Consumer Electronics Market Globally Expected to Drive Growth through 2024
The global VR and AR technologies in consumer electronics (gaming) application market should reach $73.7 billion by 2024 from $8.5 billion in 2019 at a compound annual growth rate (CAGR) of 53.9% for the period of 2019 to 2024.
Report Scope:
The topics analyzed within the report include a detailed breakdown and analysis of the global markets for consumer electronics. The scope of this report extends to sizing of various technologies for the consumer electronics market and an analysis of global market trends with market data for these technologies at global level in 2018, which is being considered as the base year, 2019 as the estimate year and forecast for 2024 with projection of CAGR from 2019 to 2024.
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The report focuses on assessment of consumer electronic devices, suppliers and an analysis of companies/manufacturers and the related system providers. Market dynamics such as drivers, restraints, opportunities and upcoming technologies are also discussed in the report.
Report Includes:
- 34 data tables
- Detailed overview and industry analysis of the consumer electronics market
- Analysis of the global market trends with data from 2018, estimates for 2019, and projections of compound annual growth rates (CAGRs) through 2024
- Brief assessment of consumer electronic devices, suppliers’ landscape and an analysis of leading manufacturing companies and the related system providers
- Regional analysis of the consumer electronics industry covering major geographic regions, including North America, Asia-Pacific, Europe and Rest of the World
- Major factors driving the market for the various technologies as well as the restraints and opportunities in this market
- Profiles of major players in the industry, including 3M, Agilent Technologies Inc., Bajaj Electricals Ltd., Cummins Inc. and General Electric Co.
Summary
The consumer electronics industry is characterized by a high level of diversity, creativity and flexibility. It includes technological solutions ranging from commercially viable and mass-produced devices to experimental technologies that are in the early stages of being transferred from academic and private research institutions and consortiums to viable profit-seeking enterprises.
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Solid-state lighting products such as LED and OLED have a wide array of application in consumer electronics. The current OLED technology provides remarkable color fidelity, high efficiency and operational stability. Many mobile phone manufacturers have introduced OLED screens in recent years. Television display technology has evolved from LED to OLED and QLED (quantum dot light emitting diode). At present, all companies are working on OLED displays to make their products smart. The OLED technology enables the ultra-thin displays to reach dark black levels, while remaining more efficient and eco-friendlier than other display technologies. OLED displays are also widely used in digital camera
screens or electronic viewfinders. Manufacturers of wearable technologies have also started using OLED technology, as it can bring the advantages of thinner and curved display form factor to wearable devices.
Smart home devices, AI, AR and VR are some of the major trends which are going to drive the consumer electronics industry in the coming future. The evolution in cellular communication is set to introduce a prominent niche for these devices. The developing and developed economies such as China, Japan, U.S., U.K., Germany, Australia, Canada, and India, are expected to see an increasing demand for these devices. With some of the eminent players concentrating on developing these technologies the consumer electronics market is expected to grow at a significant rate during the forecast period.
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