The global consumer electronics market is expected to grow at a CAGR of over 3% during 2016-2022, says RNCOS in its latest research report.
Wearable devices have gotten popular with the masses in a very short span of time propelling players such as Apple and Samsung to venture in the wearable technology. Growing concern on fitness amongst the population has given rise to such gadgets that could be worn on the wrist or clipped to the belt. Digital revolution, higher per capita incomes, coupled with the thirst among people to remain tech savvy, has propelled new developments in the industry. Manufacturers are increasingly introducing innovative products in order to provoke impulsive buying among the consumers.
As per our report, “Global Consumer Electronics Market Forecast 2022”, global consumer electronics industry has been growing significantly on account of innovative technical developments. Further, wearable technology concept is touching almost every aspect of everyone’s life, and it’s bringing a host of new companies and new partnerships to develop this idea into the next big market.
Recently, Yorkshire technology firm Kiroco Technology is working on development of applications, like contactless payments, activated by Near Field Communication (NFC) technology held within a bracelet, key fob or other piece of jewellery. Also, German optics giant ‘Zeiss’ is partnering with Deutsche Telekom on new “smart glasses” technology aimed at development of “flying screen” effect wherein a tiny optical system would projects a data field such as images or map information – in front of the eye and onto the wearer’s field of view.
In future, technology-based products are expected to drive the consumer electronics market. The OLED TVs, wearable, and smartphone are among the few products that will drive the market towards greater heights in the coming years. Moreover, players are spending significantly to develop more products in ‘internet-of-things’ category, which will eventually provide sustainable growth to consumer electronics market in near future.
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