Latest News- Personal Consumer Electronics Market: Smartphones is expected to lead the Product Type segment during 2024-2028

The Personal Consumer Electronics Market is being driven by Frequent product launches of personal consumer electronics

The Personal Consumer Electronics Market is expected to grow at a CAGR of 5.01% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 96.2 billion. In the dynamic business landscape, e-commerce has emerged as a key growth driver for various industries, including personal consumer electronics. With the increasing preference for online shopping among consumers, businesses are increasingly relying on e-commerce platforms to expand their reach and connect with customers. This trend is expected to continue as new technologies and services streamline the online shopping experience. On these platforms, consumers can browse a vast selection of consumer electronics, categorized by distinct product types, price points, and brands. Prominent e-retailers such as Amazon.com, JD.com, and Alibaba Group, offer an extensive range of personal consumer electronics, providing unparalleled convenience and accessibility to customers. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product Type
  • Smartphones
  • Tablets/laptops/notebooks
  • Portable devices
  • Digital camera
  • Others
• Distribution Channel
  • Offline
  • Online
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Frequent product launches of personal consumer electronics
• Adoption of energy-efficient personal consumer electronics
• Growing investment in research and development activities

However, the market also witnesses some limitations, which are as follows:

• Fluctuation in prices of raw materials and operational cost
• Long product lifecycle of major appliances
• Stringent regulation by governments on manufacturing personal consumer electronics

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Market Scope in Personal Consumer Electronics Market Research Report

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Research Analysis Overview

The Personal Consumer Electronics Market encompasses various aspects, including mobile operating systems and app ecosystems, device security, and data privacy. Key features include battery life, processor performance, display technology, camera technology, audio quality, haptic feedback, and user interface design. Interaction is facilitated through touchscreen technology, gesture recognition, voice recognition, and facial recognition. Biometric authentication, wireless charging, fast charging, network connectivity, and data transfer speeds are also essential. Cloud and local storage, digital content creation, photo and video editing, content sharing, social media integration, personalized content, and recommendation systems are additional features. Digital entertainment platforms, gaming platforms, subscription models, digital marketing, advertising technology, personalized advertising, and e-commerce platforms complete the landscape of the market.

Market Research Overview

The global consumer electronics market encompasses businesses involved in the manufacturing and marketing of various innovative devices, including wearable tech, smart speakers, gaming consoles, streaming devices, virtual reality headsets, augmented reality devices, and smart home devices. This market, as per Technavio, is estimated to grow significantly due to the continuous introduction of advanced, feature-rich products by leading consumer electronics companies. The market's size is determined by the consolidated revenues generated from the sales of these aforementioned consumer electronics, as well as furnishings and decorative products, household appliances, and homeware. Exclusions from this market include mobile phones, PCs, peripherals, video games, gaming consoles, and gaming peripherals, which fall under different market categories.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/