Consumer electronics are products intended for everyday use, most often in entertainment, communications and office productivity namely, personal computers, telephones, MP3 players, audio equipment, televisions, calculators, GPS automotive electronics, digital cameras and more. the increasing sales of consumer electronics coupled with the rising dependency owing to the increasing digitalization drives the electronics market towards growth. This rise in electronics demand have propelled manufacturers to ramp up manufacturing capabilities along with Innovation in the products. This further fuel the market growth. However, the spread of the COVID-19 across the globe has brought a negative impact on the industry. As amidst the Pandemic the production facilities of electronics parts have been halted owing to the shutdown in logistics and unavailability of the workforce. Hence with the shortage of electronic components the manufacture of Electronic devices has been negatively impacted. For Instance, Apple Inc. in April 2020 announced to delay the manufacturing of iPhone due to the COVID-19 pandemic. The company shipped 73.8 million iPhones in the fourth quarter of 2019. Additionally, the handset manufacturing industry in India is estimated to witness USD 1.9 billion worth losses owing to the halt in production amidst the 3-week nationwide lockdown as per the Indian Cellular & Electronic Association of India. Moreover, with the markets opened for only essential services the retail shops and malls selling these electronic items were also closed which brought a steep decline in the sales of the electronic devices which further impact the market growth. Lack of a skilled workforce impedes the growth of the market over the forecast period of 2020-2026.
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The regional analysis of global Electronics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to the large manufacturing base in the region coupled with the rising sales of consumer electronics. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors such as rising disposable income, rising digitalization would create lucrative growth prospects for the Electronics market across Asia-Pacific region.
Major market player included in this report are:
Huawei Technologies Co. Ltd.
LG Electronics Inc.
Samsung Electronics Co., Ltd.
Sennheiser electronic GmbH & Co. KG
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 20198
Forecast period – 2020 to 2026
Target Audience of the Global Electronics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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