The global consumer electronics market size will grow significantly by 2027, largely due to the growing adoption of smart home appliances. There are six key trends fueling this:
- Personal consumer electronics devices are gaining momentum across Europe
Consumer electronics market share in Europe is growing thanks to the popularity of wearable devices among the millennial generation. With smartwatches, fitbits and weight trackers becoming more common in Spain, the UK, Russia and Italy, industry players are making significant profits from their latest product offerings.
The advent of wireless and advanced technologies further reinforces this trend.
- European e-commerce channels have minimized losses for companies over the past two years
In 2020, supply chain disruptions and production shutdowns hampered the industry globally due to Covid-19. Delayed investment decisions had a negative impact on orders, reducing profits for consumer electronics companies.
As physical stores remained closed, e-commerce channels were the only alternative. As online discount platforms such as Real.de, C Discount and Allegro began offering huge discounts, this offset the revenue losses for device manufacturers.
- The volume of climate modules is spiraling in the Asia Pacific region
The global market for electrical home appliances is growing at a remarkable pace. Japan, India and China are experiencing increasing demand for technologically advanced air conditioners due to warmer climates in these regions.
New product launches seem to be a major strategy adopted by leading players in the industry. In March 2021, Hitachi Air Conditioning India collaborated with Johnson Controls to introduce a new line of air conditioners.
- India and China will see more professional installations of video and audio equipment
Indian and Chinese enterprises have been expanding their investments in smart video and audio systems over the past few years. Corporate and government offices, educational institutes and healthcare facilities install a range of electronic devices such as lighting displays, projectors and audio systems. An increasing number of Indian schools have e-learning modules that include professional audio and video equipment, increasing consumer electronics market share in the Asia-Pacific region.
- The US audio device market will gain significant share in North America
With audio devices incorporating the latest enhancements such as AI-interfaced noise cancellation and long-range wireless connectivity options, strong growth prospects are created for leading audio system manufacturers including Apple, Sony and Sennheiser Electronic.
Keeping up with current trends, Nureva announced its collaboration with Crestron Systems in February 2022 to deliver a superior conference experience. Their collaboration aims to solve the persistent and frustrating hurdles of poor audio performance during online meetings and classes.
- Growing adoption of kitchen appliances in North America
Driven by the trend to focus on home and kitchen renovation activities, the consumer electronics market in North America will grow significantly by 2027. Noting the growing popularity of smart kitchens in the US, industry players are launching fully equipped kitchen sets at reasonable prices. “Fully equipped” refers to dishwashers, induction cooktops, wall convection ovens, microwave ovens with drawers, refrigerators and full range microwave ovens.
Sharp USA and Whirlpool, for example, have also added promotional discounts to capitalize on the trend.
Because these packages provide optimal efficiency, comfort, and reduced cooking and cleanup time, Canadian and American customers are investing in these packages. In fact, experts suggest that such promotional packages save up to $3,200 for US customers.
By Shankar Khatkale, Team Lead – SEO, Graphic Research
[Image: Mohammadreza Alidoost for Unsplash]