Continuous Innovation and Upgradation in technological products, rapid urbanization and rising disposable purchasing power are the factors driving the global consumer electronics and appliances market during the forecast period.
According to TechSci Research report, “Global Consumer Electronics and Appliances Market By Type (Audio Visual Equipment, Home Appliances, Kitchen Appliances, Personal Care Appliances), By Application (Residential and Commercial), By Distribution Channel (Electronic and Specialty Retailers, Hypermarket/ Supermarket, Online Channels and Others), By Region, Competition Forecast & Opportunities, 2026”, the global consumer electronics and appliances market is anticipated to grow from USD1019.28 billion in 2020 to USD1344.50 billion in 2026 at a CAGR of 5.25%. Consumer electronics can be defined as an electronic equipment used in day-to-day activity. It includes product like television, washing machine, smart watch, microwave, and many other products with different purposes. Regular investment in research and development by different brands is expected to enhance the electronics and appliances market growth. For example, leading consumer electronics companies like LG and Samsung announced plans to launch microLED TVs for both residential and commercial use in January 2020. This technology’s ability to provide high contrast and brightness as compared to traditional LEDs is expected to boost its market share.
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Due to COVID-19 pandemic, the market of consumer electronics was tremendously impacted as in the beginning of the year 2020 and consumer electronics manufacturers’ production capacity had been affected by several factors, including supply chain and logistics disruptions, trade restrictions, and a severe shortage of raw materials. To comply with government regulations and prevent the spread of the virus, companies such as Samsung, Apple, and LG halted production in India, Malaysia, and China. However, it has been analyzed that the market has gain its momentum since the first quarter of 2021.
The reason for substantial growth in the consumer electronics and appliances market, includes different factors like increasing demand for technologies, stringent energy efficiency regulations in North America, advanced technologies and increasing disposable income. Apart from this, electronics companies of different sizes and shapes faces some challenges, such as short product life cycles, meeting demand, environmental impact, managing service and warranty, power consumption, and quality control. As the competition level is high, and the continuous upgradation in technologies has forced the manufacturing companies to look after the production capacity and consider factors such as quality control, limited power consumption and providing environment friendly products An overview of these various variables assists in the identification of the industry’s main growth sectors.
Asia-Pacific held the largest share in the market as this region holds the largest portion of the young and millennial population and there is an increase in adoption of consumer electronics by the middle and high-income households. As well as increasing awareness related to the upcoming technologies among the youth is also augmenting the demand in these markets.
Easy availability of low-cost consumer electronic products, such as television, smart watch, and smartphones, from various brands such as Samsung, Panasonic and others are supporting their adoption in low-income groups. For example, Panasonic a Japanese appliances company plans to launch smart doorbells, plugs and switches in India.
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Top companies dealing in the global consumer electronics and appliances market are Apple Inc., Huawei Technologies Co., Ltd., Samsung Electronics Co., Ltd., Midea Group Co., Ltd., LG Electronics Inc., XIAOMI CORPORATION, Panasonic Corporation, Whirlpool Corporation, Sony Group Corporation, AB Electrolux, Hitachi, Ltd., and Koninklijke Philips N.V. Major consumer electronics and appliances companies are expanding their manufacturing bases to meet the rising demand across developing countries in Asia-Pacific, North America, Europe, Middle East & Africa, and South America.
“The global consumer electronics and appliances market is anticipated to grow at 5.25% in CAGR during the next five years due to growing consumer base and disposable income. Moreover, companies like Apple Inc., Huawei Technologies Co., Ltd., Samsung Electronics Co., Ltd., LG Electronics Inc., and many more global brands are now continuously working upon the research and development for technological up-gradation, and to meet-up with the expectations of the consumers, which is also expected to positively influence the growth of the market through 2026,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Consumer Electronics and Appliances Market By Type (Audio Visual Equipment, Home Appliances, Kitchen Appliances, Personal Care Appliances), By Application (Residential and Commercial), By Distribution Channel (Electronic and Specialty Retailers, Hypermarket/ Supermarket, Online Channels and Others), By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of the global consumer electronics and appliances market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global consumer electronics and appliances market.
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