Consumer Electronics Market Predicted to Witness Steady Growth During the Forecast Period 2021-2027
With rapidly growing demand from the emerging economic classes, the global consumer electronics market is expected to register momentous growth by 2027. A majority of the industry growth is forecast to come from burgeoning sales of smartphones and related electronic accessories.
At the start of 2021, driven by the post-pandemic economic boom, smartphone sales numbers have seen a double-digit growth. This has allowed the industry to start its climb back out of the slump it entered at the start of the pandemic. While there are still some issues plaguing the market landscape, the chip shortage being a major one, the industry is expected to soldier on.
During the start of the pandemic, global governments imposed sweeping lockdowns that relegated people to their homes. As a result, the work-from-home trend saw a tremendous jump on a global scale. While essentially working from the safety of their homes, people were creating a higher demand for different consumer electronics.
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Moving forward, with a majority of the world's leading enterprises leaning towards adopting either a complete or a hybrid work model. Consequently, the demand for consumer electronic products such as laptops, smartphones, and network equipment among others, is slated to rise on a remunerative scale.
The overall consumer electronics market has been segmented into different growth-bringing avenues such as product, regional landscape, and applications.
Based on product, the industry is further categorized into digital photo equipment, audio & video equipment, small household appliance, and major household appliance. The digital photo equipment sub-segment is further divided into personal, and professional equipment. Among these two, the professional equipment market is slated to witness notable growth by 2027. A highly positive outlook towards the overall entertainment and media industry would be fueling the demand for professional equipment.
Similarly, the audio and video equipment segment is also slated to draw in notable growth from the professional front. The same determinants that would be fueling the demand for professional photo equipment, would also be fueling the growth of professional audio & video equipment.
With respect to the application spectrum, the market has been classified into personal and professional applications. Among these, the personal application avenue would be garnering a high growth potential, as growing sales of laptops and smartphones on account of remote working trends, support the business scenario.
From a regional frame of reference, the LATAM consumer electronics market would be witnessing distinguished revenue gains. Increasing adoption of different smart home appliances would be contributing towards the region's growing market share in the global consumer electronics industry. The regional market would be witnessing a CAGR of more than 6% through the analysis timeline.
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Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Scope & definitions
1.1.1 Definition
1.2 Methodology and forecast parameters
1.2.1 Region wise impact analysis of COVID-19
1.2.1.1 North America
1.2.1.2 Europe
1.2.1.3 Asia Pacific
1.2.1.4 Latin America
1.2.1.5 MEA
1.3 Data Sources
1.3.1 Secondary
1.3.2 Primary
Chapter 2 Executive Summary
2.1 Consumer electronics market 360° synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Product trends
2.1.4 Application trends
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