Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Consumer Electronics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
Consumer Electronics Industry Thrives on Technological Advancements and Changing Lifestyles
The global consumer electronics market has witnessed substantial growth in recent years, driven by technological innovation and changing consumer preferences. According to the latest market research, as of 2024, the global demand for consumer electronics was valued at a staggering US$ 755 billion and is projected to reach a remarkable US$ 1150 billion by the end of 2031.
A Revolution in Everyday Life
Consumer electronics, encompassing a wide range of devices such as smartphones, tablets, smartwatches, and internet-connected appliances, have become indispensable in our daily lives. They have made tasks easier and more efficient, enabling remote work, entertainment, and improved connectivity. The continued innovation in technology and the growing demand among consumers are the driving forces behind the industry's remarkable growth.
Rising Demand in North America
The North American market is dominating the global landscape and is expected to maintain its position throughout the forecast period. The United States, in particular, is leading the region, driven by the integration of advanced technologies and the growing demand for innovative devices and electronic components. The fast-paced American lifestyle is increasingly favoring digital existence, with automation for daily tasks becoming a priority.
The Smart Home Revolution
The proliferation of smart homes and the widespread adoption of voice assistants like Google Home, Siri, and Alexa are fueling the demand for audio and video equipment. The integration of consumer electronics with voice assistance equipment is creating new opportunities and enhancing market prospects. Innovations like Google's voice recognition technology improvements and partnerships like Stats Perform with AI specialist Veritone are shaping the future of consumer electronics.
China's Impressive Growth
China, a major producer of electronic components and raw materials, is contributing significantly to the consumer electronics market's supply chain. The Chinese market is witnessing increased adoption of appliances with voice assistance, Bluetooth, and Wi-Fi connectivity, making lives more convenient. With technological advancements and a preference for smart devices, China's consumer electronics market is projected to expand at an impressive CAGR over the next decade.
Opportunities in Europe
Germany and the United Kingdom stand out as opportune regional markets in Europe. The adoption and penetration of consumer electronic devices such as smartphones, televisions, personal computers, and cameras are high in terms of both volume and value. Companies in the consumer electronics industry are actively investing in research and development and collaborating to drive innovation.
Competitive Landscape
Key players in the global consumer electronics market, including,
- Samsung Electronics Co. Ltd.
- LG Electronics Co. Ltd.
- Apple Inc.
- Hitachi Ltd.
- Koninklijke Philips N.V.
- Sony Corporation
- Hewlett-Packard Inc. (HP)
- Toshiba Corporation
- Panasonic Corporation
- Others
are focusing on strategies such as mergers, acquisitions, geographical expansion, and product development to gain a competitive edge in the market.
Key Segments of Consumer Electronics Market Research
By Device Type:
- Wearable Device
- Smart Home Device
By Consumer Electronic Device:
- Smartphone
- Feature Phone
- Tablet
- Smart TV
- Other TV
- Set-top Box
- Personal Computer
- Digital Camcorder & Camera
- Digital Media Adapter
- Game Console
- Printer
- Other Consumer Electronic Device
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
For more information about this report visit https://www.researchandmarkets.com/r/fqbf6q
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