According to the report, the global consumer electronics market will rise to a revenue opportunity of US$1,550.34 bn by 2022, registering a CAGR of 4.0% from 2014 to 2022.
Asia Pacific to Remain Most Lucrative Regional Market
Of the key product varieties in the market covered in the report, the segment of handheld devices is estimated to account for the dominant revenue share in the market presently. The segment is driven due to the massive surge in uptake of devices such as tablets, laptops, and smartphones on a global front. The sales of smartphones, especially, account for the dominant share and is likely to continue to account for a significant share of the overall market throughout the report’s forecast period.
From a geographical standpoint, the market in Asia Pacific is presently the most lucrative and is expected to remain so over the forecast period as well. Presence of large metropolitan areas and ever-expanding urban population will ensure that the benefits of economic development are reaped to the maximum. This is bound to have a positive impact on the consumer electronics market.
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Rapid Pace of Development of Innovative Products to Drive Market
The chief forces working in favor of the global consumer electronics market include the rising convergence of entertainment, communication and information technologies, launch of innovative products, rising awareness about benefits of advanced technologies in enhancing work and daily lives, and increasing household incomes. Globalization of some of the most renowned consumer electronics manufacturers, which is allowing their reach to a larger global audience, is also largely favoring the expansion of the overall consumer electronics market. Consumer electronics represents one of the largest segments in the manufacturing industry, and has huge growth potential, particularly with innovative technologies and in emerging markets.
The global consumer electronics market observes high demand for new technological advancements and innovative products. Demand for evolutionary versions of existing products and technologies is also high. Demand for innovative audio visual equipment is rising across commercial, residential, and automotive sectors. Moreover, the thriving IoT industry is also providing promising growth avenues to the global consumer electronics market.