Increased Digitalization Will Boost Sales of Electronics to Reach Almost 700 Billion Dollars in 2022
CommPRO.biz Editorial Staff
Euromonitor International released data regarding the global consumer electronics industry.
According to this new research, the sales of consumer electronics sales will grow over the next five years by 4.4 percent and will reach 699.8 billion dollars by 2022. 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 digitalization, 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.
Smartphones will 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:
- USA: US$ 8.3 bn
- China: US$ 4.2 bn
- United Kingdom: US$ 818 mn
- Germany: US$ 700 mn
- Japan: US$ 597 mn
- Australia: US$ 423 mn
- Canada: US$ 349 mn
- France: US$ 333 mn
- South Korea: US$ 278 mn
- Spain: US$ 225 mn
