New York, NY, Sept. 06, 2018 (GLOBE NEWSWIRE) -- 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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Consumer electronics are devices that consist of an electronic circuit board intended for the daily use of an individual. The industry is dynamic, rapidly changing, and highly competitive along with technological developments. Producers are coming up with differentiated and unique products to gain a competitive edge in the market. Successful appliances attract similar products from competitors, leading to rapid commoditization along with price fall.
Increasing demand for smartphones globally will primarily drive the consumer electronics market during the forecast period. The growth rate in demand can be attributed to advancement in product features such as a powerful camera system, high-resolution display, and fingerprint scanners along with affordable mobile data services in various regions. Consistently declining prices of the latest version of smartphones is increasing the number of users in developing regions at a robust rate. The escalating number of users along with higher replacement cycle of existing smartphones will contribute to the global consumer electronics market.
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The demand for televisions with large screen size integrated with the latest technology such as OLED and 4K is at its peak worldwide. The number of producers offering these technologies is rising with prominent players such as Samsung Electronics, Sony Corporation, and LG Electronics, resulting in increased competition. Additionally, the rising popularity of 4K and OLED televisions coupled with its declining prices is gaining traction in the consumer electronics market. Growing replacement rate of existing television sets with advanced technology version will increase the adoption rate of the products in the consumer electronics market till 2024.
Imaging equipment sales are registering a declining scenario from the past few years coupled with dropping manufacturing rate annually owing to increasing smartphone photography. The number of users indulged in digital camera photography application is shrinking drastically. Phone cameras are providing a better quality of photos along with frequent improvement with advanced version phones. These are estimated to improvise further in the forecast years. An inclination of users towards smartphones rather than investing in a DSLR camera will restrain digital cameras demand in the consumer electronics market. Furthermore, considering the shrinking demand for cameras, producers such as Nikon and Canon are diverting towards professional applications of digital cameras.
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Based on the product, the global consumer electronics market is classified into Smartphone, television, DVD players, refrigerators, washing machines, digital cameras, and hard disk drives. Television is anticipated to register significant gains over the forecast timeframe owing to its technological advancements. Development of technologies such as high-resolution systems, 4K, and 8K will fuel consumer electronics market in the near future.
The Asia Pacific is projected to have a significant share in revenue generation of global consumer electronics market during the forecast period. Numerous manufacturers have registered exponential growth in their sales as well as profit in the last decade. Efforts of LG Electronics towards premiumization have resulted in its sales and profit growth for the fiscal year 2015. As per the filings with “Registrar of Companies”, the company’s sales grew by 12% to USD 1.936 billion in March 2015. And profit after tax increased by 20% to USD 113 million. As per various division, the company’s sales expanded by 12% in home appliances sector, 12% in smartphone, and 11% in home entertainment. LG is not only pursuing high priced products but is introducing mass premium products that include single door refrigerator along with new colors and added feature. These products are slightly premium cost to yield better profitability.
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In 2013, North America registered a size of USD 202.6 billion in consumer electronics market, witnessing nearly 2.5% growth as compared to previous year. Smartphones and tablets contributed nearly, one-third of the industry revenue in the same year. The U.S. smartphone market revenue has increased by 14% and tablet sales have grown by double-digit in 2014. The U.S. consumer electronics factory sales have increased by 4.5% in 2014 as that of 2013.
The European digital market is considered as one of the largest markets worldwide and still has the potential to expand more in the forecast period. Bigger countries contribute significantly to e-commerce trade whereas small countries rely on cross-border e-commerce, were digital single market (DSM) is in infancy. DSM is concentrated in certain product categories that include footwear, clothing, consumer electronics, and media products, together accounting for 45% of sales.
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Global consumer electronics market is highly fragmented in nature with the presence of many evolving and existing producers. Key players are heavily investing in research and development to introduce advanced versions of existing products along with mergers and acquisitions. Prominent producers in the global consumer electronics market are GoPro, Nikon, Canon, Haier, AB Electrolux, Sennheiser, Sonos, Bose, Sony Corporation, LG Electronics, Huawei, General Electic, Apple, and Samsung Electronics.
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The report segments global consumer electronics market as follows:
Consumer Electronics Market: Product Segment Analysis
- Smartphone
- Television
- DVD players
- Refrigerators
- Washing machines
- Digital cameras
- Hard disk drives
Consumer Electronics Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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