The electric clothes drying rack market is expected to grow at CAGR of 5.5% during the forecast period of 2023 to 2032. The market has emerged as a convenient and energy-efficient solution for drying clothes indoors. Electric clothes drying racks offer an alternative to traditional outdoor drying methods and provide a practical solution for those living in spaces without access to a dedicated outdoor drying area. The electric Clothes Drying Rack Market is driven by factors such as urban living constraints, energy efficiency, and convenience.
The smart baby monitor market is expected to grow at a CAGR of 8.5% during the forecast period of 2023 to 2031, driven by several key factors. In this comprehensive overview, we will delve into three drivers that have played a crucial role in propelling the market forward, as well as one major restraint that has challenged its growth. The smart baby monitor market has been driven by technological advancements, increasing awareness of infant safety, and urbanization. However, privacy and security concerns have acted as a significant restraint.
The battery-operated lights market is expected to experience a CAGR of 6.5% during the forecast period of 2023 to 2031, driven by the increasing demand for portable and convenient lighting solutions. Battery-operated lights are versatile and can be used in various settings, including outdoor events, camping trips, emergency situations, and areas with limited access to electricity. The market revenue has witnessed significant expansion as consumers seek flexible lighting options that do not rely on traditional power sources.
The linear LED strip fixture market is expected to witness a CAGR of 11.5% during the forecast period of 2023 to 2031, driven by the increasing adoption of energy-efficient lighting solutions and the growing emphasis on sustainable lighting practices. Linear LED strip fixtures are versatile lighting products that provide uniform illumination in various residential, commercial, and industrial applications. These fixtures consist of a long strip with embedded LED chips that offer high energy efficiency, long lifespan, and superior lighting performance compared to traditional lighting sources.
The IO-Link market has experienced significant growth in recent years and is expected to grow at a strong CAGR of 25% during the forecast period of 2023 to 2031, driven by the increasing adoption of industrial automation and the need for efficient and intelligent communication between devices in industrial settings. IO-Link is a standardized communication protocol that enables seamless connectivity between sensors, actuators, and other industrial devices, enhancing productivity, flexibility, and diagnostics capabilities.
The wireless power bank market is expected to grow at a CAGR of 6% during the forecast period of 2023 to 2031, due to the increasing demand for portable and convenient charging solutions for electronic devices. A wireless power bank is a portable device that can wirelessly charge smartphones, tablets, smartwatches, and other compatible devices. It eliminates the need for cables or plugs, providing users with a hassle-free charging experience.
The complex transistor market is a rapidly growing segment of the semiconductor industry, characterized by advanced and sophisticated transistor technologies that enable high-performance electronic devices.The market revenue of complex transistors is expected to grow at a compound annual growth rate (CAGR) of around 8% during the forecast period of 2023 to 2030.
The global electric bug zappers market is expected to grow at a CAGR of 3.5% during the forecast period of 2023 to 2031. The incidence of vector-borne diseases is anticipated to increase the demand for electric insect killers. These devices kill insects using high-voltage electrical grids, thereby lowering their number and the risk of disease transmission.
The global 3D Printed Electronics Market is projected witness immense growth, expanding at a CAGR of 27.8% during the forecast period from 2022 to 2030. The growth is mainly credited to the growing advantages of 3D printed electronics including high proficiency and accuracy, minimal wastage in production process, etc.
Increasing electricity expense resulting in need for optimum energy conservation is expected to transform the complete lighting industry, driving digitization and hence smart lighting demand. The advent of Internet of Things (IoT) technology and initiatives taken by the governments across the globe to develop smart cities are instrumental in driving demand for smart lighting solutions worldwide.
The global consumer electronics market is expected to register a CAGR of 6% during the forecast period of 2023 to 2031. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. Electronic devices are highly penetrated products among a wide range of technical consumer goods in households. On one side, television sets with wider screen sizes are receiving popularity, whereas, on the other side, the miniaturization of electrical components is on the rise. Companies are focusing on developing high-performing and convenient-to-use devices owing to the increasing consumer demand. For instance, in September 2020, Samsung released its new smart tablet Galaxy Tab Active3. It is equipped with an enhanced Touch Sensitivity feature that enables the user to operate the tab easily with fingers, even while wearing hand gloves.
The rising trend of having connected homes is supporting the penetration of smart appliances globally. For instance, as per Grabyo’s Value of Video Report 2020, about 58% of surveyed streaming customers and about 53% of surveyed pay-TV customers watch videos regularly on a Smart TV. Appliances equipped with voice assistance, Bluetooth, and Wi-Fi connectivity are being adopted due to higher usage convenience. Players are making efforts to include multiple features in their devices to attract consumers. For instance, in July 2020, Samsung released its Premium Soundbar Line-up with two wireless rear up-firing speakers. Additionally, they are equipped with SmartThings App and Alexa voice service. Therefore, technological advancements and inclination towards smart devices are likely to fuel the consumer electronics market growth.
The income level of the world population is rising, which allows them to spend more on housing and equip their homes with upcoming technological goods. For instance, as per the data released by Eurostat in 2018, about 70.0% of the EU-27 lived in an owner-occupied dwellings, wherein about 46.0% of the EU-27 population lived in flats. Additionally, the growing trend of the inclusion of smart devices in the household is anticipated to contribute to market growth. The introduction of innovative household products in the market is likely to boost product consumption.
Acute Market Reports is a specialist in the consumer goods market, that offers in-depth market intelligence and consulting services to manufacturers of consumer goods. Our clients are able to make well-informed, timely business decisions with the help of Acute Market Reports' futuristic outlook. When it comes to providing our clients with first-in-class strategic research solutions, we engage with a wide variety of industry participants.
