Fueling the Consumer Electronics Market Now and in the Future

By 2027, the global consumer electronics market is going to see significant growth. Much of this has to do with the growing popularity of smart home appliances. Below are the six trends powering this.

1. Personal consumer electronics are growing in Europe

The consumer electronics market share is seeing growth in Europe. This can be attributed to millennials’ love for wearable devices like Fitbits, weight trackers, and smartwatches in Spain, Italy, Russia, and the United Kingdom.

2. E-commerce channels in Europe minimized company losses in the last two years

In 2020, the world felt the impact of supply chain and production delays caused by COVID-19. Delays in investment calls negatively impacted orders and profits. With only e-commerce channels open, discount platforms began offering huge discounts that offset revenue losses.

3. More professional audio and video equipment installations in India and China

The past few years have witnessed more investment by Chinese and Indian enterprises in smart audio and video systems. This is true for numerous educational institutions, corporate settings, healthcare establishments, and government offices.

4. Air conditioning growing more popular in the Asia Pacific

China, India, and Japan have seen higher demand for advanced air conditioners due to the increase in temperatures. Industry players have been launching new products to meet the demand. Hitachi Air Conditioning and Johnson Controls even introduced a new air conditioning line in March 2021.

6. Greater use of kitchen appliances in North America

The consumer electronics market in North America is projected to grow substantially by 2027. Industry players have noticed the recent popularity of smart devices in the kitchen. This has made them release fully equipped suites that feature dishwashers, convection wall ovens, induction cooktops, refrigerators, and microwave ovens for improved comfort, efficiency, and cleaning times.

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