The digital transformation has accelerated the technology industry and consumer adoption of technological electronics equipment has grown more rapidly than before. The market size is anticipated to display promising growth reaching almost $1 trillion, with a CAGR of 5% - 7% growth between 2020 and 2027.
Consumer electronics is part of the consumer product sector which are electronics equipment intended for personal or everyday use. The consumer electronic market gains profit through the sales of the product. Additionally, there is an increasing demand for these electronics to be digitally compatible and connected with the internet or other devices. The global consumer electronics market is fragmented with big companies holding dominant shares.
The change in consumer preference to convenience has led many personal computers companies to alter their strategy from producing PCs to laptops. Advanced technology in the computer industry has led to increased competition among the industry players. In order to gain the market, competitors may deploy an efficient supply chain, frequent release of unique products, aggressive marketing campaigns, or efficient manufacturing channels. The growth of the laptop industry is credited to various success strategies and implementations executed by industry players. The laptop industry itself is driven by a number of stimulants, namely growing global internet penetration, rising disposable income, emergence of novel technologies, and cross-functional connectedness.
Domestic or home appliance is a machine which assists in household functions. The segment is a multi-billion dollar industry and is forecasted to grow further in the future. The sector growth is mainly impacted by consumer lifestyle, income distribution, social and demographic trends. Convenience and ease-of-use are main drivers to bring valuable propositions to consumers. The leading multinational players in the sectors are Panasonic, LG, Samsung, Sony, Voltas, AB Electrolux, and BSH home appliances.
The vision of smart homes has been circulated in the past few years with not much initial growth. The early adopters experienced some pain points to be addressed causing a laggard in the market. Many consumers may still not fully comprehend connected device value propositions which caused an early doubt on the mainstream market. In addition, technological advances may need to be explored in developing smart homes devices to create valuable propositions for consumers. Currently, consumer preference on connected homes are mainly influenced by price, energy saving potential, reliability, and ease of use. The market still has a journey to go before it reaches its full potential. Connected devices are disrupting every corner of the home, among others are home intelligence, energy efficiency, entertainment, access control and security, and general connectivity.
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