The global consumer electronics market is expected to grow at a CAGR of over 3% during 2016-2022, says RNCOS in its latest research report.
In the emerging markets of Asia Pacific Consumer Electronics is one of the biggest xindustries in the manufacturing sector. With rise in the disposable income of the users, an array of local manufacturing companies are coming up on a global scale launching innovative technological products and rising awareness amongst consumers. With China and India among the dominant growth drivers, Asia-Pacific has home to the largest consumer electronics market.
As per our report, “Global Consumer Electronics Market Forecast 2022”, global consumer electronics industry has been growing significantly on account of innovative technical developments, rising income etc. Further, wearable technology and smartphones are driving towards steady growth by increase in demand, and the positive shifts in the user’s spending levels.
Further, the launch of various innovations and the entry of many global players have presented the users with multiple choices, in terms of technology and price. The Indian market has become major hotspot for the major players in the consumer electronics segment, as there are abundant growths opportunities present while China’s demand for consumer electronics has risen progressively in the past few years.
Electronics leaders in India namely Gionee, Xiaomi have started manufacturing the handsets at Foxconn plant in Andhra Pradesh while Apple is working on to start its manufacturing facility in Bengaluru. Also, South Korean technology leader, Samsung, announced launching of its ‘Quantum dot light emitting diodes (QLED)’ premium televisions in May, 2017. Moreover, players are investing significantly in other regions while developing more opportunities, which will eventually provide sustainable growth to consumer electronics market in near future.
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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.