Furthermore, the report predicts fastest CAGR growth of 20% for the sub-segment until 2031.
SEATTLE (Scrap Monster): The latest research report published by Future Market Insights forecasts 5.6% CAGR growth to global consumer electronics market during the period from 2022 to 2031. The market revenue is expected to surpass $17 billion by the end of the forecast period, the report said.
The market growth in consumer electronics will be mainly driven by rising disposable income and expanding urban population. The enormous adoption of smartphones in the Asia Pacific region, especially in countries such as China and India, too are seen supporting the market growth. Incidentally, the smartphone sub-segment outperforms all other sub-segments, commanding a market share of more than 25%. Furthermore, the report predicts fastest CAGR growth of 20% for the sub-segment until 2031.
According to Future Market Insights, the Asia-Pacific excluding Japan (APEJ) and North America dominated the global consumer electronics market in 2014, accounting for almost 40% of the global market. The APEJ market is predicted to witness the fastest CAGR growth during the forecast period.
The incorporation of advanced features into consumer electronics devices and expansion of footprints by major market players will boost market growth for new electronics devices. However, this will also see increased volume of devices becoming obsolete, giving rise to enormous volumes of electronic scrap.
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