The COVID-19 outbreak will continue to have a major impact on our lives in 2022. This implies that society and industry will continue to digitally and virtually transform quickly. The electronics sector appears to be expanding too quickly due to increased demand from developing nations. Before the outbreak, the production of electronics increased dramatically thanks to a surge in investment and growing demand. The global COVID-19 pandemic has a short-term impact on consumer electronics items, and it is expected to continue to do so until the industry recovers, according to many consumer electronics market research assessments. The following trends are expected to shape up consumer electronics industry in 2020:
‘Smart Devices’ and IoT
IoT technology is being incorporated into consumer electronics products by manufacturers to provide a new wave of smart appliances. These may be controlled via a smartphone app, which speeds up the procedure and gives the operator more comfort. Another step on this evolutionary ladder is personal assistants like Google's Home and Amazon's Alexa, which employ great AI and machine learning capabilities to manage functions and appliances across the house. Once more, this strategy is gaining ground in the US. It is obvious that there is a large need for smart appliances, and in 2021, their acceptance and appeal are predicted to soar.
Manufacturing Automation using AI and Robotics
To be a competitive manufacturer of consumer electronics, a company must first increase the productivity and efficiency of its production facilities. This might be achieved by integrating robotics and extensive serving automation into production lines, inspection cycles, maintenance, and logistics. Additionally, this type of integration will fit in nicely because it is anticipated that the related automation and robotics industries would grow dramatically over the following five years. The main issues will be the costs and length of time needed to implement these significant improvements.
Low Carbon footprint technology
Customers nowadays are more selective, concerned, and spoiled with choice than in the past. Due to its heavy utilization of toxins, the consumer electronics industry's commitment to environmental stewardship has a dubious history. In the middle of an international debate over ecological preservation and ethical industrial practices, “green” has expanded into an all-encompassing movement. This “enlightened” clientele segment will be ready to become their target demography over the next two years for home electronics makers who use environmentally friendly production practices and operational modifications that do not significantly raise their carbon footprint.
Growing E-commerce operations
Any consumer electronics firm cannot afford to have a subpar online presence in this digitized world. Given the growing prominence of smartphones and the widespread availability of internet connectivity, consumer electronics companies can choose not to limit themselves to only brick-and-mortar storefronts. Instead, a well-designed e-commerce website will influence real sales, brand awareness, and customer loyalty in addition to drawing in the target audience. All of this, along with the usage of omnichannel retail strategies, is aimed at adapting to the shifting interests of the target market.
Leading firms which provide consumer electronics market research reports are Strategy Here, BIS research, Mordor Intelligence and CSP.
