New York, US, May 23, 2022 (GLOBE NEWSWIRE) -- Portable Electronics Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Portable Electronics Market” information by Product, by End User and Region – Forecast to 2030” market size to reach USD 801 billion, growing at a compound annual growth rate of 9% by 2030.
Portable Electronics Market Scope:
Various alluring features of portable electronics such as easy access, portability, user-friendly, and the integration of cloud-based systems will offer robust opportunities for the market over the forecast period.
Dominant Key Players in Portable Electronics Market Covered are:
- Apple Inc. (U.S.)
- Dell Inc. (U.S.)
- Samsung Electronics Co. Ltd. (South Korea)
- Sony Corporation (Japan)
- Toshiba Corporation (Japan)
- HP (U.S.)
- Nokia Corporation (Finland)
- Motorola Solutions Inc. (U.S.)
- Eastman Kodak Company ((U.S.)
- Palm Inc. (U.S.)
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Market USP Exclusively Encompassed:
Market Drivers
Need to Enhance Medical Services to Boost Market Growth
The need to enhance medical services like ambulances and helicopters with the needed medical equipment will boost market growth over the forecast period. This displays real-time data to offer the needed medical treatments for diabetes and cardiovascular diseases.
Increased Costs of Portable Devices to act as Market Restraint
The increased costs of portable devices and technical problems associated with connectivity may act as market restraints over the forecast period.
Lack of Data Security to act as Market Challenge
The lack of data security, rising adoption of tablets, and digital convergence may act as market challenges over the forecast period.
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Segmentation of Market Covered in the Research:
The global portable electronics market is bifurcated based on application, end user, and product.
By product, personal digital assistant will lead the market over the forecast period.
By end user, medical will dominate the market over the forecast period.
By application, the portable electronics market is segmented into personal, industrial, and military.
Regional Analysis
North America to Reign Portable Electronics Market
North America will reign the portable electronics market over the forecast period. Countries like Canada and the United States dominate the region. The massive growth is primarily due to the growing need for digital technologies & other improvements. In addition, the increasing rate of adoption of digital technology and portable electronic devices will exponentially accelerate growth. The existence of large market participants, technical improvements, and rising demand for digitalization in that region has all contributed to this. Because of the growing need for digital technologies & well-established infrastructure that permits the adoption of modern technologies, urbanized countries such as the United States and Canada are significant players in the regional market. The presence of noteworthy market players in the region, as well as technological improvements and a growing need for digitalization, all contribute to the region's growth. Furthermore, countries such as United States & Canada are significant players in the regional market. The region is dominated by countries such as Canada & the United States. The rapid expansion is mostly due to increased need for digital technologies & other advancements. Furthermore, as digital technology & portable electronic gadgets become more widely adopted, growth will be exponentially accelerated.
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During the projection period, North America is likely to grow significantly and have the greatest market share. The portable electronics market is expected to grow at a faster rate in the United States and Canada. This is for the existence of different established key firms in the region, such as Apple and Dell. Furthermore, the region possessed a well-established infrastructure that allows for greater device penetration and, as a result, better connectivity. This is projected to be a primary driver of the portable electronics market's growth. One of the primary factors driving the growth of the market in this region is the increasing use of innovative technologies in the consumer electronics sector. Other factors driving the growth of the portable electronics market in this region include increasing demand for innovations and increased adoption of technological improvements.
APAC to Have Notable Growth in Portable Electronics Market
The APAC region will have notable growth in the portable electronics market over the forecast period and at a high CAGR. Japan, China, India and other countries are among them. The rising adoption of different wearable medical gadgets, as well as the growing geriatric population, will boost the market. This is owing to the region's burgeoning population and expanding electronics sector. The key drivers of regional market expansion are developing countries such as China and India. China is also key producer of various portable electronic devices. Growing R&D investments by key companies for the introduction of novel portable electronic items are expected to offer up a slew of new opportunities for the market growth in the area in the forecast period. In the future, it is expected that key companies would increase their spending in R&D operations in order to introduce innovative portable electronics goods, boosting the market growth of this area. In comparison to other areas, Asia Pacific is likely to see considerably faster adoption and expand at the greatest CAGR throughout the projection period. In Asia Pacific, the portable electronics market is expected to rise at a higher rate, owing to rising need for mobile gadgets and a growing need for digitalization in nations like Japan, China, and India. This is due to the presence of major companies in the region such as Samsung Electronics & Toshiba Corporation. To compete with the rapid pace of technological change, Samsung Electronics has made significant investments in R&D.
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COVID-19 Impact on the Global Portable Electronics Market
The rise in COVID-19 instances has resulted in a drop in the production of portable gadgets such laptops, portable electronic keyboards, and other similar items. The desire for more advanced and portable medical gadgets has skyrocketed. However, because of the manpower scarcity and lockdown limitations, the supply chain had been severely interrupted. Overall, market demand increased as the number of Coronavirus cases increased. However, as the number of instances decreases over time, the industry will recover its growth in the next years.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
