Consumer electronics is a broad category of products. These devices can be used for communication, entertainment, and recreation. Because of their dark casings, consumer electronics are often called “black goods”. Because of their dark casings, it can be difficult for consumers to distinguish them from other goods. Listed below are some of the key elements of the consumer electronics market. This article should help you to better understand the sector.
Market size
The consumer electronics market is expected to grow at a healthy rate from 2017 to 2025. It is expected to reach USD 3,428.5 million by 2022, which is a CAGR 15.6%. Moreover, the demand for smart devices such as the latest huawei phone is expected to increase over the forecast period. As new products are created and released, the market is expected to experience strong growth.
Growth rates
The global consumer electronics market is expected to increase at a steady rate over the next few years. It is expected to grow 7.6% per annum between 2017-2025. In fact, 2020 was expected to be the year of the greatest market growth. This industry is expected to see the greatest growth in 2022, due to lockdowns and a lack of entertainment opportunities.
Major companies
The world’s top companies in consumer electronics are driving phenomenal growth. The majority of this growth can be attributed to the sector of consumer electronics. Increased demand for peripherals and computing devices has resulted from the rise in work-from-home lifestyles. The popularity and demand for consumer electronics products, such as monitors, tablets and laptops, is also increasing.
Components
The ECIA is an association of top electronic component manufacturers, authorized distribution partners, and other industry leaders. The ECIA facilitates industry collaboration and promotes the sale of authorized electronic components. ECIA members provide valuable business intelligence and help to develop technical standards that are useful for all levels of the electronics supply chains. The organization also assists manufacturers in maintaining the quality of their consumer electronics components. Its members strive to reduce costs and improve efficiency throughout the value chain.