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.
