Developments in information technology and digitization have greatly influenced the consumer electronics market. Consumer electronic products now come integrated with technologies such as Wi-Fi, Bluetooth or Ethernet capabilities which provide better internet connectivity and also enable communication with other electronic devices. Moreover, growing popularity of internet of things (IoT), consumer preference for sophisticated gadgets and introduction of next generation displays have led to emergence of smart wearables such as smart watches and fitness tracker.
Broadly, consumer electronics market is segmented into handheld devices, televisions, cameras and camcorders, personal computers, audio/video devices, personal care products and gaming consoles. Handheld devices such as smartphone dominate the consumer electronics market and are expected to retain its position in future. Personal computers can further be segmented into laptops, desktops and notebooks. Audio/video devices are classified into portable mp3 players, set-top box, music systems and others. Personal care products generally include shavers, hair dryers, trimmers and others.
Consumer preference is shifting from single function products to multi-functional devices. For example, smartphones equipped with advanced features are eliminating the need for single function products such as laptops, GPS navigators, still cameras, alarm clocks, gaming devices and others. Smartphones and tablets are also presenting a stiff competition to gaming devices by emerging as a substitute for gaming consoles.
Innovative technological developments and their acceptance by the consumers is a key growth driver for consumer electronics market. Consumer electronics market is giving more emphasis on mobility, connectivity and personalization which is facilitates seamless and meaningful connectivity for consumers. In addition, factors such as growing disposable income, reduced price of electronic devices and their wider availability are contributing to the market growth. Conversely, consumer electronics industry is facing some restraints such as increasing price competition, maintaining quality & efficiency and rising labour and raw materials cost.ASDReport.com offers an extensive repository of reports on consumer electronics market. The reports cover various topics and technologies related to consumer electronics market like, heads up display, electronic wearables, flat panel displays and much more.