Electronics Market Share & Trends Is Expected To Reach Around USD 1,787 Billion by 2024
Zion Market Research has published a new report titled “Consumer Electronics Market by Product (Smartphone, Television, DVD players, Refrigerators, Washing machines, Digital cameras, and Hard disk drives) and by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024’’. According to the report, global consumer electronics market was valued at around USD 1,172 billion in 2017 and is expected to reach approximately USD 1,787 billion in 2024, growing at a CAGR of slightly above 6.0% between 2018 and 2024.
Global consumer electronics market suffered from a slag period during 2011 to 2013. However, the industry is gaining certain momentum owing to strong performance in countries such as India and China. Recovering economy in certain nations will provide a positive outlook to the consumer electronics market in near future. New products and concepts are the preliminary drivers coupled with recovery of mature economies.
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Rising adoption rate of smartphones is fueling global consumer electronics market. Innovations and emergence of advanced technologies such as 3G and 4G will drive the demand of smartphones. Consumers are spending heavily for specialized appliances including milk coolers to maintain the flavor and quality of specific beverage for the longer time period. Rising beverage consumption is contributing significantly to the demand for beverage refrigeration equipment. Stringent government regulations such as new energy standards by “the U.S. Department of Energy” coupled with eco-friendly refrigerant substitutes by EPA strengthens refrigerators demand that comply with these norms.
Replacement of existing electronic appliances due to technologically advanced versions of the product will fuel consumer electronics market till 2024. In 2013, 23% sales of worldwide flat-panel LCDs were the replacement of traditional flat panel display. The share is anticipated to reach 67% by 2018. This would, in turn, register a CAGR of 3.8% in TV shipments between 2013 and 2018. There is a major trend of flat panel LCD replacement in developed markets of North America and Western Europe. The global number of TV households is anticipated to reach 1.6 billion by 2018 as compared to 1.49 billion in 2013. Positive outlook in demand for TV sets will contribute substantially in the global consumer electronics market during the forecast period.
Washing appliances such as washing machine have registered substantial growth rate worldwide along with innovations and new development from a technology standpoint. Various distributors and manufacturers are developing advanced products in the industry. Multiple types of models such as front load fully automatic, top load semi-automatic, and fully automatic washing machine and dryers are gaining traction in consumer electronics market. Numerous sales channel of the product such as e-commerce, retail chains, and direct selling will induce potential for product availability. Washing appliances are extensively used in commercial as well as residential applications.
Based on the product, global consumer electronics market is divided into a smartphone, television, DVD players, refrigerators, washing machines, digital cameras, and hard disk drives. Television is projected to register substantial gains during the forecast period owing to the adoption of smart technologies integrated into the product. These are even equipped with artificial intelligence for user convenience along with remote sensing and monitoring capabilities.
Europe will register substantial gains in the global consumer electronics market during the forecast timeframe. The growth is attributed to its increasing economic conditions with a higher dependency on technology-based products for daily activities and operations.
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