In what is yet another indication of the rapidly increasing dominance of the Asian market in the global tech trade, a report by Future Market Insights has indicated that with their massive populations, Asian countries will lead to a gargantuan $3 trillion increase in the consumer electronics market between now and 2020.
Surprisingly though, the fastest growing sector according to the report, will be that of smart home devices.
As per the report,
Global consumer electronics market growth is mainly driven by increasing disposable income, expanding urban population, growing internet penetration and availability of strong distribution network. Moreover, increasing adoption of smartphones in the Asia Pacific region, especially in the populous countries of China and India is supporting the growth of global consumer electronics market.
Subdivided into various categories, such as kitchen appliances, security, heating, ventilation, and air conditioning (HVAC) systems, the smart home appliance sector has seen a significant spike in recent days as people come to realize the ease of controlling everything around them with their ever-present smartphones.
Indeed, controlling stuff via smartphones seems to be fast becoming a kind of mania. Another example of this is the rapid increase in the sale of wireless audio devices.
In fact, the report would have you believe that the segment is looking at compound annual growth rate (CAGR) of almost 23 percent. Compare that with the global consumer electronics market as a whole, which has a CAGR of merely 15 percent.
Interestingly enough, while the Asia-Pacific region and the US together claimed a significant 40 percent of the market last year, the equations is expected to veer towards the former, with India slated to remove the US as the second largest smartphone market. China, at the pole, is expected to maintain its position.