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.
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.
The demand for air conditioners in the major household appliances segment is anticipated to rise over the forecast timeline. Increasing income levels and rising temperatures of the middle-class population in countries such as China and India further contribute to the segment growth. Rising penetration of air conditioners can also be credited to the declining price of such appliances. In the U.S., energy consumption by air conditioners almost doubled owing to the changing climatic conditions as well as increasing size of homes. The kitchen appliances, such as ovens, and cookers, are expected to witness a high demand owing to the rising adoption of technologically-advanced products coupled with changing lifestyles in urban areas contributing towards the overall consumer electronics market.
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North America consumer electronics market is anticipated to witness substantial growth during the forecast timeframe owing to large-scale technological advancements. The region is fast adopter and developer of new technologies such as 5G technology for smartphone users. Consumer spending on high-end electronics in the region is due to the high disposable income and low consumer debt, allowing an increasing number of consumers to incorporate these technologies as a part of their daily lives.
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.
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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