Increasing inclination towards adoption of smart electronic devices, changing lifestyle preferences and expanding middle-class population are primarily driving the growth of global consumer electronics market, as per a study by Persistence Market Research (PMR). PMR estimates that the revenues amassed from the sales of consumer electronics across the globe is expected to surpass US$ 2970 Bn by 2020-end, registering a stellar growth at 15% CAGR. Rising need for internet usage, governments’ support for digitalization, technological advancements and soaring R&D activities in consumer electronics will also be some prominent factors propelling the growth of global consumer electronics market in the near future.
A Compact, Pocket-sized Portable Projector Operating on Mobile Input
The market for consumer electronics has witnessed a breakthrough owing to the emergence and increasing prevalence of wearable electronic devices as well as innovations in consumer electronics devices. The transformation of a product, into compact and portable one, through technological innovation can aesthetically go into one of the two directions. It may either embrace powerful aesthetics, with outstanding output and capabilities irrelevant of its size, or, it may embrace friendly aesthetics, depicting that it’s a fun product. The Hemera projector embraces the latter direction. This projector is a pocket-sized, delightful and user friendly device. The projector lens is revealed by a flip-top and the Hemera projector completely offsets the use of controls, relying on the mobile input. This renders ease in controlling the Hemera projector.
Google Expanding into Consumer Electronics Market with its new Products
Previous year, Google made an announcement of introducing new consumer electronics hardware products, which included its Daydream virtual reality headset and high-end Pixel smartphone. This new VR headset, called Daydream View, differs from other VR headsets such as Samsung’s Gear VR as it is compatible with wide range of smartphones, including Google’s Pixel smartphones and it possesses a companion motion controller. In addition, Google’s “Home” device, works in tandem with home entertainment systems allowing and is capable of controlling through voice commands.
Amazon to come up with Electronic Stores for its Products’ Sales
After having complete survey on consumer electronics, The New York Times recently stated that the e-tailor, Amazon, is likely to enter consumer electronics market with its new concept of electronic stores, similar to Apple’s retail emporiums. Providing huge emphasis on Amazon’s electronic devices & services, these shops are expected to uplift the sales of consumer electronics products of Amazon.
Challenges Faced by Consumer Electronic Industries
Consumer electronics always has been one of the fastest moving industries across the globe. And the suppliers of these products face all sorts of challenges including pressures from NPI (new product introduction). There is a high demand from consumers regarding special configurations for their demographic and regional group. The top three challenges tackled by distributors and manufacturers of consumer electronics include
- Speed– It has always been the essence of electronics and varying consumer preferences incur issues regarding short product lifecycles and shorter market windows for having likelihood of greater acceptance & margins and first-to-market status.
- Regulatory Compliance– Concerns for environment results in continuous pressure from regulatory compliances about use of hazardous materials in electronics and product recycling at the end of the operating life of consumer electronic products.
- Business Risks– Shorter product lifecycles, supply chains across the globe and volatile demands result in inventory liability and parts shortages. Even though outsourcing relieves some responsibility, every market player faces high risks.
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