The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
Increased digitalisation will boost sales of connected electronics as retail volume sales is projected to hit 2.4 billion units in 2022.
Emerging markets are the new frontier for consumer electronics as the number of middle class households is set to increase exponentially over the forecast period.
Asia Pacific (driven by India, China and Indonesia) will account for more than 50% of the global portable consumer electronics market.
Smartphones will remain the most popular connected device, accounting for 57% of total consumer electronics volume sales in 2022.
Wireless speakers are emerging as a conduit of digital purchases with Amazon leading the smart speakers’ space with 10 million units sold in 2017.
10 out of the top 15 fastest growing consumer electronics companies are Chinese owned.
With a GDP of USD964 billion (34% higher than Saudi Arabia) and 146 million internet subscribers in 2022, Nigeria is a key growth market to look out for.
Older electronics categories like laptops are reinventing themselves in the premium category with convertibles laptops making up more than one third of total retail volume sales in 2022.
Internet retailing will account for more than one quarter of total retail volume sales of consumer electronics in 2017.
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.