Asia Pacific Consumer Electronics Market size surpassed USD 400 billion in 2020 and is projected to witness 9% CAGR between 2021 and 2027.
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Rapid industrialization and urbanization have led to improvements in the economic conditions of Asia Pacific. Certain growing economies in the region including India and South Korea exhibited a rapid shift in their economies and their overall GDP growth. This has led to an increase in expenditures on luxury goods and high-quality technologies. The proliferation of cheaply manufactured smartphone devices and declining costs of service plans are the major factors driving the consumer electronics market growth, especially in smartphone uptake across Asia Pacific.
Several countries in Asia Pacific are witnessing a rising demand for smart devices due to the advent of digitalization coupled with improving economic conditions in the region. The presence of several smart TV manufacturers, such as Samsung Electronics and Sony Corporation, offering high performance smart TVs is further propelling their adoption in the region. These companies are launching new smart TVs in Asia Pacific in response to the rising demand in Japan, China, India, and South Korea. In January 2020, Samsung launched the 8K QLED smart TV range in South Korea, featuring the AI Quantum Processor 8K to efficiently playback 8K videos by using Artificial Intelligence (AI).
The COVID-19 pandemic has disrupted economic activities in Asia Pacific on a large scale. The temporary shutdown of manufacturing & production facilities in the region led to delays in producing consumer electronics. The COVID-19 outbreak halted the supply of electronic components and raw materials to the global market from China. Moreover, disruptions in foreign trade and global logistics operations led to a rise in financial insecurities among automotive OEMs. However, the market is anticipated to grow steadily in 2021 owing to supportive government measures and a gradual decline in the impacts of the pandemic.
Increasing demand for professional audio & video equipment including sound, video, lighting display, and projection systems is leading to substantial growth in the industry. A positive market outlook can be achieved by the use of these equipment in the educational, corporate, government, and healthcare sectors. Corporate offices are installing high-quality and advanced speakers, displays, and projectors in board rooms for video conferences. An increasing number of schools are adopting professional audio & video equipment for enhancing the learning experience of students. The emergence of rental companies providing professional audio & video equipment on a rental basis is another major factor fueling the market expansion.
Some of the leading companies operating in the Asia Pacific consumer electronics market include Oneplus, Panasonic Corporation, Hitachi Ltd., Apple Inc., Canon Inc., VIVO, Dell Inc., OPPO, Hewlett-Packard Company, Panasonic Corporation, ZTE Corporation, Sony Corporation, AB Electrolux, LG Corporation, Siemens AG Logitech International S.A., Robert Bosch GmbH, Samsung Electronics Co., Ltd., Lenovo Inc., Google Inc., Microsoft Corporation, and Sennheiser Electronics.
Market players are adopting partnership strategies to launch new & advanced products to capture a higher market share. For instance, in January 2020, Sennheiser Electronic GmbH & Co. KG launched Ambeo Soundbar with Dolby Atmos in India. Through this launch, the company strengthened its base in the premium home entertainment segment in India.