Tied to technology and its innovation, users are bound to a range of consumer electronics such as TVs, smartphones, and tablets. In tune with innovation and rapid development, the gadgets offered mainly use smart technology. Smartphones, smart homes, smart speakers, smart switch and smart cameras are some smart devices and gadgets that are offered in the consumer electronics market.
While connectivity features as a major trend, the gadgets are bound to internet connectivity and data insecurity. The global consumer electronics market is expected to expand at 15% CAGR, accounting for around US$ 3 trillion revenues in the span of next five years.
Various trends propelling demand for consumer electronics market include,
- High Quality and High Display:
Striving to compete and offer customers the premium quality products has taken technology to the next level. With the surge in demand for premium quality display, manufacturers have embedded phones with lesser pixels and TVs with relatively more. Today gadgets are mainly tagged as smart gadgets. This is mainly attributed to enhanced and extensive features incorporated in the gadgets for the convenience of the end users. Moreover, increasing inclination towards relatively bigger screen has fuelled demand for consumer electronics globally. This in turn has contributed towards the growth of the global consumer electronics market in the span of next five years.
In 2017, the global smartphones revenues is expected to reach US$ 777 Bn from US$ 544.2 Bn in 2015. Whereas, the feature phones are expected to spiral down as the global revenues for feature phones will decrease by 5.3% CAGR in the span of next five years.
- Fast Connectivity:
In this era of technology, speed is an imperative attribute. Today various consumer electronics offered, mainly function on the internet. With a surge in technological developments, gadgets that are offered in the market are mainly bound to high-speed internet connectivity such as 3G and 4G. Moreover, since majority of the gadgets are bound to apps they need to internet connectivity for updates.
In addition, compelling need to secure data has led manufacturers to incorporate the devices and gadgets with upgraded system. Moreover, majority of the consumer electronics enable the users to connect with the other devices, offering convenience to the end users as they can proceed with the task conveniently.
- Wearable Technology:
In a rat race to offer the best services to the customers, manufacturers operating in the consumer electronics market further ensure that the devices and gadgets are convenient to carry and are pocket friendly. Moreover, apart from connectivity and enhanced features, some consumer electronics are wearable. Manufacturers, in an attempt to compete with other brands are embedding features to wear the devices, which ensures that end users are not entangled in the gadgets and its accessories. Wearable watches, music and other entertainment devices are some of the wearable devices, which provide the end users the liberty to use these devices without further complications and with convenience.
Overall, the global consumer market is expected will grow at over 15% CAGR in the span of next five years. Moreover, smart home devices are expected to grow at 23% CAGR in the span of next five years. Among other consumer electronics, smartphones will remain the highest selling consumer electronics and is expected to reach US$ 768 Bn in 2017. Among various countries, India will account for the second largest cell phone market globally. Whereas, the North America market will grow at a CAGR of 13.2% in the span of next five years.