Dublin, Sept. 07, 2021 (GLOBE NEWSWIRE) -- The "Global Consumer Electronics and Appliances Marker Report 2021" report has been added to ResearchAndMarkets.com's offering.
The Global Consumer Electronics and Appliances Market is expected to reach up to USD1344.50 billion by the end of 2026, growing at a CAGR of 5.25%, during the forecast period, owing to continuous change in consumer preference, increasing innovation in existing products, and rising disposable purchasing power, and rapid urbanization.
Some of the challenges faced by the industry include energy efficiency demand, the shift towards eco-friendly products, immediate shifts in demand and innovation of new technologies and quality control. All these factors are expected to hamper the growth of the market.
On the basis of type, the market is divided into audio visual equipment, home appliances, kitchen appliances and personal care appliances, among which the audio-visual appliances segment is having the largest share of approximately 65% in the consumer electronics market.
This is due to the rising demand for technology-driven products like smart Television, Laptop, Smartphones, Speakers, Smartwatch, Earphones/Headphones. The factors like continuous launch of new software products, and constant upgradation to the technologies are anticipating the growth of the segment.
On the basis of application, the market is bifurcated into residential and commercial, out of which the commercial segment represents almost 30% of the Global Consumer Electronics and Appliances Market, showing a faster growth rate in the upcoming years considering the increasing number of business segments.
However, the residential segments hold the largest market share across the globe. As the number of nuclear family is increasing, the demand for appliances (like washing machine, air conditioners, refrigerators, and others) is surging because it saves time in household work, that also leads to enhancement of overall standard of living.
It is always the electronic and specialty retailers that contribute to the largest market share in terms of the distribution channels. But post COVID-19, the electronic and specialty retail segment has seen a downfall in its overall market sales. As people are more concerned about their safety, they are not comfortable purchasing products from retail stores and instead prefer buying electronic products through online channels, which provide huge discounts.
In terms of region, the Global Consumer Electronics and Appliances Market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. As a country, it is the United States which occupies the largest market share of electronics and appliances market, and in the upcoming years is expected to maintain the first position considering the current market share and historical growth.
But among the regions, Asia-Pacific dominates the market owing to factors like rising population, increasing disposable income. The region is expected to hold up to 37% market share of the consumer electronics and appliances market in the forecast period, which is the highest market contribution globally, whereas North America and Europe are expected to remain the stable markets.
Today, the consumer electronics and appliances market has become an attractive destination for investments and several large multinational companies are entering this market.
Some of the major companies are
- Apple Inc.,
- Huawei Technologies Co., Ltd.
- Samsung Electronics Co., Ltd.
- Midea Group Co., Ltd.
- LG Electronics Inc.
- Xiaomi Corporation
- Panasonic Corporation
- Whirlpool Corporation
- Sony Group Corporation
- AB Electrolux
Report Scope:
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
Global Consumer Electronics and Appliances Market, By Type:
- Audio Visual Equipment (Television, Laptop, Smartphones, Speakers, Smartwatch, Earphones/Headphones, etc.)
- Home Appliances (Refrigerator, Washing Machine, Air Conditioners, Air Purifier, etc.)
- Kitchen Appliances (Dishwasher, Microwave, Ovens, Electric Kettle, Blender, etc.)
- Personal Care Appliances (Shavers, Trimmers, Hair Dryers, Straighteners, etc.)
Global Consumer Electronics and Appliances Market, By Application:
- Residential
- Commercial
Global Consumer Electronics and Appliances Market, By Distribution Channel:
- Electronic and Specialty Retailers
- Hypermarket/ Supermarket
- Online Channels
- Others (Institutional Stores, etc.)
Global Consumer Electronics and Appliances Market, By Region:
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Spain
- Russia
- South America
- Brazil
- Argentina
- Colombia
- Middle East and Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/tq1sw7
