Portable Electronics Market is garnering huge traction around the globe owing to the burgeoning electronics industry. These tiny, lightweight, and easy to carry electronics are durable, faster and immune to outside effects like solar and electromagnetic fields. These special qualities have helped portable electronics to garner huge popularity and increasing sales. This, in turn, is escalating the market growth on the global platform and the portable electronics market is growing persistently.
Acknowledging the exceptional growth the market is witnessing and the potential of this market to get accredited during the upcoming years, Market Research Future (MRFR), in its recently published study report, asserts that the already booming market of portable electronics is expected to reach USD 779.97 Bn. approx. by 2023, registering 8.87% CAGR between 2017 and 2023.
The electronics industry, taking a note from the growing popularity of these portable devices, is evolving to ever-portable items, constantly presenting transportable operation devices that work in nearly all environments. Portable electronics have also invaded in the field of military, satellite, and spacecraft in the form of portable soldier electronics, unmanned vehicles, robotics, etc. Besides, surveillance systems and remote surgical systems too, have increasingly adopted portable electronics.
Key growth drivers of Portable Electronics Market include growing demand for compact and lightweight electronic products, increasing competition among commercialized technologies such as LCD, LED, and OLED, and rise in demand for technically upgraded wearable devices among others. Additionally, prevailing usages of smart devices like smartphones, smart glasses, smart watches, and e-book or newspapers, is fostering the demand for portable electronics.
On the other hand, the presence of competent technology, complexities of circuit assembly and higher costs are some of the predominant factors hindering the market growth. However, research on the applications of portable electronics in building-integrated photovoltaic is in progress and is forecasted to drive the market growth over the assessment period.
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Industry/ Innovation/ Related News
July 16, 2018 – Larson Electronics LLC (US), a global Industrial lighting leader, launched a vast line of portable LED lighting systems for use in industrial and combustible environments. These lighting assemblies are specially designed with maximum versatility, featuring a quick-change, explosion proof LED units and a variety of mounting options. And, can be used across Class I, II and III flammable environments, hazardous locations and confined spaces.
July 9, 2018 – JVC (Japan) a leading consumer electronics brand announced the expansion of its Bluetooth speaker portfolio in India, launching the Boombox XS-XN15. These speakers allows users experience 360-degree sound and is ideal for a pool or terrace party. The latest Boombox reinforces the ‘Bluetooth surround sound’ speaker market with its high quality, power packed performance at the much affordable price.
The prominent players in portable electronics market are – Apple, Inc. (U.S.), Dell, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Toshiba Corporation (Japan), HP (U.S.), Nokia Corporation (Finland), Motorola Solutions, Inc. (U.S.), Eastman Kodak Company ((U.S.), Palm, Inc. (U.S.) among others.
Global Portable Electronics Market – Segmentation
Portable Electronics Market can be segmented into 3 key dynamics for the convenience of the report and enhanced understanding;
- By Products: Comprises Mobile Handsets, Personal Digital Assistant (PDA), Notebooks & Laptops, Media Players, Gaming Consoles, Digital Camera, Power Banks, Flash Drives, Healthcare Devices and Navigation Systems among others.
- By End-Users: Personal, Healthcare, Industrial, and Corporate among others.
- By Regions: North America, Europe, APAC and Rest-of-the-World (RoW).
Global Portable Electronics Market – Regional Analysis
North America is projected to be the leading market for portable elctronics, globally holding the largest market share owing to the presence of major electronics manufacturers. Attributing to the increasing demand for digital technologies and growing technological advancements in the region, the U.S. and Canada account for the major contributor to the market growth in the region.
Furthermore, the presence of a well-established infrastructure supports the market growth, allowing implementations of advanced technologies. North America is expected to grow further over its previous growth records by 2023, followed by Europe and the Asia Pacific.
Europe accounts for the second-largest market for portable electronics, globally. The market is expected to grow at a considerable CAGR (2017-2023), perceiving a huge uptake of these items across the region.
Asia-Pacific is emerging as one of the lucrative markets for the portable electronics which is expected to generate high growth rate of substantial CAGR by 2023. Burgeoning electronics markets mainly in China and India are contributing to the market growth in the region majorly.
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- Technology Investors
- Research/Consultancy Firms
- Chip designers and fabricators
- Original equipment manufacturers (OEMs)
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