Consumer electronics cover all the electronic devices most often used
for entertainment communications and office work. Smartphones,
personal computers, tablets, laptops, notebooks, radios, digital
cameras, televisions, MP3 players, audio equipment, calculators,
camcorders and personal care devices and gaming consoles are some of
the major consumer electronics devices.
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Consumer electronics products are evolving rapidly to meet the
changing requirements of the consumers. Increasing disposable income,
decreasing prices of consumer electronic devices and introduction of
technological advanced devices are the primary factors driving growth
of the consumer electronics market globally. Introduction of
connected devices and innovative mobile technologies which enable it
to interact with other devices is fuelling the adoption of recent
consumer electronic devices globally.
The global consumer electronics market is classified on the basis of
product type as televisions, handheld devices including mobile
phones, tablet PCs, personal digital assistants, calculators personal
computers including laptops and desktops, cameras and camcorders,
audio/video devices including portable MP3 players, music systems,
accessories, personal care products including shavers and hair
dryers, and gaming consoles. The handheld device segment account for
majority of share in the terms of revenue in total consumer
electronics market and is expected to continue dominating the market
throughout the forecast period. Smartphones with enhanced features
are displacing the need for other consumer electronics products such
as standstill cameras, laptops, MP3 audio players, wristwatches,
alarm clocks, gaming devices, and landlines and GPS navigators among
others. Therefore, the market has observed decline in the revenue of
personal computer, laptop and camera and camcorders segment. The
audio/video device segment is anticipated to be the fastest growing
product segment over the forecast period. Introduction of wireless
audio devices and its decreasing price is cementing the growth of the
market in this region. With increasing competition, the prices are
further anticipated to decrease which would helped trend to continue
during the forecast period. On the basis of end-use application the
market for consumer electronics is categorized as
residential/personal applications and commercial applications. The
residential segment is the largest end-use application segment.
Increasing demand for smartphones and tablets by an individual is the
key factor driving the growth of consumer electronics market in the
residential end-use application segment. The commercial application
segment is anticipated to driven by increasing demand for display
screens, advertisements and big-sized televisions in the commercial
sectors.
The consumer electronics market is highly competitive with major
players witnessing cut-throat competition across most of the segments
covered under the scope of the market. In order to sustain in the
competitive environment, market players are offering low cost
consumer electronics products in price sensitive regions such as Asia
Pacific and MEA. Increasing sales of companies such as Xiaomi, Inc.
and Micromax elucidates the winning strategy adopted by them in the
emerging regions. The growth in the North America is mainly fueled by
technological advanced products which are driving consumers to
replace the old products with the latest ones.
Major players in the Consumer Electronics Market include Samsung
Electronics Co. Ltd, Sony Corporation, LG Corporation, Apple, Inc,
Canon, Inc, Nikon Corporation, Koninklijke Philips N.V., Panasonic
Corporation, Dell, Inc, and Hewlett-Packard Company. Continuous focus
on research and development, short turnaround product upgrade cycles,
focus on emerging economies, expansion through mergers, multichannel
retailing, innovations and horizontal integration are few of the
strategies adopted by leading players in the consumer electronics
market.
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