Consumer Electronics Market : Product Innovation & Consumer Needs To Largely Push The Market Growth

24-Jul-2018 | Zion Market Research

Today, manufacturers are launching new electronic products based on technological innovations and focusing largely on the consumer requirements. Escalating popularity of Smartphone, autonomous cars, 3D printing, kiosks,  robots, cloud-based products, drones, AI & VR powered video games, health products, smart assistants,  and AI driven voice recognition products is anticipated to spur the development of consumer electronics market over the years to come.

Furthermore, new developments taking place in the telecommunications with introduction of 3G, 4G, and 5G technologies is likely to leverage consumer electronics market expansion. Surging demand for Smartphone and rising IoT trends witnessed across the globe will open new vistas for the consumer electronics business across the globe in the near future.

Experts have predicted that connected technologies, AI, and virtual reality are predicted to dominate the consumer electronics industry over the next few years. Rising popularity for smart home devices in countries such as U.S. is anticipated to impel the consumer electronics industry development.

Analysts have speculated that a paradigm shift in the technology as well as drastic changes in the tastes of the tech-savvy consumers will further leverage consumer electronics market revenue.

A South Korean multinational electronics firm LG Electronics is set to launch new energy storage systems referred as ESS. Reportedly, the product is developed for German households and is likely to target European consumer electronics industry. The company sources claim that ESS possesses a battery capacity of nearly 6.4 kWh and when combined with two battery packs it can produce nearly 12.8 kWh of electricity.

For the record, the ESS helps in conserving energy during night, which can be used during the daytime. The multinational electronics giant has further announced that the new product also comes with Power Conversion System (PCS), which integrates solar & battery inverters to provide power supply to households. The strategic move is projected to spur the expansion of the global consumer electronics market.

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