Published On : 01 Oct 2018
Consumer appliances comprise a wide variety of micro and macro categories such as home audio and cinema, computers and peripherals, in-car entertainment, imaging devices, portable players, mobile phones, home appliances, video players, and televisions. Growing adoption of smartphones, rapid expansion and penetration of the internet, and rising disposable income especially in emerging economies has helped maintain a steady demand for consumer appliances in the past few years. Thanks to an expanding automotive industry, income growth, and increasing car ownerships, the demand for in-car entertainment in developing countries is going to grow. On the other hand, this category of consumer electronics is estimated to decline in developed regions.
Smartphones with high-quality cameras have gained much popularity, causing the demand for digital cameras to drop drastically. Even though manufacturers of digital cameras and lenses are reducing prices and offering great deals on various kinds of camera equipment, the overall volume sales of digital cameras has taken a severe hit. Some of the key players in the world catering to the aforementioned categories are LG Electronics Inc., Apple Inc., Panasonic Corporation, Toshiba Corporation, Koninklijke Philips Electronics N.V, Sony Corporation, Sharp Corporation, and Samsung Electronics Co. Ltd.
North America Market Treading on a Sluggish Growth Path
Research analysts name North America as the leader of the consumer electronics market. And while this might be statistically true, what holds prominence is the fact that this developed regional market has attained full maturity. Even with tablets and smartphones driving the growth of the North America consumer electronics market, the overall volume sales are less than impressive. New product launches and middle-market prices are some of the tactics adopted by vendors of consumer electronics.
Asia Pacific to Present Promising Growth Opportunities
Analysts have stated that Asia Pacific will be the fastest-growing geographical segment in the global consumer electronics market. This will be made possible due to the presence of large metropolitan areas and ever-expanding urban population, which will ensure that the benefits of economic development are reaped to the maximum. This is bound to have a positive impact on the consumer appliances market. Household and social structures in developing markets of Asia Pacific will be largely impacted by wealth migration and large-scale urbanization. With change in lifestyle, the consumer appliances sector is anticipated to be one of the popular markets.
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Female employment is on the rise in countries of this region. This has led to an increase in disposable income in families, thereby driving the purchasing power of consumers towards consumer applainces such as televisions, home appliances, and smartphones. With Asian households greatly beginning to resemble developed Western counterparts, spending priorities have witnessed a significant shift. Appliances directed towards individual use such as tablets, smartphones, and cameras have gained higher demand compared to family-oriented products.
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