There is recent trend of combining the various functionalities of more than one product into a single product and reducing size of final product with ease of functionalities. For instance, old cathode ray tube (CRT) TVs are now replaced by flat panel TVs that become smarter with ability of web surfing, video live streaming, and downloading options. Moreover, Ultra High Definition 4K TVs that are available in low prices and maximum functionalities are gaining momentum and driven by middle-class population. Additionally, online distribution channel, different discounts & offers, and transparency in product pricing has becoming prevalent trend by society.
The global consumer electronic market is segmented into product type and end users. On the basis of product type, the market is segmented into handheld devices, televisions, personal computers, cameras, audio/video devices, gaming consoles, personal care products, others. The handheld devices are expected to hold the major share of the market owing to its low prices with better and maximum functionalities as compared to other electronically operated devices. China has the highest number in usage of handheld devices used by highest population. According to Statista, China is generating highest revenue in consumer electronics market with value of Euros 1537.5 billion.
On the basis of the end users, the market is segmented into residential and commercial. Commercial end-users are the major share of the consumer electronic market as the majority of the businesses are rely on consumer electronics provided by the prominent key players.
On the basis of region, the global consumer electronic market is segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
Asia Pacific holds the largest share of the global consumer electronic market followed by North America. Asia Pacific consumer electronic market is majorly driven by demand and large number of consumer base for smartphones and household appliances, presence of prominent key players, and growing disposable income in economically developing countries such as China, India, Japan, and South Korea. According to IBEF (India Brand Equity Foundation), during financial year 2015, consumer electronics has highest share of 29.7% in total production of electronic goods in India.
North America is sub-segmented into the U.S., Canada, and Mexico. The U.S. is the major contributor to the regional market; whereas, Mexico is expecting a healthy growth in the future. Furthermore, presence of huge untapped opportunities and continuously improving healthcare infrastructure in Mexico region are likely to boost the market growth.
Europe is anticipated to show a sustainable growth rate in the consumer electronics market over the forecast period–2026. This is mainly attributed to daily usage of higher dependency on technology-based products for daily activities and increased economic conditions.
However, LAMEA are expecting a healthy growth during the forecast period 2019–2026. Rapid proliferation of consumer electronics market in the LAMEA region is propelled by various factors such as strong economic growth, and robust consumer demand especially in the countries UAE and Saudi Arabia.
Some of the key players in the global consumer electronic market are Canon Inc. (Japan), Sony Corporation (Japan), Samsung (South Korea), Koninklijke Philips N.V. (The Netherlands), Apple Inc. (U.S.), LG Electronics Inc. (South Korea), Nikon Corporation (Japan), Panasonic Corporation (Japan), Huawei Technologies Co., Ltd. (China), and Hitachi, Ltd. (Japan)
Consumer electronic is a competitive market, and several companies are using different strategies to increase their share in the market. Additionally, a huge presence of local players has intensified the competition in the consumer electronics market. Thus, innovation is the organic strategy for the development of the market, and most of the players are investing a huge amount in developing advance consumer electronics. On the other hand, local companies are trying to sell their products at low cost to expand their presence and market share.
January 2019, Samsung Electronics introduced smallest high-resolution image sensor, the ISOCELL Slim 3T2 for Full-screen Display Smartphones. The ISOCELL Slim 3T2 sensor is likely to be in mass production in the first quarter of 2019.
January 2019, LG Electronics (LG) has launched the world’s first rollable OLED TV, LG SIGNATURE OLED TV R (model 65R9) at CES 2019.
Global Consumer Electronic Market Segmentation
By Product Types
By End Users