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The consumer electronics market share is expanding at a compound annual growth rate of 8.5%

consumer electronics market

consumer electronics market

Increasing use of the Internet globally is driving the consumer electronics market

The rise in internet penetration has created increasing opportunities for various online shopping platforms. This factor boosts the consumer electronics market. Moreover, the market is driven by the increasing inclination of customers towards online shopping due to various factors such as technological advancement in online payment security solutions.

The demand for various devices related to entertainment and communication such as television, mobile phones, smartphones, laptops, computers, audio and video players, digital cameras and video games is increasing all over the world. This factor favors the growth curve of the consumer electronics market, notes a study by TMR.

Increasing awareness of grooming and grooming is driving demand for devices as diverse as hair care devices, beauty electronics, and smart wearables. This factor, in turn, leads to revenue generation opportunities in the global consumer electronics market, according to analysts at TMR.

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The global consumer electronics market is estimated to be worth $1 trillion by 2031, according to a study by Transparency Market Research (TMR). Further, the TMR assessment highlights that the market is expected to register growth at a CAGR of 8.5% during the forecast period, from 2021 to 2031. This market growth is attributed to several factors including rising disposable income of individuals from developed and developing countries around the world.

The global Consumer Electronics market outlook provides a comprehensive assessment of the key factors influencing market growth. Hence, the study sheds light on the growth drivers, challenges, growth restraints, demand-supply ratio, research and development, regional assessment, competition landscape, and emerging trends in the consumer electronics market. Moreover, it informs the readers about the recent developments in the consumer electronics market.

Some of the important products available in the home appliances segment of the global consumer electronics market include air conditioners, refrigerator, microwave ovens, washing machines, electric fans, food processors, and vacuum cleaners. The demand for these products has been increasing in recent years with the increase in the purchasing power of people from emerging economies. This, in turn, is fueling sales growth in the global consumer electronics market, according to analysts at TMR.

Mergers and Acquisitions: Prominent Strategies for Consumer Electronics Companies to Stay Competitive in the Market

Some of the leading players in the consumer electronics market include LG Electronics Inc. Samsung Electronics, Sony Corporation, Koninklijke Philips NV, Dell Inc. , Panasonic Corporation, XIAOMI CORPORATION, TOSHIBA CORPORATION, Haier Group, Electrolux AB, Whirlpool Corporation, and The Liebherr Group.

Having so many well-established companies makes survival difficult for newcomers. As a result, companies are implementing both organic and inorganic strategies in order to stay competitive. Moreover, the companies employ strategies of mergers and acquisitions and regional expansions in order to maintain its prominent position in the global consumer electronics market.

Players in the consumer electronics market are investing heavily in product innovations. These efforts help companies launch next-generation products and expand their product portfolios. This, in turn, is estimated to lead to increased growth opportunities in the global consumer electronics market in the coming years.

Asia Pacific: The fastest growing region in the consumer electronics market

The consumer electronics market shows presence in several regions including Europe, North America, Middle East, Africa, South America, and Asia Pacific. Among all, players are speculated to attract lucrative prospects in the consumer electronics market in the Asia Pacific region due to many factors including the presence of several emerging economies like India and China in the region. Moreover, the improvement in the purchasing power of the region’s population and the increasing penetration of smartphones and internet in the region are expected to drive the growth of the consumer electronics market in the Asia Pacific region in the coming years.

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