Portable Electronics Market, By Product (Mobile Handsets, Personal Digital Assistant, Laptops, Media Players, Gaming Consoles, Digital Camera, Power Banks, Flash Drives, Navigation Systems) and By End User – Forecast 2023
In this rapidly changing world of technology, portable electronics market is projected to show major growth prospects during the forecast period. Major factor driving the portable electronics market is the increasing adoption of digitization and the growing technological advancements have revolutionized the consumer electronics market.
As compared to other regions, the portable electronics market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of portable electronics market. This is owing to the presence of large number of established key players like Apple and Dell in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. This is expected to be a major factor for the growth of portable electronics market. Growing adoption of innovative technologies in consumer electronics market is one major factor driving the growth of portable electronics market in the region. Growing demand for innovations and increasing adoption of technological advancements are other factors driving the growth of portable electronics market in the region.
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In the global portable electronics market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, portable electronics market is projected to contribute faster to the growth of revenue backed by increasing demand for mobile devices and growing need for digitization in countries such as Japan, China and India. This is owning to the presence of key players like Samsung Electronics and Toshiba Corporation in the region. Samsung Electronics has been investing highly in research and development to keep up with the pace of technological changes.
The portable electronics market is growing rapidly over 16% of CAGR and is expected to reach at approx. USD 160 Billion by the end of forecast period.
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Portable Electronics Market Segmentation
The portable electronics market has been segmented on the basis of product and end user. The end user segment is further bifurcated into commercial, residential, industrial, medical and others. The medical segment has various applications owing to the growing adoption of wearable healthcare devices. These wearable healthcare devices have revolutionized the medical industry and has been adding to the growth revenue of portable electronics market. Owing to this, the medical segment in portable electronics is expected to grow at a high rate during the forecast period.
The prominent players in the portable electronics market are –
- 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.)
Market Research Analysis:
The regional analysis of portable electronics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in portable electronics market in North America is attributed to technical advancements and increasing use of mobile devices in that region.
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Apple, Inc. has acquired a patent for photo management in India in the portable electronics segment. The patent was filed in 2008 and was received in 2016 and was filed for a portable electronic device with a touch screen that displays an array of thumbnail images and the selected image being larger than the other thumbnails. Whereas Samsung Electronics has come up with latest portable SSD which has raised the stakes for other players in the market. The portable SSD comprises of 64-layer V-NAND technology which offers best in industry transfer speeds and that too with a compact design.
North America region holds the largest market share of global portable electronics market followed by Europe and Asia Pacific regions. The growth is North America region is mainly dominated by U.S. and Canada and is attributed to the increasing demand for digital technologies and growing technological advancements in the region. The region also has a well-established infrastructure which allows implementation of advanced technologies.
Portable electronics market has been segmented on the basis of product and end user. The product segment is further bifurcated into mobile handsets, PDA, notebooks and laptops, media players, gaming consoles, digital cameras, navigation systems, power banks, flash drives, healthcare devices and others. Out of which, the notebook and laptops, media players and gaming consoles sub segments are expected to grow at the fastest rate during the forecast period. This is owing to the growing technological advancements and the increasing demand for digitization.
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The regional analysis of portable electronics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in portable electronics market in North America is attributed to technical advancements and increasing demand for digitization in that region.
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