The Continuing Growth Story of Consumer Electronics and Appliances Market | Samsung, Apple, Sony
Updated · Jun 15, 2023
Published Via 11Press : Consumer Electronics and Appliances Industry Background: Consumer electronics and appliances cover a wide range of electronic gadgets and home furnishings intended for individual usage. Smartphones, computers, televisions, stereo systems, and gaming consoles are examples of consumer electronics, which also include other electronic devices used for communication, entertainment, and productivity. Appliances, on the other hand, are mechanical or electrical devices used in homes for things like cooking, cleaning, and climate control.
Products in this category include air conditioners, vacuum cleaners, washing machines, dishwashers, and refrigerators. Modern conveniences, pleasure, and increased productivity are all made possible by consumer electronics and appliances. These goods are becoming a necessary component of contemporary homes, fueling the need for cutting-edge functionality, connection, and energy efficiency. Major players in the market include global organizations and local producers who work hard to consistently supply cutting-edge, user-friendly, and dependable products to fulfill the shifting needs of consumers. With a wide range of client categories and applications, the consumer electronics and appliance market is enormous and diverse.
|Value Unit||USD (Million)|
|Scope Customization||With the purchase of the Consumer Electronics and Appliances Market report, get customization. Subject to practicality, you can include or change a country, or area, or acquire a more detailed segmentation in the final output.|
An Ultimate PDF Guide On Consumer Electronics and Appliances
Major Companies Profiled in This Report
- Apple (United States)
- Microsoft Corporation (United States)
- Samsung (South Korea)
- Intel Corporation (United States)
- Huawei (China)
- Sony (Japan)
- IBM (United States)
- Sony Ericsson (Sweden)
- Panasonic (Japan)
- HTC Corporation (Taiwan)
Consumer Electronics and Appliances Market Key Business Segments
- Audio & Visual Electronics
- Home Appliances
- Kitchen Appliances
- Personal Care Devices
- Robotics and artificial intelligence
- Medical applications
Key Developments in the Market:
- For over $20 billion in cash and equity on September 15, 2022, Adobe acquired Figma, a web-based collaborative design platform. By combining capabilities for brainstorming, sharing, creativity, and collaboration and distributing these advances to hundreds of millions of customers, the companies’ combined product portfolio will have a unique opportunity to fuel the future of work.
- On January 4, 2023, Samsung Electronics Co., Ltd.’s subsidiary HARMAN, which specializes in designing consumer experiences for the automotive market, unveiled HARMAN Ready Display, a lineup of display products that includes Neo QLED Auto and makes use of Samsung synergies to bring cutting-edge consumer electronics display experiences into the car.
- Due to the presence of numerous well-established competitors, fierce competition, and constant innovation, the consumer electronics and appliance market is extremely competitive. By providing state-of-the-art technology, excellent product quality, aggressive pricing, and a strong brand identity, businesses attempt to set themselves apart from the competition.
- The market is characterized by regular product introductions, marketing initiatives, and tactical alliances to acquire a competitive edge. The industry is also driven by consumer tastes, shifting lifestyles, and developing technological trends, all of which exacerbate rivalry between businesses. There are also lots of smaller, local companies that serve particular market segments or niches. These businesses frequently concentrate on specialty goods or aim their marketing at particular customer groups.
The Waste Electrical and Electronic Equipment Directive is a law that applies to all of Europe and, consequently, to the majority of goods with a global market. The directive lays out guidelines for the recovery, collection, and recycling of materials from all types of electrical equipment. This requirement and the Restriction of Hazardous Substances Directive (RoHS), which regulates the use of hazardous materials in electronics components, are closely related.
- Smaller components or gadgets have been produced as a result of the miniaturization trend. VLSI designs have enabled the miniaturization of devices with higher component densities as a result of the market trend toward smaller products to make them more portable and manageable. This frequently causes the cost of production to decrease, which lowers the price of the product. As chip components and integrated circuits replace the majority of conventional components, this trend is anticipated to continue and have an impact on the market for conventional components.
- One technological development that has the potential to completely transform India’s manufacturing industry is the merging of IoT and AI. Increases in productivity, efficiency, and product quality can all be achieved by integrating these technologies. Appliances that are altering how consumers interact with their homes must be considered “smart,” according to industry buzzwords. Appliances today add more value to a client’s life than just customer convenience, becoming indispensable.
Market Growth Drivers:
- Consumer preference changes, increased disposable incomes, and technological developments are the main factors behind the industry’s explosive growth in consumer electronics and appliances. The electronics industry will have more opportunities for expansion as broadband use rises. This market sector is also projected to increase demand for electronic products and components due to the high need for internet and communication equipment, particularly mobile handsets and their accessories.
- In order to make renting appliances more appealing than buying them, the industry is also looking at selling appliances as well as renting them out with add-on services like free maintenance and relocation. This is aimed at customers that require appliances for a little period of time or don’t want the headaches of servicing, repairs, etc. Consumers are getting more tech-savvy and want to stay up to date with the newest and newest technologies. They want goods with artificial intelligence integrated in that make their lives easier.
- The cost of inputs and raw materials rising in the consumer electronics and appliances sector forecasts growing business prospects for consumer electronics and appliances notwithstanding inflationary concerns brought on by the current geopolitical conditions, particularly since there is anticipated to be demand for several items. Implementation costs present another difficulty. Some manufacturers could be discouraged from implementing IoT and AI because the initial expenditure needed to build up such infrastructures can be fairly high.
- In order to guarantee the safe and secure use of these technologies, there are additional considerations regarding data security and privacy that must be addressed. A more digital lifestyle that has raised expectations across the entire buying cycle is what is driving the shift in customer expectations. Customers want a seamless experience across all channels, they want more individualized goods and services, and they have higher demands for order and delivery transparency and speed. All of these expectations influence how they perceive the purchase and use of smart linked gadgets.
- It is expected that the trend toward smart connected gadgets and associated subscription pricing will continue, and this transition will alter how consumer electronics and appliance firms view customer involvement. Smart connected gadgets with subscription pricing establish a recurring relationship touchpoint between consumers and brands and give these companies a chance to increase client loyalty.
- Power electronics devices and components, such as power management semiconductors, have already experienced significant growth due to EVs and other mobility-related products. The total electronics content of EVs will rise as technology advances due to the demand for longer driving ranges between charges, quicker battery recharge periods, and greater integration of electronics for infotainment, safety, and security, among other uses.
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Study on Consumer Electronics and Appliances Provides Insight Against Difficult Background
— Key features and the current quo of the consumer electronics and appliance market. To put an end to this, HTF Market Intelligence analysts organized and conducted surveys of companies in the consumer electronics and appliances sector. The resulting snapshot provides a foundation for comprehending the reasons for and the methods by which the consumer electronics and appliances sector is anticipated to evolve.
– The direction the industry for consumer electronics and appliances is taking. Surveys, expert interviews, and financial analyses are used to glean insights.
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