Increase in Internet Use Globally is Propelling Consumer Electronics Market
Rise in the penetration of the Internet is creating incremental opportunities for different online shopping platforms. This factor is bolstering the consumer electronics market. Moreover, the market is being driven by rising customers’ inclination toward online shopping owing to different factors such as technological advancements in online payment security solutions.
The demand for different devices related to entertainment and communications such as television, mobiles & smartphones, laptops & computers, audio and video players, digital cameras, and video games is being increasing around the world. This factor is favoring the growth curve of the consumer electronics market, notes a study by TMR.
Increase in awareness about personal care and grooming is boosting the demand for varied devices such as hair care devices, beauty electronics, and smart wearables. This factor, in turn, is leading to revenue-generation opportunities in the global consumer electronics market, as per analysts at TMR.
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The global consumer electronics market is estimated to be valued at US$ 1 Trn by 2031, according to a study by Transparency Market Research (TMR). Furthermore, the TMR assessment highlights that the market is prognosticated to register growth at a CAGR of 8.5% during the forecast period, 2021 to 2031. This market growth is ascribed to several factors including rise in the disposable income of people from developed and developing countries around the world.
The global consumer electronics market outlook offers exhaustive assessment of key factors influencing the market growth. Hence, the study sheds light on the growth drivers, challenges, growth restraints, demand-supply ratio, R&Ds, regional assessment, competition landscape, and emerging trends of the consumer electronics market. Moreover, it also enlightens readers on recent developments in the consumer electronics market.
Some of the important products available in the home appliances segment of the global consumer electronics market include air conditioner, refrigerator, microwave ovens, washing machines, electric fans, food processors, and vacuum cleaner. The demand for such products is being increasing in the recent years with increasing spending power of people from emerging economies. This, in turn, is fueling the sales growth in the global consumer electronics market, according to analysts at TMR.
Mergers and Acquisitions: Prominent Strategies of Consumer Electronics Companies to Sustain in Market Competition
Some of the leading players in the consumer electronics market include LG Electronics Inc., Samsung Electronics, Sony Corporation, Koninklijke Philips N.V., Dell Inc., Panasonic Corporation, XIAOMI CORPORATION, TOSHIBA CORPORATION, Haier Group, Electrolux AB, Whirlpool Corporation, and The Liebherr Group.
The existence of many well-entrenched companies is making the survival of new entrants difficult. As a result, enterprises are executing organic and inorganic strategies in order to sustain in the competition. Moreover, companies are using the strategies of mergers, acquisitions, and regional expansions in order to maintain their prominence in the global consumer electronics market.
Players in the consumer electronics market are investing heavily in product innovations. Such efforts are helping companies to launch next-gen products and expand their product portfolios. This, in turn, is estimated to drive growth opportunities in the global consumer electronics market in the forthcoming years.
Asia Pacific: Fastest Growing Region in Consumer Electronics Market
The consumer electronics market shows presence in many regions including Europe, North America, MEA, South America, and Asia Pacific. Among all, players are prognosticated to attract profitable prospects in the Asia Pacific consumer electronics market owing to many factors including the presence of many emerging economies such as India and China in the region. Moreover, improving spending power of the regional populace and increasing penetration of smartphones and the Internet in the region is estimated to drive the growth of the Asia Pacific consumer electronics market in the forthcoming years.
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Related Reports –
Revenue of Fully Automatic Coffee Machine Market – https://www.prnewswire.com/news-releases/revenue-of-fully-automatic-coffee-machine-market-to-cross-us-6-bn-by-2031-tmr-report-301561570.html
Smoking Cessation and Nicotine De-Addiction Market – https://www.globenewswire.com/news-release/2022/07/18/2481255/0/en/Smoking-Cessation-and-Nicotine-De-Addiction-Market-to-Reach-US-27-84-Bn-by-2031-TMR-Study.html
Swimwear Market – https://www.accesswire.com/712614/Swimwear-Market-Size-worth-342-Billion-by-2031-CAGR-60-TMR-Study
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