Albany, NY, June 3, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Consumer Electronics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022" the market was valued at US$ 1,074.56 Bn in 2013 and is expected to reach US$ 1,550.34 Bn by 2022, growing at a CAGR of 4.0% from 2014 to 2022. Asia Pacific was the largest revenue contributor in 2013, accounting for 31.50% of the global consumer electronics market revenue.
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Increasing disposable income, decreasing prices of consumer electronic devices in the price sensitive regions and introduction of technological advanced devices are the primary factors driving growth of the consumer electronics market globally. The consumer electronics market lately has witnessed increase in demand for wireless speakers and wireless headsets, mainly fueled by growing popularity of on-demand infotainment services and increasing consumer preference for mobility. Asia Pacific is analyzed to be the fastest growing market for consumer electronics during the forecast period. The growth in this region is mainly driven by India, South Korea and China. Low-cost domestic products are further cementing the demand of consumer electronics products in emerging regions.
Browse Press Release of Consumer Electronics Market: http://www.transparencymarketresearch.com/pressrelease/consumer-electronics-market.htm
The global consumer electronics market is expected to witness high demand during the forecast period mainly driven by decreasing prices of smartphones, growth in online retailing industry. Major players are aiming at increasing its regional reach by strengthening its distribution network. The major focus is on multi-channel retailing. The consumer electronics industry in Asia Pacific, Middle East and Africa, and Latin America are anticipated to continue witnessing usage of low cost handheld devices. With this, leading payers are expected to introduce their products with different pricing strategy in these regions. Consumers are rapidly adopting mobile technologies to interact with other devices thereby propelling the adoption of new consumer electronics devices.
The residential segment is the largest end-use application segment driven by increasing demand for smartphones and tablets. Smartphones are suppressing the demand for other consumer electronics products such as cameras, hand held gaming devices, laptops, MP3 audio players. Decline in average selling price of products is further affecting vendor's profit margin in consumer electronics market. Companies are under constant fear with respect to their investment in developing products as there is a possibility of market shift toward other product with enhanced capabilities. With a lot of untapped market, emerging countries such as India, China, Brazil, UAE and South Korea have offering potential market opportunities in terms of revenue for consumer electronics market.
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The report analyses global consumer electronics market and provides estimates in terms of revenue (US$ Bn) from 2012 to 2022. Market estimates are provided for segments, categorized on the basis of type of products, end-use applications and geographies.
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Market Segmentation of Global Consumer Electronics Market:
Consumer Electronics Market, by Product Type
- Handheld Devices
- Personal Computers
- Cameras and Camcorders
- Audio/Video Devices
- Personal Care Products
- Gaming Consoles
Consumer Electronics Market, By End-Use Application
Global Consumer Electronics Market, By Geography
- North America
- Asia Pacific
- Middle-East and Africa
- Latin America
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research