Consumer electronic products are rapidly evolving in order to meet the shifting requirements of consumers. The reducing costs of consumer electronic devices and the launch of technologically advanced products are the key factors fuelling the development of the market for consumer electronics.
The wishes of a number of manufacturers and retailers have been fulfilled as the autonomous wearable electronics’ sales is projected to rise at a whopping 56% CAGR on the basis of volume from 2015 to 2020. The products such as LCD TVS and laptops have proven to be resilient owing to the fact that manufacturers have invested for the reinvention on these conventional technologies.
- Convertible Laptops’ Declining Retail Sales: The convertible laptops are priced more than the conventional laptops. Thus, the rising demand for convertible laptops will come up with huge profit margins for both retailers and manufacturers.
- Boom of in-Car Entertainment Products: Increasing number of passenger cars are increasing demand for products of in-car entertainment. The prices of these products are also high owing to the fact that car enthusiasts are ready to expend more money for upgrades, thus boosting the market for in-car entertainment products.
- TVs to Maintain their Space: Consumers are demanding big-screen LCD TVs and the demand for ultra HD TVs is also raising the demand for the segment of TVs. Thus, this segment to maintain its superiority, particularly in households.
- Sales of Smartphones to Boost the Segment of Wearable Devices: Due to the fact that smartphones have become a major necessity in everyone’s life, this is why consumers are willing to invest in wearable devices too as wearable devices can enhance their smartphone experience altogether.
- DSLRs may Impact Overall Market Positively: Though the demand for DSLRs is on the decline owing to the high prices of digital cameras, still some consumers still demand these cameras in quest of enhanced quality.
- Store-based Retailers to Lead: Though there is robust development in internet retailing, still store-based retailers will lead as a number of consumers give preference to testing products prior to buying.
Thus, the launch of cutting-edge products by prime players will boost the market for consumer electronics.