APAC Consumer Electronics Market size is expected to reach USD 800 billion by 2027, according to a latest forecast report by Graphical Research.
Rapid industrialization & globalization in Asia Pacific is augment the market growth. This can be attributed to the increasing consumer spending on luxury & commodity electronic products owing to a rise in disposable income levels. Additionally, government initiatives, such as Make in India and Made in China 2025.
The growing trend of smart homes in Asia Pacific will propel the industry demand. Customers in the urban areas of Asia Pacific are making investments in intelligent home technologies to enhance their comfort & luxury. The market will witness a steady growth in Japan, South Korea, and China. Customers in the region are shifting their preferences toward smart appliances due to enhanced efficiency.
The COVID-19 pandemic impacted the global manufacturing supply chain, slowing down the consumer electronics industry growth. Core components including sensors, chips, and ICs are manufactured in China, Taiwan, South Korea, and the U.S. The sudden shutdown of manufacturing facilities of raw material suppliers resulted in delayed product shipments, causing threats to the timely fulfilment capabilities of companies operating in the market. However, despite the economic downturn, the industry is expected to post a sharp rebound in 2021. The growth in the region will be driven by new product launches in smartphones, smart wearables, and earphones & headphones.
Browse detailed statistical insights from the report, “Asia Pacific Consumer Electronics Market Forecast 2027 By Application (Personal, Professional), By Product (Audio & Video Equipment [Personal, Professional], Major Household Appliances, Small Household Appliances, Digital Photo Equipment [Personal, Professional]), Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
Rapidly evolving consumer preferences accompanied by growing inclinations toward convenience are drive the global electric household appliances market revenue. Air conditioner consumption is forecast to remain strong in Asia Pacific, specifically in India and China due to the increasing infrastructure development and industrialization. The air conditioner market in Asia Pacific is driven by strategic new product launches. For instance. in March 2021, Johnson Controls and Hitachi Air Conditioning India Ltd. launched their 2021 line-up of air conditioners with models that comprise an Ambience Light feature, allowing consumers to tune-in with their desired temperatures and comfort levels.
The consumer electronics in APAC market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027 for the following segments:
Asia Pacific Market, By Product
- Audio & video equipment
- Major household appliances
- Small household appliances
- Digital photo equipment
Asia Pacific Market, By Application
The above information has been provided for the following countries:
- Asia Pacific
- South Korea