The audio and video equipment in the consumer electronics market are attributed to the development of new technologies such as 4K, 8K, and higher resolution systems
Sellbyville, DE -- (SBWIRE) -- 05/14/2019 -- The professional consumer electronics market segment is projected to exhibit a higher growth during the forecast timeframe as compared to the personal segment. The growth of the media and entertainment industry, mainly in Latin America and the Asia Pacific region, is aiding in the growth of the industry as there is a higher demand for professional audio and visual equipment from consumers and media and entertainment players. An increasing number of government agencies are focusing on the development of audio electronic systems such as noise cancelling headsets.
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Rapid industrialization, technological advancements and reducing prices of the air conditioner technology is anticipated to spur the demand for room air conditioners. Split air conditioners will witness a significant demand due to the ease of installation, higher energy efficiency and varying building infrastructures. Growing demand for energy efficient appliances followed by the increasing requirement for replacement of older electric household appliances is expected to have a positive impact on the consumer electronics market growth.
Increasing prominence of advanced and wireless technologies is expected to drive the personal consumer electronics market segment growth. Emerging trend of smart and IoT connected devices, such as smart refrigerators and TVs, having remote, app-based control and sensing capabilities is causing an increasing number of consumers to replace traditional equipment with smart devices. Globalization and fast industrialization in the Asian economies such as China, India and Japan help in increasing the income level of working class, further contributing to the industry growth.
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Asia Pacific region is anticipated to witness high growth in the consumer electronics market due to large number of household appliances and smartphone users. The growth is mainly driven by the presence of high population and growing disposable income in economies such as China, India Japan and South Korea. Owing to the expansion of mobile device industries in densely populated countries, the region is expected to dominate the overall market. In addition, the growing demand for headsets from offshoring centers in India and Philippines is forecast to augment the demand. Favorable government initiatives pertaining to the promotion of smart city and smart home technologies is placing a high demand for such products.
Speaking of the competitive trends in consumer electronics market space, the industry is dynamically charged with participation of globally preeminent magnates such as Apple Inc., Samsung Electronics, Sony Corporation, Nikon, Bose, GoPro, and Sennheiser. Amidst a backdrop where technological advancements are being referred to as the top most success quotient underlining the sales of these products, these players are vigorously expanding their product pallets in sync with the latest smart trends.
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The industry is further anticipated to witness an interesting change of events with the integration of AI and IOT in the product spectrum. What remains to be seen is how these 'smart' interventions would mold the competitive hierarchy of consumer electronics market in the coming years. All in all, in terms of remuneration, global consumer electronics market is estimated to surpass USD 1500 billion by 2024.
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