Albany, NY -- (SBWIRE) -- 06/27/2016 -- Consumer electronics is a vast field that includes numerous electronic devises for home and office and includes communication, personal use and entertainment requirements. Spiraling demand for consumer electronic devices for personal and official use are driving the market worldwide. Consumer electronic devices include notebooks, radios, laptops, tablets, personal computers, digital cameras, audio equipment, calculators, personal care devices and gaming consoles among the classifications of products. Consumer electronics are developing rapidly with enhanced technologies to satisfy the demands of consumers. The global consumer electronics market is anticipated to reach a value of US$ 1,550.34 billion by 2022, expanding at a CAGR of 4.0%. In 2013 the market for consumer electronics had reached a value of US$ 1,074.56 billion.

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Sophisticated Innovation, Increased Disposable Income, Lower Costs, Among Market Driving Factors

There are many factors that have accelerated the global market for consumer electronics. Among these are reduced costs of consumer electronic devices, technological innovation in various devices, state-of-the-art mobile and infotainment technologies, and new connected technologies for communication. Increase in disposable income, devices that accommodate lifestyle needs of consumers, and expansion of online retail stores for consumer electronics have resulted in the market receiving a boost.The market impeding factors include substantial drop in average selling price, which is impacting vendors' profit margins. OEMs sustainability is affected by the continuous and tenacious technological advancements.

Consumer Electronics Market Expansion Anticipated in Low-Cost Handheld Devices in Asia Pacific, Middle East, Africa, and Latin America

The consumer electronics market can be grouped according to product type to include handheld devices, televisions, personal computers, cameras and camcorders, audio/video devices, gaming consoles, and personal care devices. There is continued growth expected in low-cost handheld devices in the Middle East, Africa, Asia Pacific, and Latin America consumer electronics markets. Leading market players are expected to use competitive pricing to suit the market conditions in these regions.

The handheld devices segment accounted for the largest revenue and this trend is expected to continue over the next few years. In the handheld device segment, smartphones are the most popular products because they are substituting the need for use of other electronic products such as camcorders, mp3 audio players, alarm clocks, standstill cameras, laptops, wristwatches, gaming devices, GPS devices, and landlines. Smartphones have the features of all these devices built-in. Hence the market for personal computers, laptops, cameras, and camcorders has declined in revenue terms. Among the rapidly growing segments are audio/video segment and the decreasing prices are proving to be a market driver for this segment.

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Residential/Personal Segment Growth Anticipated Due to Smartphones Tablets Use

Based on end-use application, consumer electronics are divided into residential/personal and commercial applications. In the residential/personal segment, market growth is accelerating due to increased use of smartphones and tablets. The commercial application segment is driven by the need for high definition television screens, display screens, and advertisements.Market opportunities for consumer electronics companies include the boost in demand for smartphones, tablets, interchangeable lens cameras, Android operation system based smartphones, and the growing market in emerging nations.

The major players in the market for consumer electronics are Sony Corporation, Nikon Corporation, Panasonic Corporation, LG Corporation, Samsung Electronics Co. Ltd, Apple, Inc, Hewlett-Packard Company, Canon, Inc, Koninklijke Philips N.V., and Dell, Inc,. These companies use rapid product upgrading, online and multichannel retailing, and mergers to expand their market growth, and intensive research and development among other strategies.