Major companies in the electronic products market include Samsung Electronics Co. Ltd. , Taiwan Semiconductor Mfg. Co ltd, SK Hynix Inc, Qualcomm, Hon Hai Precision Industry, Micron Technology Inc, LG Display Co Ltd, Intel Corporation, Sony Corp and Broadcom Ltd.
New York, March 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electronic Products Global Market Report 2022" - https://www.reportlinker.com/p06247434/?utm_source=GNW
The global electronic products market is expected to grow from $1,108.88 billion in 2021 to $1,198.53 billion in 2022 at a compound annual growth rate (CAGR) of 8.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1,574.82 billion in 2026 at a CAGR of 7.1%.
The electronic products market consists of sales of electronic products by entities (organizations, sole traders and partnerships) that produce electronic products.
The main types of electronic products are audio and video equipment, semiconductor and other electronic components.Devices that reproduce, record, or process sound are referred to as audio equipment.
Examples of audio equipment are microphones, radio receivers, AV receivers, CD players, tape recorders, amplifiers, mixing consoles, effects units, headphones, and speakers.The equipment is operated through online and offline modes.
The various sales channels include OEM and aftermarket that are used by B2B and B2C end users.
Asia Pacific was the largest region in the electronic products market in 2021.North America was the second largest region in the electronic products market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The electronic products market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) stated that the global GDP growth was 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the electronic products manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the electronic products manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
With rising incidences of theft and crime, companies in the video equipment manufacturing industry are manufacturing closed circuit television cameras with motion detection technology.Motion detecting CCTV camera detects any motion of objects in its field of view and raises an alarm in case of an intrusion.
These cameras consume less energy as they get activated and begin recording only when there is a movement of object in its field of view.This feature offers effective surveillance of an area at low costs.
For instance, some of the major companies manufacturing motion detecting CCTV cameras include Sony, Samsung, Honeywell, Panasonic and others.
The countries covered in the electronic products market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06247434/?utm_source=GNW
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