Electronic consumer goods commonly known as consumer electronics (CE’s) are electronic equipments utilized in routine life activities on a daily basis. A radio receiver was probably one of the oldest such electronic equipment, however today there are numerable products such as the DVD players, Mp3 players, high definition televisions, personal computers, laptop computers and digital cameras which have flooded the consumer electronic market making it a colossal industry. The latest products that enter the industry are showcased annually in the Consumer Electronics Show (CES) which is held in Las Vegas in the United States of America since the year 1967. Since the evolution of these electronic products, their usage has only gained in numbers and presently it is a wide spread industry having a presence in both developed and developing nations.
The global consumer electronics industry grew to a value of $258 bn with the finish of 2009; this sped an annual growth of 1.4%. The industry has witnessed a much positive trend in most recent times as the growth is clocking to more than a whopping 14% since 2009 and the global market is estimated to be worth $290 bn by the end of 2014. As per a research report, the industry is about to have a CAGR growth of 5.59% for 5 years span from 2013 to 2018. The sales chat of the industry is very interesting as different electronic products enjoy different shares of demands in diverse parts of the globe. The audio-visual equipment section is the major contributor which brings in 91.3% of the total revenue of the industry. America is the largest consumer of this industry which holds a strong share of almost a half (47.6% to be exact) of the total world consumption of these consumer electronic goods. Along with the US, the consumption is also spread at large to other parts like the APAC and the EMEA countries.
By enlarge the consumer electronic industry today can be segmented into five major sections- the in-car entertainment equipments, televisions, home and portable audio equipments, playback devices and digital cameras (image capturers and recorders). The High-Definition TV’s is currently ruling the sales among all the electronic devices. The routine up gradation of technologies and developments to the details of viewing is keeping the segment on demand for a while now. This segment is vastly watched worldwide as consumers from around the globe are keen to upgrade themselves to the newest availability of the industry. As per the market reports, the Ultra HDTV’s are the latest addition in the segment. Similar to the HDTV’s the global consumer electronic market has a vast range of new product-lines from different segments that is propelling the profit making trend of the industry.
The cost element is another important driving force for the industry globally; the count of vendors joining around is increasing and so is the level of competition. Each seller is doing his bit and offering the products at the best possible price tags. Therefore, the consumer has now for real turned the king of this industry as the options are ubiquitous.
There is further lucrative news for the industry on a global front as experts are forecasting a CAGR growth of above a 6.5% mark for the span of next 6 years (2014-2020). Sony Corp, Samsung Electronics, LG Electronics, Panasonic Corp, Toshiba Corp and Hitachi Ltd are few of the giants operating in the robust industry.