What is Consumer Electronics?
Consumer electronics are the equipment that is used for day-to-day life, which consist of devices used for entertainment, recreation, and communications. White goods such as washing machines and refrigerators are used for housekeeping tasks. Every individual uses computers mobile, and headsets to make life easy. In the 20th-century consumer electronic industry emerged & today it is one of the largest global industry.
Here are some drivers of the consumer electronics market:
Technological adoption:
Consumers are becoming up-to-date with the latest and newest technology. The changing lifestyle of people and increasing disposable income is one of resion for the growing consumer electronics industry. Increasing industrialization strengthens the economy of developing nations. Therefore, people are spending more on electronic things to make life much easier. Various new technologies are introduced day by day. Increasing awareness of new technologies in developing nations and increasing populations are expected to grow the consumer electronics industry in the upcoming years.
Government initiatives boost the consumer electronic industries:
Government bodies are making an effort to promote the consumer electronic industries. For instance, the Indian government selected 42 companies under the PLI scheme for white goods with a committed investment of us$ 580.6 million. In addition, in July 2021 the Indian government approved 14 companies under the production-linked incentive scheme for IT hardware. According to India brand equity foundation Indian electronics manufacturing sector will reach us$ 300 billion in 2025. Therefore, government initiatives will boost consumer electronics market growth in the upcoming years.
Here are some restraining factors of consumer electronics:
Lower penetration in underdeveloped countries:
According to the international energy agency, globally 20 million people do not have electricity access in 2022. It seems the low penetration of technology. In the triable areas, people are not aware of the technology. They have low-income levels so they will not spend on electronic goods. These factors may restrain the market growth of consumer electronics.
Conclusion:
The consumer electronics industry is one of the booming industries around the globe. The driving factors of the consumer electronics industry are increasing technological adoption and government initiative to boost the market. The top market players are focusing on innovation and advancement in their products to dominate the market.
Author's Detail:
Smruti Ransingh /
LinkedIn
Smruti Ransingh, holding a Bachelor's degree in Electronics and Telecommunication Engineering, is a seasoned market researcher in the Electronics & Electrical industry. Over the years, she has collaborated with key players in the field, aiding them in identifying market prospects and offering effective strategic solutions. Her proficiency lies in integrating qualitative and quantitative research techniques to conduct Market Assessments that steer business choices.
