According to a recent study from market research firm Graphical Research, the global consumer electronics market size is set to register a significant growth during the forecast timeframe, owing to the growing adoption of smart home appliances. Increased spending capacities of individuals remains a major driver of the market, even though the COVID-19 pandemic negatively affected businesses, job markets, and individual incomes during 2020. The below-mentioned six trends are likely to fuel the industry forecast:
Personal consumer electronics devices to gain momentum across European provinces
Europe consumer electronics market share has been growing, thanks to the popularity of wearable technology amongst millennials. With smart watches, fitbits, and weight trackers becoming more commonplace across Spain, U.K., Russia, and Italy, industry players have been making considerable profits on latest product offerings.
The advent of wireless and advanced technologies is further powering the trend. The longer life span of modern televisions, personal computers, laptops, and tablets has been a crucial factor encouraging product uptake in this region.
Discounts across European e-commerce channels ensure minimized losses
During 2020, supply chain snags and production halts hampered the global industry, owing to the rapid spread of COVID-19. Delayed investment decisions had a negative impact on orders, reducing the profits of industry participants.
As brick-and-mortar stores remained closed, e-commerce channels were the only alternative for several buyers across Europe consumer electronics market. Online platforms such as Real.de, C Discount, and Allegro have been offering massive discounts for retaining customers to counter revenue losses.
Air conditioner sales volume spirals across Asia Pacific
Driven by changing customer buying patterns, the global electric household appliances market share has been expanding at a notable pace. Japan, India, and China have been registering an increasing demand for technologically advanced air conditioners, owing to the warmer climate conditions across these regions.
New product launch appears to be a primary strategy adopted by leading industry players. In March 2021, Hitachi Air Conditioning India Ltd. collaborated with Johnson Controls to introduce a new line of air conditioners. The new products offer an Ambience Light feature, enabling customers to adjust desired temperature ranges according to their comfort.
India & China to see more professional video and audio equipment installations
Indian and Chinese enterprises have been expanding their investments in smart video and audio systems since last few years. Corporate offices, educational institutes, healthcare establishments, and government offices have been installing a range of electronic devices such as lighting display, projectors, and audio systems. A growing number of Indian schools feature e-learning modules involving professional audio and video equipment, enhancing Asia Pacific consumer electronics market share.
U.S. audio device market to represent a considerable revenue share in North America
With audio devices featuring latest upgrades such as AI-interfaced noise cancellation as well as long-distance wireless connectivity options, strong prospects of growth are created for leading audio system manufacturers. Top companies including Apple Inc., Sony Corporation, and Sennheiser Electronic GmbH are strategizing product launches to gain a competitive edge in the contemporary landscape.
Keeping with the current trends, in February 2022, Nureva announced that it is collaborating with Crestron Systems to deliver a superior conferencing experience. The collaboration will solve persistent and frustrating hurdles related to poor audio performance during online office meetings and online classes.
Increasing adoption of kitchen appliances across North America
Gauging the growing popularity of smart kitchens across the U.S., industry players have been launching fully equipped kitchen suites at reasonable rates. Sharp USA and Whirlpool Corporation, for example, have been capitalizing on promotional discounts. Triggered by the trending focus toward home and kitchen renovation activities, North America consumer electronics market size is expected to grow substantially through the forecast timeline.
U.S. smart kitchen appliances market share is growing, since an entire suite includes appliances such as dishwashers, induction cooktops, convection wall ovens, microwave drawer ovens, refrigerators, and over-the-range microwave ovens.
Since these suites ensure optimal efficiency, comfort, and lesser cooking & cleaning times, Canadian and American customers have been investing in these packages. In fact, promotional packages can deliver savings up to $3,200 to U.S.-based customers, suggest some experts.