Europe Consumer Electronics Market size crossed USD 250 billion in 2020 and is anticipated to exhibit a CAGR of 8% from 2021 to 2027.
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The market growth is owing to a low population growth and a high penetration rate in most product categories. The procurement of electric household appliances in the region is majorly reliant on replacing obsolete purchases as the presence of basic appliances is common in most houses. The industry players are concentrating on introducing technology upgrades and modern features to lure consumers for upgrading purchases.
The European consumers have improved their living standards owing to their increasing interest in Wi-Fi and Bluetooth-enabled smart appliances. The emergence of smart homes due to technological advancements is helping in propagating smart appliances such as air conditioners, washing machines, and microwave ovens. These smart appliances can be connected to consumer smartphones and checked remotely.
The COVID-19 pandemic impacted manufacturing operations of players operating in the Europe consumer electronics industry. Several countries including the UK, Germany, Italy, and France took decisions to restrain companies from carrying out their business operations to control the spread of the virus. These actions resulted in delayed investment decisions by companies, thereby impacting order intakes. However, e-commerce channels, such as Allegro, C Discount, OTTO, Real.de, and Bol.com, offered a wide range of products with last-mile deliveries and attractive discounts, stabilizing the market outlook in Europe.
Europe Market, By Product
The digital photo equipment market share is projected to experience higher growth in the professional application segment as opposed to the personal segment. Technological advancements, such as the advent of IP network cameras and ultra-zoom lenses, are bolstering the market demand. Additionally, growing digital photo equipment sales can be attributed to the rising prominence of the e-commerce sector and an increase in marketing activities.
Competitive Industry Landscape
Major players operating in the Europe consumer electronics market include Hitachi Ltd., Canon Inc., Apple Inc., Dell Inc., Panasonic Corporation, Samsung Electronics Co., Ltd., VIVO, Koninklijke Philips N.V., Sony Corporation, Lenovo Inc., Oneplus, Hewlett-Packard Company, AB Electrolux, Google Inc., LG Corporation Microsoft Corporation, Robert Bosch GmbH, Siemens AG Logitech International S.A., Sennheiser Electronics, ZTE Corporation, and OPPO.
Companies are emphasizing on new product launches to improve the customer experience. For instance, in June 2021, VIVO launched the new V1 5G smartphone with 44-megapixel front camera and stabilized 4K recording technology in the UK. The smartphone comprises advanced autofocus and AI Eye autofocus technologies for capturing a better picture. The new phone will expand the company’s customer base in the UK, especially among those seeking a good camera phone.