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 show promising growth reaching almost $1 trillion, with a CAGR of 5%-7% between 2020 and 2027.
Consumer electronics are part of the consumer product sector which are electronic equipment intended for personal or everyday use. The consumer electronics 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 more market share, 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 factors, namely growing global internet use, rising disposable income, the emergence of novel technologies, and cross-functional connectedness.
Domestic or home appliances are machines that assist in household functions and tasks. 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, and social and demographic trends. Convenience and ease of use are the main drivers for 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 without much initial growth. The early adopters experienced some pain points causing a laggard in the market. Many consumers may still not fully comprehend connected device value propositions which caused early doubts in the mainstream market. Technological advances may also need to be explored in developing smart home devices to create valuable propositions for consumers. Currently, consumer preference for connected homes is mainly influenced by price, energy-saving potential, reliability, and ease of use. The market still has a ways 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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