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Consumer Electronics

What is Consumer Electronics?

Consumer electronics products are home electronics or digital equipment for everyday home use. Some of the most commonly used electronic devices are likely to be consumer electronics since, now more than ever, our daily lives depend on computing and communication.

Manufacturers in the consumer electronics sector produce phones, computers and laptops, televisions, cameras, DVD players and more.

Consumer Electronics Industry

In an increasingly technological landscape, the consumer electronics industry must continue to innovate in order to remain competitive. The industry has slowed down, particularly in mature product categories such as laptops and TVs and as such, the consumer electronics market is facing turbulent times. It is now more important than ever for consumer electronics companies to seek new ways to innovate, in order to reach consumers.

Retailers must constantly monitor the market to seek the best way of selling consumer electronics, whether this is in-store or online. One service that Assosia offers is a range and price benchmarking, allowing you to decide on the best strategy for selling your products and in turn, helping you keep ahead of your competitors.

Consumer Technology

With consumer technology becoming more advanced, the line between consumer products and professional ones has blurred. When manufacturers within the consumer electronics market continually have to fight to compete with one another, it is increasingly important to have access to an up-to-date pricing tool to gain consistent insights and analysis from impartial experts, so that you are on top of any changes across this sector.

Market Scope

The most successful companies in the consumer electronics sector are larger corporations such as Apple, Samsung and Sony. These companies dominate the market because they offer a diverse range of products to meet consumer needs, from personal audio equipment to home automation systems, as well as their focus on the user experience.

This is particularly true for Apple, which, among these consumer electronics giants, has been named one of the most valuable brands in the world thanks to the strong brand loyalty they built and their focus on user experience and ease of use.

Evolutions in the market

Consumer electronics are constantly evolving as consumer needs and demands change, so it is imperative to stay up-to-date on changes in the market. The most successful consumer electronics businesses will always be aware of the key trends and challenges shaping the industry, as well as how they are impacting products, so that they can stay ahead of the competition.

Market trends

One recent example of this is multifunctional devices, which are becoming increasingly popular as they offer the best of both worlds: the portability of a tablet with the power and functionality of a laptop. Although blended tablets and laptops have been popular for years, such devices are constantly evolving and becoming more popular as developers introduce more seamless user experiences and more innovative designs.

Another key trend to be aware of is the increased focus on sustainability. As awareness of climate change and potential global warming increases, so does the demand for tech sustainability. This means that sustainability is likely to be a key factor in the development of new consumer technologies. This is both the result of legislative changes worldwide and consumer demand. Consumers today are increasingly feeling the push to do their bit for the environment, and the market is seeing them start to prioritise brands and manufacturers that offer eco-friendly and green products.

Many consumer electronics companies will be able to benefit from the developing trend of adopting financial technology, or ‘fintech’, which is becoming increasingly common to implement across consumer technology devices. For example, consumer electronics market segments such as those of smartphones and tablets will benefit immensely from adopting fintech apps, allowing users to organise their finances on the go.

The widespread introduction of 5G technology is also something that will become key to the consumer electronics industry. As 5G capabilities become the norm across the board, rather than being reserved for premium and flagship products. This will allow for higher definition and higher bandwidth video services, including 8K streaming, cloud gaming, and VR. Consumer electronics firms can take advantage of this trend by implementing 5G where possible to improve connectivity and make the use of consumer electronics smarter, faster and smoother all around.

Challenges facing the consumer electronics industry

Costs involved with manufacturing are set to rise even more than they have done in the past two years, meaning that consumer electronics companies may be forced to raise their prices.

Global events such as the pandemic, rising interest rates worldwide and international conflicts have all contributed to the rising costs of semiconductor components. In order to keep up with the changing components market, manufacturers may need to adopt new technology, communication strategies, and pricing structures for consumer devices.

How the consumer electronics industry has developed

The consumer electronics industry started with Edison’s electric typewriter and phonograph in the later years of the 19th century, but the first true consumer electronic device was the radio in the early decades of the 20th century. This was the first time a fully electronic device was brought into British homes, and from this point on, the consumer electronics industry grew, with the world’s largest consumer electronic devices show founded in Las Vegas in 1967, known today as CES.

Consumer electronics associations have achieved an incredible rate of development over the years, moving from radios to other audio equipment and then onto smarter devices such as personal computers and eventually more mobile devices such as cell phones. They have achieved this by constantly looking for new technologies or products that are not only innovative but also affordable and practical for solving everyday problems. Their growth has been maintained by keeping up with updates and improvements, driven by consumers who want items with improved capabilities.