Consumer Electronics Market to Expand at Cagr of 4.0%: Low-Cost Handheld Devices in Demand in Emerging Nations

Consumer electronics is a vast field that includes numerous electronic devises for home and office and includes communication, personal use and entertainment requirements. Spiraling demand for consumer electronic devices for personal and official use are driving the market worldwide. Consumer electronic devices include notebooks, radios, laptops, tablets, personal computers, digital cameras, audio equipment, calculators, personal care devices and gaming consoles among the classifications of products. Consumer electronics are developing rapidly with enhanced technologies to satisfy the demands of consumers. The global consumer electronics market is anticipated to reach a value of US$ 1,550.34 billion by 2022, expanding at a CAGR of 4.0%. In 2013 the market for consumer electronics had reached a value of US$ 1,074.56 billion.  

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Sophisticated Innovation, Increased Disposable Income, Lower Costs, Among Market Driving Factors

There are many factors that have accelerated the global market for consumer electronics. Among these are reduced costs of consumer electronic devices, technological innovation in various devices, state-of-the-art mobile and infotainment technologies, and new connected technologies for communication. Increase in disposable income, devices that accommodate lifestyle needs of consumers, and expansion of online retail stores for consumer electronics have resulted in the market receiving a boost.The market impeding factors include substantial drop in average selling price, which is impacting vendors’ profit margins. OEMs sustainability is affected by the continuous and tenacious technological advancements.

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Consumer Electronics Market Expansion Anticipated in Low-Cost...