The global consumer electronics market is expected to grow by more than 5% in the CAGR from 2016 to 2023.
The growing demand for connected devices and advanced consumer electronics around the globe is fueling the growth of the consumer electronics market. In addition, the launch of digital initiatives by governments in emerging economies such as China, India and Brazil is increasing consumer electronic devices, especially smartphones, tablets and laptops. Moreover, the expansion of the urban population, complemented by an increase in disposable income, is expected to boost market growth over the forecast period. However, high costs associated with wearable devices and data privacy and security threats are expected to hinder the growth of the consumer electronics market to some extent.
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The global consumer electronics market ecosystem consists of consumer electronic device providers, connected device providers, and wearable device providers. The market is primarily dominated by major vendors such as Apple Inc., Samsung Electronics and LG Electronics Inc. Key players in the consumer electronics market are focused towards investing substantial amount on research and development activities to develop innovative and cost-effective products to gain competitive advantage in long run.
Major players operating in the global consumer electronics market are Apple Inc., Samsung Electronics Co. Ltd., HP Inc., LG Electronics Inc., Sony Corporation, Toshiba Corporation, Panasonic Corporation, Hitachi Ltd., Koninklijke Philips N.V and Panasonic Corporation.
On the basis of the electronic device, the global consumer electronics market is categorized into following segments:
- Feature Phone
- Smart TV
- Other TV
- Personal Computer
- Set-top Box
- Digital Camcorder & Camera
- Digital Media Adapter
- Game Console
- The strategic partnership among major players to drive market growth
- Consumer shift towards connected consumer electronics
- The surge in acquisitions and mergers to gain market share, increase customer base and strengthen market footprints
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