The Consumer Electronics Sector is currently undergoing a significant transformation, which has generated a great deal of excitement about the future of electronics. Around the world, dedicated research and development teams are focusing on improving the production, storage, and utilization of electrical resources. The sector’s progress in recent years indicates that this transformation is here to stay!
Various segments of the industry, including communications, wellness, energy efficiency, entertainment, education, multimedia, and others, are experiencing changes. At the forefront of this evolution is China, where the Electrical Equipment and Machinery Manufacturing market has reached a size of $14.5 billion, with over 2,000 players contributing to its growth. Consequently, it is understandable that some people believe all electronics are manufactured in China, especially considering that China accounts for 42% of U.S. electronic exports.
Therefore, increased competition, primarily driven by globalization, is expected to bring industry-wide shifts. This shift is influenced by factors such as more demanding customers, emerging technologies, disruptive innovations, regulatory instability, and a growing emphasis on creativity.
Consumer Electronics Market
The Consumer Electronics Industry has undergone a radical change in many segments such as communication, wellness, energy efficiency and more. It has penetrated every aspect of human life from Smart TVs, Smart homes, and Smartphones, to Artificial Intelligence, Connected Cars and more.
According to the market, the Global Consumer Electronics market size is estimated to exceed USD 1063.39 Billion by 2030. Moreover, it will grow at a CAGR of 5.8% during the forecast period between 2023 to 2030. However, as per Industry’s annual growth rate, the market would be increased by 14.7%.
Shaping the World with New Technologies
Technology continues to cross every door at a breakneck pace and the industry is constantly evolving. Therefore, it is important to keep up with the latest developments to remain competitive. Here are some of the trends that are expected to shape the future of consumer electronics.
Smart Grid Solutions
The existing power grid, which transports energy from power plants to homes and businesses, is evolving into a “smart” grid. This modernized system allows technology to connect with the network, extracting valuable insights from data. Consumers now have more alternatives in terms of power sources, leading to the need for the power delivery system to adapt. Power companies worldwide are incorporating innovative smart grid technologies into their networks, enabling better control over power sources, anticipating usage spikes, and detecting outages promptly.
Wearable Technology Trends
Wearable technology has evolved significantly over the past two decades, with smart devices now equipped with sensors and connected to the Internet and the cloud. This trend is projected to continue growing, with smartwatches leading the way, particularly in the health, sports, and entertainment sectors. For example AR, VR, AR Glasses and more. Wearable devices have also shown the potential to save lives by detecting health issues and providing vital information to users and healthcare professionals. In the future, aggregated data from these devices may even aid in tracking and containing the spread of viruses.
Tech Trends
Under the development of wireless technology, consumer electronics has witnessed a massive push towards new consumer technologies. With 3D Printing, 5G, Lifi and more have already established their footprints in the market, the new trends are on the way. 6G, 4D printing will be the new future of consumer electronics. These upcoming future trends will continue to grow particularly in healthcare, fashion, homemaking and electronic devices.
Artificial Intelligence (AI)
AI and machine learning are transforming various fields, including consumer electronics. These technologies enable engineers to automate low-value activities, improve modelling and simulation processes, and assist in decision-making by finding trends in data. AI is being integrated into both software and hardware modules within the electronics industry, allowing for intelligent supply chains, complex production tasks, and autonomous design and development. AI algorithms can enhance engineering activities and help engineers focus on higher-value tasks. Moreover, AI has already been stepping into Aerospace, Defence, Astronomy and more.
Robotics
Robots are new humans and are used for enhancing safety and increasing productivity. Remotely operated tools, such as wireless underground cable cutters improve safety by minimizing human risk. Drones are also used to survey areas before human intervention, enhancing both safety and efficiency.
In conclusion
The future of consumer electronics is filled with exciting possibilities. With every passing year, the purchases of consumer electronics are increasing. Whereas, older populations have been an exuberantly challenging demographic for the consumer electronics industry. Therefore, many brands consistently keep up with new trends and make devices that will adapt the consumer behaviour and demands.
Ongoing innovations and advancements in various areas, including smart grid solutions, wearable technology, AI, robotics, and Tech trends are shaping the future of the industry.
