The smart revolution
Consumer electronics denote electronic equipment for non-commercial 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. It 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.
“There is also a large presence of leading players such as Samsung; Sony; LG; Panasonic and many others in the Asia-Pacific region. In addition, increasing disposable incomes and population increases have supported the high utilisation of home appliances which, in turn, propels growth of the consumer electronics market in this region,” it added.
Analyst, Valuates, believes that the personal segment will witness considerable growth opportunities due to falling prices for personal electronic items and rising spending on products such as Bluetooth speakers, smartphones, earphones, wearables etc.
Smart home automation
Any collection of gadgets, systems or appliances that are connected to a single network and may operate independently and from a distance are referred to as smart home automation. A connected home is a more general term for a home's technology when it functions as one system. As an illustration, the home's thermostat; lighting; audio speakers; security cameras; TVs; locks; appliances and more are all interconnected into a single system that can be managed from a smartphone or via a mobile touchscreen device.
One of the major benefits of employing a smart home automation system is that it allows the user to remotely monitor their entire house. The rising focus on energy conservation and reduced carbon emissions are anticipated to drive market growth. Improved regulatory initiatives by governments for deploying smart home devices to save energy are encouraging people to adopt these products, thereby significantly impacting market growth.
The global smart-home automation market size is expected to reach US$ 187.8 billion by 2028, rising at a market growth of 15.2% CAGR during this period, according to ResearchandMarkets.
To read the rest of this article in the October 2022 issue of International Sheet Metal Review, see https://joom.ag/ODzd/p46