ISMR October 2022 | Page 46

INDUSTRY REPORT

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THE SMART REVOLUTION

We highlight growth patterns , technology innovations , trends and forecasts for global consumer-electronics markets .
“ Initiatives are underway to integrate modern technologies such as 5G , IoT , AI and machine learning into electrical equipment .”

Consumer electronics denote electronic equipment for noncommercial use . They include devices that provide one or more functionalities such as computers ; laptops ; mobile devices ; smart wearables ; television sets ; refrigerators ; smartphones and home appliances . The global consumer electronics ’ market is highly driven by consumers ’ desire for more innovative and advanced technology .

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 .
The global consumer electronics ’ market is projected to witness significant growth in the next few years . However , the pace of expansion has showed some moderation during the first half of 2022 , with the August 2022 S & P Global Electronics PMI survey signalling that the sector has “ begun to experience contractionary conditions .”
Global market insights
Vantage Market Research ’ s recent analysis of the global consumer electronics ’ market finds that increasing investment by leading market players in research and development activities to produce new consumer electronic items with enhanced features is anticipated to drive the growth of the market . However , lower penetration in less developed countries may act as a restraining factor and may hamper market growth .
“ The global consumer electronics ’ market revenue is expected to reach a value US $ 964.6 billion in the year 2028 . It was worth US $ 728.1- billion in 2021 and is expected to grow at a Compound Annual Growth Rate ( CAGR ) of 4.8 % up to 2028 ,” commented the analyst .
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 ).
The analyst expects the Asia Pacific region to dominate the worldwide consumer electronics ’ market , due to increasing demand for electronics items such as speakers , monitors and wearable devices . Growing gaming trends have also increased demand for consoles , video games and monitors .
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