The global consumer electronics market size will grow significantly to year 2027, in large part due to the growing adoption of smart home appliances. There are six key trends to fuel this:
- Personal consumer electronics devices gain momentum across Europe
Europe’s consumer electronics market share has been growing, thanks to the popularity of wearable devices among millennials. With smart watches, fitbits and weight trackers becoming more commonplace across Spain, the UK, Russia and Italy, industry players have been making considerable profits on their latest product offerings.
The advent of wireless and advanced technologies is further powering this trend.
- European e-commerce channels minimised losses for companies over the past two years
During 2020, supply chain snags and production halts hampered the industry globally, owing to Covid-19. Delayed investment decisions had a negative impact on orders, reducing the profits for consumer electronics companies.
As brick-and-mortar stores remained closed, e-commerce channels were the only alternative. As online discount platforms such as Real.de, C Discount and Allegro started offering massive discounts, this countered revenue losses for device makers.
- Air conditioning units volume spirals across Asia Pacific
The global electric household appliances market has been expanding at a notable pace. Japan, India and China have experienced increasing demand for technologically-advanced air conditioners, owing to the warmer climate conditions across these regions.
New product launches appear to be a primary strategy adopted by leading industry players. 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 video and audio equipment installations
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 establishments have been installing a range of electronic devices such as lighting displays, projectors and audio systems. A growing number of Indian schools feature e-learning modules involving professional audio and video equipment, enhancing the Asia Pacific consumer electronics market share.
- US audio device market will gain a considerable share in North America
With audio devices featuring latest upgrades such as AI-interfaced noise cancellation and long-distance wireless connectivity options, strong prospects of growth are created for leading audio system manufacturers, including Apple, Sony and Sennheiser Electronic.
Keeping with current trends, Nureva announced its collaboration with Crestron Systems in February 2022, to deliver a superior conferencing experience. Their collaboration aims to solve persistent and frustrating hurdles related to poor audio performance during online meetings and classes.
- Increasing adoption of kitchen appliances across North America
Triggered by the trending focus toward home and kitchen renovation activities, the North American consumer electronics market size will substantially grow to 2027. Noting the growing popularity of smart kitchens across the US, industry players have been launching fully-equipped kitchen suites at reasonable rates. “Fully-equipped” refers to dishwashers, induction cooktops, convection wall ovens, microwave drawer ovens, refrigerators and over-the-range microwave ovens.
Sharp USA and Whirlpool, for example, have also added promotional discounts to capitalise on the trend.
Since these suites ensure optimal efficiency, comfort and reduced cooking and cleaning times, Canadian and American customers have been investing in these packages. In fact, pundits suggest such promotional packages deliver savings up to $3,200 for US customers.
By Shankar Khatkale, Team Lead – SEO, Graphical Research
[Image: Mohammadreza Alidoost for Unsplash]