- Technological advancements in devices anticipated to fuel the consumer electronics market growth.
- Increasing demand from media and entertainment industry driving the growth of professional consumer electronics market segment
- Growing demand for headsets from offshoring centres in India and Philippines to boost the market growth in APAC region.
The global consumer electronics market is estimated to surpass USD 1500 billion by 2024, according to Global Market Insights’ report.
The professional consumer electronics market segment is projected to witness a higher growth as compared to the personal segment during the forecast period.
The report cited that there is a higher demand for professional audio and visual equipment from consumers and media and entertainment players.
Technological advancements in devices including smartphones, earphones & headphones, speakers and household appliances would be one of the key factors leading to the growth of the consumer electronics market.
Improving purchasing power of individuals across emerging economies coupled with the growing penetration of energy-efficient appliances would also contribute to the market growth, as per the report.
APAC to dominate the overall market
Asia Pacific region is anticipated to witness high growth in the consumer electronics market due to large number of household appliances and smartphone users.
According to the report, the growth is mainly driven by the presence of high population and growing disposable income in economies such as China, India, Japan and South Korea.
The region is also expected to dominate the overall market, thanks to the expansion of mobile device industries in densely populated countries.
In addition, the growing demand for headsets from offshoring centres in India and Philippines is forecast to augment the demand.
Moreover, favourable government initiatives pertaining to the promotion of smart city and smart home technologies is increasing the demand for such products.
Over the years, the consumer electronics industry is expected to witness an interesting change of events with the integration of AI and IOT in the product spectrum.
The focus on customer convenience and the enhancement of the user experience are encouraging the vendors to introduce latest features and technologies in the devices, the reported said.