Consumer electronics is a vast field that includes numerous electronic devises for home and office and includes communication, personal use and entertainment requirements. Spiraling demand for consumer electronic devices for personal and official use are driving the market worldwide. Consumer electronic devices include notebooks, radios, laptops, tablets, personal computers, digital cameras, audio equipment, calculators, personal care devices and gaming consoles among the classifications of products.

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The Market of Consumer Electronics 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.

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.

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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.

Major players in the Consumer Electronics Market include Samsung Electronics Co. Ltd, Sony Corporation, LG Corporation, Apple, Inc, Canon, Inc, Nikon Corporation, Koninklijke Philips N.V., Panasonic Corporation, Dell, Inc, and Hewlett-Packard Company. Continuous focus on research and development, short turnaround product upgrade cycles, focus on emerging economies, expansion through mergers, multichannel retailing, innovations and horizontal integration are few of the strategies adopted by leading players in the consumer electronics market.

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