Global Consumer Electronics Shipments will Recover to Surpass 12 Billion Units in 2021: New Study

Feb 12,2021 | Consumer Product

Global consumer electronics shipments are set to surpass 12 billion units in 2021, as success with COVID-19 vaccination and gradual reopening raise consumer confidence. Sales will be supported by relatively less precarious COVID-19 scenario in Asia Pacific, home to some of the fastest growing consumer electronics markets in the world. In the updated edition of the study, Future Market Insights analyses consumer electronics sales in 20+ high-growth markets, offering a comprehensive analysis on future growth.

Consumer Electronics Market

A recent market study published by FMI, “Consumer Electronics Market: Global Industr...

Consumer Electronics Market

The study reveals that covid-fatigue and launch of new models by consumer electronics companies will induce momentum in consumer electronics market in 2021. Many manufacturers had put off launching new models considering lockdown and low consumer confidence, however, 2021 is being looked at with tempered optimism.

Key Takeaways

  • Recovery expected for smart phones, smart TVs, printers in 2021
  • Sales through multi-brand stores to be lucrative
  • Germany’s consumer electronics market will be lucrative in Europe
  • US held 80% of North America share, sales in Canada growing modestly
  • China and India hotspots for global consumer electronics manufacturers

Consumer electronics manufacturers will be looking at capturing higher market share in East Asia and South Asia. The markets in these regions, especially in China, India, Indonesia, Malaysia, and Thailand continues to be flooded with low-cost or mid-range consumer electronics.

Manufacturers from US, Western Europe, Japan, and South Korea are facing stiff competition in these markets due to the influx of low-cost Chinese products. However, owing to COVID-19 outbreak and China’s rise as a global heavyweight, geo-political situation can have an influence on Chinese imports.

 “Market players are keeping a close tab on evolving consumer sentiment, as many consumers are in fatigue mode due to COVID-19. The way brands communicate differently may be visible in their advertising strategies” says an FMI analyst.

Who is winning?

The key players in the global consumer electronics market are aggressively investing to encourage and promote product development with an aim to gain a competitive advantage over other players operating in the market. For instance,

  • Samsung Electronics Co. Ltd. Launched its newest galaxy smartphones in January, 2021, while its new flagship Galaxy S smartphones are targeted for remote workers and gamers
  • Hitachi Ltd. Has announced in its new report published on 4th February, 2021, that Hitachi ABB Power Grids will provide energy storage solution for Singapore’s first virtual power plant in order to enhance both of their production capacity

 

About Consumer Products division of FMI

Expert analysis, in-depth insights, and strategic recommendations - the Retail & Consumer Products team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 500+ reports, the team has analyzed the consumer goods industry lucidly in 80+ countries for over a decade. We provide end-to-end research database on retail & consumer products market and consulting services; reach out to explore how we can help.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.