INDUSTRY REPORT
“ The global consumer electronics ’ market size was worth around US $ 1.10 trillion in 2021 and is estimated to grow to about US $ 1.70 trillion by 2028 .”
INDUSTRY REPORT
SMART AND CONNECTED
We highlight growth patterns , technology innovations , trends and forecasts for global consumer electronics ’ markets .
The market for consumer electronics is continuously growing and altering in response to trends that have emerged in recent years . Consumer electronics have swiftly become an essential part of modern living . Because of developments in technology , manufacturers are continuously coming up with innovative new products to meet the ever-evolving demands and preferences of end users .
Consumer electronics are designed to make the mundane tasks of daily living easier , more productive and more pleasurable . Examples include items such as smartphones ; laptops ; tablets ; televisions ; digital cameras ; game consoles ; audio / video equipment ; major / small household appliances and smart home / wearable technologies . The personal segment is expected to see considerable growth opportunities due to falling prices for personal electronic items and rising spending on products such as Bluetooth speakers , smartphones , earphones , wearables etc . The electronics industry is an important part of the manufacturing export sectors of many Asian industrial economies including mainland China ; South Korea ; Japan ; Singapore ; Taiwan ; Malaysia ; Thailand and Vietnam . Market drivers include the increasing use of smartphones in daily life and the greater use of advanced technologies in new product development ( such as micro-LED technology in TVs ).
Global market analysis
“ The global consumer electronics ’ market size was worth around US $ 1.10 trillion in 2021 and is estimated to grow to about US $ 1.70 trillion by 2028 , with a compound annual growth rate
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30 | ismr . net | ISMR October 2023