The global consumer electronics market is expected to reach USD 838.85 billion by 2020, according to a new study by Grand View Research, Inc. Recent technological advancements have led to the miniaturization of smart devices, and are expected to be key factor driving the consumer electronics industry. High investment, availability of cost effective devices due to mass production, and a range of diverse applications are also expected to be the key growth drivers.
Consumers are narrowing their technology interest to devices that offer multiple functions. Single-function products such as portable music players, digital cameras, etc. have witnessed considerable decline owing to the advent of multi-function devices. For example, there has been a considerable rise in smartphone ownership in 2013, while ownership of digital cameras has declined. End users have become more platform-agnostic as they are open to experimenting with different platforms such as Windows, Android and iOS, which is also expected to catapult consumer electronics market demand over the forecast period.
Increasing penetration of BYOD has presented growth avenues. Long-battery life, processors and large screens along with other value-added features is also expected to favorably impact personal electronics market growth over the next few years. Consumer electronics manufacturers focus on gaining a level of insight into service adoption on smartphones and related pricing strategies to target end users.
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Further key findings from the study suggest:
- The smartphone market is poised for high growth over the next six years, which may be attributed to increased emphasis on devices integrating several advanced features such as audio, GPS and high-end cameras. Emerging concepts such as pervasive computing along with several communication technologies, including 4G/5G LTE are also expected to drive demand.
- Laptops, desktops, and notebooks accounted for considerable revenue share in 2013. Introduction of new low end-devices and affordability are key factors driving the tablet market growth. The overall increase is also expected to stem from substitution of conventional laptops with tablets
- Digital camera market sales may witness a decline over the next few years. Consumer preference for devices such as smartphones that offer multi-functionality is expected to hinder the digital camera market.
- Asia Pacific consumer electronics market captured sizable volume share, which can be primarily attributed to high demand in China and India as well as considerable product penetration in the region.
- Key industry players such as Samsung, Apple, LG, Huawei and ZTE focus on providing a wide product portfolio and product differentiation as a core business strategy. Sales and distribution activities involve a mix of direct sales, distributors and third-party representatives, retail outlets, independent dealers etc. Distribution activities have become a key area of focus for all companies owing to wide adoption of these products.