Strong demand for smartphones, tablets, and LCD/LED TVs in Asia Pacific will continue to fuel the global consumer electronics market. Global revenues are projected to reach nearly US$ 3 trillion in 2020, up from an estimated US$ 1.45 trillion in 2015. The key trends that will shape up the market during the forecast period include,
Rising disposable income among the middle class in China and India is expected to create steady demand for consumer electronics, such as smartphones, tablets, and TVs. Demand in developed markets of North America and Europe will be influenced by technological upgrades to existing models.
Growing internet penetration in developing countries can lead to an increased demand for smartphones, tablets, and laptops. Video on Demand (VoD) and internet-only shows are gaining popularity in Asia Pacific. This is influencing consumers to shift to larger displays, and in turn, boosting tablet, phablets, and laptop sales.
Outside of Asia Pacific, markets in Latin America, Middle East, and Africa will remain lucrative for low-cost consumer electronics. A significant percentage of new sales in these markets will come from rural consumers, many of who are yet to buy their first smartphone.
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Smartphones will Dominate Global Consumer Electronics Revenues