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Portable Electronics Market Forecast to 2027
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The global portable electronics market garners exponential traction. The market growth attributes to the increasing adoption of portable electronics across the industry verticals. Besides, the rising usages of smart and connected devices such as mobile handsets, PDA, notebooks, digital cameras, and navigation systems drive the market growth. Advances in digital technologies are growing due to the rising digitization. Moreover, the growing demand for handheld electronic devices escalates market growth.
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According to Market Research Future (MRFR), the portable electronics market valuation is poised to reach approximately USD 779.97 BN by 2023, growing at 8.87% CAGR during the assessment period (2018–2023). Advantages of portable electronics such as simplified circuits and optimum output create huge market demand. Moreover, compact portable electronics designs suitable for high-density applications accelerate the growth of the market.
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Additionally, the increasing need for portability feature and the proliferation of microprocessors boost the growth of the market. Moreover, dropping electronics' prices act as a significant tailwind for the market growth, increasing portable electronics sales. Furthermore, the growing demand for enhancement of Portable infrastructure positively impacts the Portable electronics market's growth.
Conversely, the lack of expertise and budget constraints in upgrading existing products are significant factors projected to impede the market growth. Nevertheless, expected advances in technology would support market growth throughout the assessment period, bringing the required expertise.
Global Portable Electronics Market – Segmentation
The report is segmented into three dynamics;
By Product : Mobile Handsets, Personal Digital Assistant, Laptops, Media Players, Gaming Consoles, Digital Camera, Power Banks, Flash Drives, Navigation Systems, and others.
By End-User : Industrial, Commercial, Residential, Medical, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Portable Electronics Market – Regional Analysis
North America dominates the global portable electronics market. The region is a hub for advanced semiconductors technologies. The region also has well-established infrastructures that allow the development of advanced technologies and their early adoption in various innovative applications. Besides, the largest market share attributes to the increasing demand for digital technologies and from the automotive and consumer electronics industries.
Moreover, the presence of notable electronics manufacturers in the region substantiates the growth of the regional market. The US and Canada account for major growth contributors to the regional market. The North American portable electronics market is estimated to retain its dominance throughout the forecast period.
The Asia Pacific region holds the second-largest share in the global portable electronics market. Increasing technological advances and usages portable electronics across the industry verticals drive the market growth. Additionally, the availability of powerful technologies at affordable costs acts as a driving force behind the regional market growth.
Furthermore, the presence of many electronics manufacturing companies in the region fosters the growth of the market. China, Japan, and India are the key market for Portable electronics in the region, substantially driving the market growth. The APAC portable electronics market is to demonstrate a considerable revenue generation during the upcoming years.
The Europe portable electronics market is emerging as a lucrative market globally. The region perceives a massive uptake of portable electronics across the major industries. Factors such as the rising usages of portable electronics devices across the end-user industries push the growth of the market. Also, the burgeoning electronics industry in the UK and Germany contribute to the market growth in the region majorly. The European portable electronics market is anticipated to generate a substantial revenue pocket throughout the assessment period.
Global Portable Electronics Market – Competitive Analysis
Highly competitive, the portable electronics market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans. Industry players deliver reliable, leading-edge products and services.
They focus on developing their product portfolios, engaging the latest technologies in product development. For which these companies invest substantially in R&D to develop adept technologies and products. The market competition is likely to intensify due to new product launches and the new entrants in the market.
Market Players
Players leading the portable electronics market include Dell, Inc. (US), Apple, Inc. (US), Samsung Electronics Co., Ltd. (South Korea), Toshiba Corporation (Japan), Sony Corporation (Japan), HP (US), Motorola Solutions, Inc. (US), Nokia Corporation (Finland), Palm, Inc. (US), and Eastman Kodak Company ((US), among others.
Industry/ Innovation/ Related News
September 22, 2020 ----- Silanna Semiconductor PTY Ltd. (Australia), a leading global developer of advanced power density technologies, announced the expansion of its Asian distribution network by partnering with the leading Asian electronics distributor EDOM Technology.
Silanna Semiconductor is involved in addressing the ultimate power management challenges using the best-in-class power density and efficiency that delight customers with unprecedented BoM savings. EDOM Technology can offer exceptional support for Silanna Semiconductor products providing a platform turn-key solution for mainstream and potential markets in Asia.
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