Consumer Electronics to be a US$ 3 Trillion Market by 2020: Report
Valley Cottage, NY -- (SBWIRE) -- 11/24/2017 -- Strong demand for smartphones, tablets, and LCD/LED TVs in Asia Pacific will continue to fuel the global consumer electronics market. Global revenues are projected to reach nearly US$ 3 trillion in 2020, up from an estimated US$ 1.45 trillion in 2015. The key trends that will shape up the market during the forecast period include,
Rising disposable income among the middle class in China and India is expected to create steady demand for consumer electronics, such as smartphones, tablets, and TVs. Demand in developed markets of North America and Europe will be influenced by technological upgrades to existing models.
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Growing internet penetration in developing countries can lead to an increased demand for smartphones, tablets, and laptops. Video on Demand (VoD) and internet-only shows are gaining popularity in Asia Pacific. This is influencing consumers to shift to larger displays, and in turn, boosting tablet, phablets, and laptop sales.
Outside of Asia Pacific, markets in Latin America, Middle East, and Africa will remain lucrative for low-cost consumer electronics. A significant percentage of new sales in these markets will come from rural consumers, many of who are yet to buy their first smartphone.
Smartphones will Dominate Global Consumer Electronics Revenues
Smartphones will continue to be the highest selling smartphones, with global revenues projected to reach US$ 768 Bn in 2017, up from US$ 544.2 Bn in 2015.
Bulk of these smartphone sales will occur in China and India. China, the largest smartphone market, will continue to witness higher sales of domestic players, as they have a huge cost advantage over their multinational peers.
Global smartphone revenues are anticipated to reach US$ 777 Bn in 2017, up from US$ 544.2 Bn in 2015, with a high percentage of sales revenue coming from China and India. Tablets and digital media adapters are the other segments that are expected to grow at a high rate during the forecast period. In contrast, feature phones, will continue their downward spiral with global revenues decreasing by 5.3% CAGR through 2020.
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While Asia Pacific will remain at the forefront of global demand, markets in Latin America and Eastern Europe will grow at high double-digit CAGRs during the forecast period. The consumer electronics market in North America will grow at 13.2% CAGR, the lowest among all the regions. Middle East & Africa (MEA) currently the smallest market in terms of global revenues, will surpass Japan to become a US$ 200 Bn market by 2020.
Samsung Electronics Co. Ltd., Apple Inc., Hitachi Ltd.HP Inc., Sony Corporation, Panasonic Corporation, LG Electronics Inc., Toshiba Corporation, and Koninklijke Philips N.V. are among the leading players in the global consumer electronics market. The key players are consolidating their position by expanding their operations Asia Pacific.
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