The global consumer electronics market is expected to reach $1,78-trillion by 2030 at a CAGR of 6,6%, according to a new report from Grand View Research.
Recent technological advancements have led to the miniaturisation of smart devices and are expected to be key factor driving the consumer electronics industry. High investment, availability of cost-effective devices due to mass production, and a range of diverse applications are also expected to be the key growth drivers.
Consumers are narrowing their technology interest to devices that offer multiple functions. Single-function products such as portable music players and digital cameras have witnessed considerable decline owing to the advent of multi-function devices. For example, there has been a considerable rise in smartphone ownership, while ownership of digital cameras has declined.
End users have become more platform-agnostic as they are open to experimenting with different platforms such as Windows, Android, and iOS which is also expected to catapult consumer electronics market demand over the forecast period.
Increasing penetration of BYOD has presented growth avenues. Long-battery life, processors, and large screens along with other value-added features are also expected to favourably impact personal electronics market growth over the next few years.
Consumer electronics manufacturers are also focusing on gaining a level of insight into service adoption on smartphones and related pricing strategies to target end users.
Some of the highlights of the report include:
* The smartphones segment captured the largest revenue share and is estimated to register the fastest growth over the forecast period which may be attributed to increased emphasis on devices integrating several advanced features such as audio, GPS, and high-end cameras. Emerging concepts such as pervasive computing, along with several communication technologies, including 4G/5G LTE are also expected to drive demand.
* The tablets segment is estimated to significantly grow over the forecast period. Introducing new, innovative, and smarter tablets with extensive input capabilities offers growth opportunities for the market.
* Digital camera market sales may witness a decline over the next few years. Consumer preference for devices such as smartphones that offer multi-functionality is expected to hinder the digital camera market.
* Asia Pacific consumer electronics market captured sizable volume share which can be primarily attributed to high demand in China and India, as well as considerable product penetration in the region.