Estimates Suggest Consumer Electronics Market to Reach $17 Billion by 2031

Future Industry Insights forecasts that the global consumer electronics market will increase at a CAGR of 5.6% between 2018 and 2031, with total sales anticipated to reach the US $17 billion. An analyst from Future Industry Insights states,

The growth of the global consumer electronics market is primarily driven by rising disposable income, expanding urban populations, rising internet penetration, and the availability of a strong distribution network.

Estimates Suggest Consumer Electronics Market Reach $17 Billion by 2031

In addition, the increasing adoption of smartphones in the Asia-Pacific region, particularly in China and India, contributes to the expansion of the worldwide consumer electronics market. Future Market Insights has divided the consumer electronics devices market segment into the following subsegments: smartphone, feature phone, tablet, smart TV, other TV, set-top box, personal computer, digital camcorder & camera, digital media adapter, digital video recorder (DVR), game console, printer, and other consumer electronics device.

In terms of the amount of revenue, it generated for the consumer electronics devices subsegment, the smartphone subsegment alone has a market share of more than 25%, exceeding all others. In addition, the smartphone subsegment is anticipated to have the highest CAGR of over 20%.

Future Market Insights projects, however, that the feature phone subsegment will see a negative CAGR during the forecast period as users migrate from feature phones to smartphones. Tablets and smartphones are becoming as competitive as game consoles, putting pressure on the subsegment of game consoles.

In addition, the smart home device category is subdivided into smart kitchen appliances and security & HVAC systems, whilst the wearable device section consists of smart accessories and other wearable gadgets.

Seven regions comprise the consumer electronics market: North America, Latin America, Western and Eastern Europe, Asia-Pacific except Japan (APEJ), Japan, the Middle East and Africa, and North America. APEJ and North America dominated all other regions in 2014, accounting for almost 40% of the worldwide market for consumer electronics.

Moreover, the APEJ market for consumer electronics is predicted to have the highest CAGR throughout the forecast period. The major players in the global market for consumer electronics continue to develop by incorporating new features into consumer electronic products.

In order to acquire a competitive advantage, prominent players such as Apple and Samsung have been investing in operational expansion. Apple, Samsung, HP, LG Electronics, Sony, Toshiba, Panasonic, and Hitachi are major players in the global market for consumer electronics.

According to a previous report by Future Market Insights, the market for mobile phone accessories is projected to expand at a CAGR of 6.7% through 2031. In addition, the survey indicated that smartphone shipments climbed from 1.1 billion units in 2013 to 1.2 billion units in 2014, with around 45 percent of those units delivered to China.

In accordance with these developing tendencies, FMI anticipates that expanding smartphone ownership will generate secondary demand for products not typically included in the box, such as external batteries and protective cases.

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