According to a recent study from market research firm Graphical Research, the Europe Consumer Electronics Market size is projected to reach a valuation US$ 450 billion by 2027.
Europe consumer electronics market size is predicted to grow at a significant rate as the region is witnessing strong internet penetration. The number of smartphone users are also rising at a notable pace, which will increase the demand for smart wearable technologies and gadgets.
Moreover, many customers are shifting their preference from semi-automatic to fully automatic home appliances to elevate their standard of living. Germany, the U.K, and France are some of the many countries that have boosted the demand for small electric appliances as the per-capita income of the populations is increasing every year.
The trends fueling the regional industry outlook are explained below:
Digital photo equipment to undergo advanced technological additions:
The digital photo equipment segment is expected to hold a sizeable share of Europe consumer electronics market by 2027. The professional sector is highly demanding digital photo equipment as the devices are equipped with a wide range of innovative technologies and several sectors, such as corporate, education, and government need professional lighting systems and cameras to conduct various formal and informal events.
Companies that are manufacturing the digital photo equipment are increasing their research and development activities to introduce a variety of advanced technologies in their products. Some notable examples of these innovations include ultra-zoom lenses and IP network cameras. The digital photo equipment are experiencing strong demand among end-users as the devices can offer an aesthetic appearance to the products being sold on e-commerce platforms.
COVID-19 effect on the demand for consumer electronics:
The COVID-19 pandemic negatively impacted the production and sale of consumer electronics across Europe. Many small and large-scale companies that deal in these products had to bear huge financial losses due to the sudden halt in production activities.
Since the region was among the worst-hit by the disease, governments had imposed strict lockdowns and movement & travel restrictions. This had a direct effect on the supply chain activities, which caused a severe shortage of raw materials and manpower.
Organizations had to temporarily shut down their manufacturing operations to contain the spread of the virus. Since people were afraid of contracting the virus, the demand for consumer electronics fell drastically during the first half of 2020. However, as the present situation is showing continuous improvement, the demand and sale of consumer electronic devices is set to shoot up in the future.
Demand for smart technologies positively impacts consumer electronics sale:
Since a major part of the population in Europe has a high per-capita income, they want to buy products that match with their lavish lifestyle. It has augmented the demand for Bluetooth and Wi-Fi-powered home appliances. The idea of smart homes is gathering momentum among customers as organizations are launching products with high-end features. The demand for smart air conditioners, microwave ovens, and refrigerators has increased tremendously in recent years as they can be seamlessly connected to the customer’s smartphone, which facilitates remote monitoring of the appliances.
Europe consumer electronics industry value will showcase consistent improvement in the coming years as the demand for home appliances that can be connected to smartphones is growing at a substantial rate among customers. People are also increasing their inclination towards wearable technologies to help them keep an accurate track of their overall fitness and well-being.
Reputed consumer electronics companies, such as Canon Inc., Hitachi Ltd., Apple Inc., Dell Inc., Samsung Electronics Co., Ltd., Sony Corporation, Hewlett-Packard Company, and Google Inc., among many others, are producing cutting-edge personal and professional digital photo, audio & video equipment, and major & small household appliances for their customers across Europe.