Portable Electronics Market Overview
According to MRFR analysis, the Portable Electronics Market will have a robust CAGR of 8.87%. The market value will reach up to USD 779.97 Billion during the forecast period 2017-2023. The striking growth of portable electronic gadgets like smartphones, tablets, etc. is the crucial reason. Also, its various benefits such as user-friendly, portability, easy access, and integration of cloud-based systems will boost the growth of Portable Electronics Market.
Also, the need for enhancing medical services such as helicopters and ambulances with necessary medical equipment increased the demand for portable devices. It displays real-time data to provide necessary medical treatments for cardiovascular and diabetes. Apart from that, the growing population of older people and awareness about new products will further enhance the Portable Electronics Market growth.
North America will hold the largest market share in the portable electronics market. The presence of major Portable Electronics Manufacturers in North America is the major reason for the largest market share. Also, the Asia-Pacific region will have the fastest growth in the future. Hence, the market will witness substantial growth due to various positive factors in the forthcoming years.
The increase in the COVID-19 cases has led to the declination of the production of portable devices such as portable electronic keyboards, laptops, etc. The demand for better and portable medical devices increased significantly. But, the supply chain was also highly disrupted due to the labor shortage and lockdown restrictions. Overall, the market demand increased due to the rising cases of Coronavirus. However, in the upcoming years, the market will regain its growth as the cases decline with time.
The driver that is fuelling the Portable Electronics Market growth is the rising need for portable devices and services. Also, with the increase in technological advancements and microprocessors, small and portable devices can be easily manufactured. The accurate and real-time data of the devices will also enhance the treatment of patients that will boost the growth.
One of the major restraints hindering Portable Electronics Market growth is the increased prices of portable devices. Also, technical problems related to connectivity and lack of data security can hamper the market growth significantly.
The growing population of the older generation will simultaneously increase the demand for Portable Electronics Market. Also, the growing awareness among consumers and health care facilities will open new growth opportunities. Apart from that, the increase in sedentary lifestyles will further lead to the growth of portable medical devices.
The security issues to protect the device from any data breach or cyber-attacks is a major challenge for the Portable Electronics Market to improve. Also, the networks are highly responsive to radio signals, etc. This can lead to the malfunction of the wireless network.
The Compound Annual Growth Rate (CAGR) of the Portable Electronics Market is evaluated to reach 9%. As per the MRFR analysis, the market value will reach up to USD 785.9 Billion during the forecast period 2017-2023. There are several drivers such as the growing need for portable devices and reducing the rate of electronic devices will have a positive effect upon the market growth. Hence, the market will be highly beneficial for investors and stakeholders.
Value Chain Analysis
With the rising need, the value chain of the Portable Electronics Market will increase accordingly. Also, various positive factors such as technological developments for better data monitoring and medical treatment will further enhance the value chain in the forthcoming years.
The Portable Electronics Market segments are divided into end-user and product and application. On the basis of product, the Portable Electronics are divided into Gaming Consoles, Navigation Systems, Personal Digital Assistant (PDA, Digital Camera, Power Banks, Media Players, Healthcare Devices, Laptop/Notebook, Flash Drives, Mobile Handsets, and others.
On the basis of end-user, the portable electronics industry is segmented into Residential, Industrial, Medical, Commercial, and others.
On the basis of application, the portable electronics industry is again divided into Military, Industrial, and Personal.
On the basis of region, the Portable Electronics Market Size is divided into Asia-Pacific, Europe, North America, South America, and the Middle East and Africa. As per MRFR analysis, North America will hold the largest market share in the portable electronics industry. The region is mainly dominated by countries such as Canada and the US. Mainly, the rising demand for digital technologies and other advancements are the crucial reason for the huge growth. Also, the growing rate of adoption of digital technologies and portable electronic devices will boost the growth exponentially.
Apart from that, the Asia-Pacific region will record the highest CAGR in the forthcoming years. It comprises countries such as Japan, India, China, and others. The rising adoption rate of various wearable medical devices and the rising geriatric population will enhance the market.
The Portable Electronics Companies use several market strategies to improve their business and increase revenue. The key players around the world use different tactics such as acquisitions, market analysis, mergers, collaborations, new product launches, partnerships, etc. Some notable Portable Electronics Companies are listed below-
Cisco in 2018 introduced the new design of its product called “890G” Series ISRs and “880G.” The new product was designed to provide secure, deployable for smooth internet access. The new services were aimed to benefit the firms in the financial firms, small businesses, healthcare organizations, retail businesses, etc.
The report overview of the Portable Electronics Market Analysis is as follows-
Report Score and Segmentation
The report score provides insight into the Portable Electronics Market Analysis. It highlights information about the opportunities, restraints, challenges, many more. It gives brief information about the key players in the market influencing the market growth. The information in the report is gathered from several secondary and primary sources.
|Market Size||USD 779.97 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Apple, Inc. (U.S.), Dell, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Toshiba Corporation (Japan), HP (U.S.), Nokia Corporation (Finland), Motorola Solutions, Inc. (U.S.), Eastman Kodak Company ((U.S.), Palm, Inc. (U.S.)|
|Key Market Opportunities||Well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global portable electronics market is anticipated to record a substantial market valuation of USD 779 billion by 2023.
The global portable electronics market is estimated to register a moderate 8.87% CAGR over the forecast period.
the growing requirement for portability feature and growing technological advancements are expected to drive the portable electronics market during the forecast period.
The commercial end-use segment is expected to witness the maximum demand for portable electronics for the growing use of BYOD trend in enterprises.
The gaming console, laptop, and media players segments are slated to expand as the fastest-growing segment owing to their quick measurement technique.
Asia-Pacific is the fastest-growing region of the global portable electronics market, which is anticipated to show high growth during the forecast period.
The major market players operating in the global portable electronics market are Apple, Inc. (U.S.), Dell, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), among others.