Consumer Electronics in 2022: Increased Digitalisation Will Boost Sales
The latest research showed retail value growth keeping pace with volume sales over the forecast period. The fastest growing products were activity watches, wireless speakers and smart wearables in value terms.
Source: Fossil and JBL
Chic over geek
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% CAGR in value terms. Fashion companies like Michael kors and Fossil willbenefit as wearables shift from tech to fashion driven.
Sales of wireless speakers are projected to grow by a CAGR of 12%, as manufacturers start to incorporate digital assistants (AI) into products. Consumers have also shown a willingness to pay more for design and sound quality, which will benefit established companies like Bose and JBL rather than unknown companies which compete on offering lower prices.
The end of PC era (not)
Tablets were supposed to usher in the post-PC era, as declared by the late Steve Jobs. The advent of large-screen smartphones (made popular by Samsung’s Note range) single-handedly killed tablets as a media consumption device. Sales of tablets are projected to decline a whopping US$10 billion over the forecast period.
LCD TVs and laptops remain key to consumers, even as they embrace the Internet of Things era. Laptops are sporting premium finishing and LCD TVs are also undergoing nip-and-tuck aesthetic improvements to remain in fashion and desirable in the haute couture world.
Nigeria as a researched market
With a GDP of US$964 billion (34% higher than Saudi Arabia) and 146 million Internet subscribers in 2022, the addition of Nigeria as a researched market will help clients better understand how digitalization impact the market. The addition of Nigeria is a testament of Euromonitor’s commitment to our clients to identify new exciting market.
Forthcoming analytical content will highlight latest research findings driving the market. Country reports will be published on a rolling basis from August onwards, with analysis continuing to provide insight into the latest industry trends. Global report analysis will begin publishing on a rolling basis, giving users a truly global perspective on the latest trends and other external forces shaping the marketplace.