Increased Digitalisation Will Boost Sales of Electronics to Reach Almost 700 Billion Dollars in 2022
August 22 2017 - 09:00PM
Business Wire
Euromonitor International released today new data on the global
consumer electronics industry.
According to the new research, consumer electronics sales will
grow by 4.4 percent in the next five years, reaching 699.8 billion
dollars by 2022. Emerging markets such as China and India will lead
this growth, driven by a fast-growing middle class and their
growing income.
“As businesses move towards digitalisation, this will further
boost sales of connected devices over the forecast period. Blending
of online and offline shopping experiences such as unmanned retail
stores, use of augmented reality and virtual reality to engage with
brands and a shift towards a cashless shopping experience through
mobile devices will only seek to further cement the central role of
smartphones in the Internet of Things and expand its use case with
today’s digital consumers,” says Head of Consumer Electronics at
Euromonitor International, Wee Teck Loo.
While smartphones represent 57 percent of total electronics
volume sales, activity watches and wireless speakers will be the
fastest growing products. “Consumers will be buying activity
wearables as a fashion statement, rather than to just track the
number of steps walked or calories burned. Sales of activity
watches (analogue) are poised to be particularly fast, at 20
percent Compound Annual Growth Rate (CAGR) in value terms,” adds
Loo.
The top ten wearable electronics markets in 2017 are:
1. USA: US$ 8.3 bn
2. China: US$ 4.2 bn
3. United Kingdom: US$ 818 mn
4. Germany: US$ 700 mn
5. Japan: US$ 597 mn
6. Australia: US$ 423 mn
7. Canada: US$ 349 mn
8. France: US$ 333 mn
9. South Korea: US$ 278 mn
10. Spain: US$ 225 mn
To learn more about Euromonitor International’s Consumer
Electronics research, visit:
http://blog.euromonitor.com/category/consumer-electronics
About Euromonitor International
Euromonitor International is the world’s leading provider for
global business intelligence and strategic market analysis. We have
more than 40 years of experience publishing international market
reports, business reference books and online databases on consumer
markets.
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Vesta RatkevičiūtėSenior Communications Executive – Euromonitor
InternationalTel: +65-6429-0590 ext:
6597vesta.ratkeviciute@euromonitor.com