Sarasota, FL -- (SBWIRE) -- 04/12/2019 -- According to the report, global consumer electronics market was valued at around USD 1,172 billion in 2017 and is expected to reach approximately USD 1,787 billion in 2024, growing at a CAGR of slightly above 6.0% between 2018 and 2024.

With the presence of a large pool of participants, the global consumer electronics market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). GoPro, Nikon, Canon, Haier, AB Electrolux, Sennheiser, Sony Corporation, LG Electronics, Huawei, General Electric, Apple, and Samsung Electronics are some of the key vendors of consumer electronics across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the consumer electronics market study.

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Citing an instance, on October 8, 2018, HyperX—the gaming segment of Kingston Technology Company Incorporation—declared launching of HyperX Cloud MIX, a first Bluetooth®, driven gaming headset developed for gamers on-the-go. Reportedly, the new Cloud MIX is designed for activities such as gaming, voice chat, music, and cord-free entertainment.

As estimated in this report, the global consumer electronics market stood at US$ 1,172 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this market is expected to reach US$ 1,787 billion by the end of the forecast period. The main products available in this consumer electronics market are Smartphone, Televisions, DVD players, Refrigerators, Washing machines, Digital cameras, and Hard disk drives. Among them, the demand for televisions is relatively higher and the trend is anticipated to remain so over the next few years, notes the consumer electronics market research report.

Massive Smartphone Demand To Augment Consumer Electronics Market Revenue

"Growing popularity of smartphones along with launching of new technologies such as 3G and 4G is expected to drive the momentum of growth for consumer electronics market across the globe," says the author of this study. Apart from this, lucrative demand for consumer electronic items in countries such as China and India will further create ripples of growth for consumer electronics market in the near future. In addition, flourishing ecommerce, direct selling, and supply chain activities are projected to enhance the product sales, thereby further leveraging the progression of consumer electronics market in the ensuing years.

Flourishing Ecommerce Sector To Help Europe Maintain Regional Dominance

Regionally, Europe has been leading the worldwide consumer electronics market and is anticipated to continue on the dominant position in the years to come, states the consumer electronics market study. Rise in the number of ecommerce & trading activities in small countries and greater dependence on tech-based products for day-today activities & operations are the key factors behind the dominance of the Europe consumer electronics market. The large number of market players being headquartered in Europe is another significant factor that is supporting this regional consumer electronics market.

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The global consumer electronics market is segmented as follows:

By Product

Smartphone
Television
DVD players
Refrigerators
Washing machines
Digital cameras
Hard disk drives

By Region

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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