Consumer electronics are electronic equipment meant for non-commercial use. Consumer electronics include devices such as computers, laptops, mobile devices, smart wearables, television sets, refrigerators, smartphones, and home appliances that provide one or more functionalities to make day-to-day living easier and comfortable.
Revenue in the Consumer Electronics market amounts to US$1,062.00bn in 2022. The market is expected to grow annually by 2.51% (CAGR 2022-2027).
This is one of the fastest-growing industries attributed to the emergence of new technologies. Rapid advancements in technology to cater to consumer demands is creating market opportunities during the forecast period. The market trend of integrating microLED technology into televisions for high-resolution density is augmenting the market expansion. Prominent market leaders including LG, Sony, Samsung, and others have launched microLED TVs for commercial and residential uses.
Continuous and aggressive investments by market players in R&D for the development of new consumer electronic products with enhanced features have fuelled the industry growth of consumer electronics. Rapidly increasing internet penetration across the globe drives the market growth furthermore.
Rising preference for smart homes supports the adoption of audio & video equipment. Proliferation of smartphones and growing preference for smart homes augments the demand for audio & video equipment. The integration of consumer electronics, such as speakers, and earphones, with voice assistant equipment, will provide a positive market outlook. In addition, product upgrades and new product launches by several consumer electronics companies to increase consumer experience are also driving the industry progression. The personal application segment is anticipated to witness a 9% growth rate by 2027 on account of the growing spending capacity on discretionary products due to rising income. Falling prices of personal consumer electronics, such as Bluetooth speakers, earphones, smartphones, and smart wearables are coercing the industry demand for these products.
After North America, the Asia-Pacific region generates the most revenue in the electronics segment. Asia Pacific consumer electronics market size was over USD 400 billion in 2020. Growing urbanization and rising disposable income in the region are propelling the usage of consumer electronics in high and middle-income households. The emergence of new regional manufacturers and the adoption of low pricing strategies by several manufacturers is driving this regional growth. Furthermore, rising technological awareness among the youth population regarding the latest features and functionalities in electronics is also fuelling the demand in this market.
Short product lifecycles and the availability of counterfeit products pose significant challenges to the market progression. The rapidly changing technological landscape is encouraging consumers to adopt new gadgets integrated with the latest technologies. To identify original and counterfeit electronic products accurately, the industry relies heavily on capturing attributes such as batch number, serial number and material.
The retail POS software should be capable of handling these attributes efficiently and with ease. Besides this, there are several other important points to watch out for while investing in a POS software and inventory management solution. To name a few, the retail software being used should be able to –
- Provide buy back option to customers and support businesses with cash & carry as well home delivery options
- Enable near real-time inventory tracking for faster replenishments and support omni-channel retailing
- Track customer buying behavior to enable cross-selling/up-selling across categories/brands/accessories of interest
- Extend the options of ‘click & collect’, ‘click & deliver’ or ‘endless aisle’ to customers
- Enable in-store mobility with a secure Mobile POS to service customers or setup small store formats
- Capture ‘shop-in-shop’ sales for daily sales analysis and regular replenishments based on sell-throughs
- Enable collection of advances for orders that can be delivered later
- Manage product, price and promotions across multiple retail channels
- Fulfill online/e-commerce orders from store inventory and allow for any store returns for both in-store and online purchases
ETP has been helping several eminent Electronics retailers across the region to offer all the above mentioned benefits and deliver amazing customer moments to their customers. If you are an electronics brand or retailer and would like to speed up your growth in the next 5 years and beyond, speak with our Retail Software Solutions expert to help you expand your electronics retail business today.
Talk to us: https://www.etpgroup.com/industries/electronics/
