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Asia Pacific the new focal point of CE Market
Mar 20, 2006
Consumers’ buying habits are showing revolutionary changes all over the world. The buying criteria no longer depend on their age, income or gender. This ever-changing scenario is matched by a rapidly evolving set of market segmentation and targeting techniques. These are transformed from traditional, static, demographic based criteria to dynamic, mood, lifestyle and psycho graphic influences. The customers are categorized by analyzing into how and why their purchases are affected by moods, beliefs and occasions.
Consumer electronics is one market segment whose global sale is estimated to exceed all predictions and touch an all time high of $135.4 billion in 2006, an increase of 8% from 2005. Sales of the same product are expected to reach a peak of $158.4 billion by the year 2008, an increase of 65% over 2000.
The consumer electronics market holds a major share in the Asia Pacific region, which is identified to have a high growth in future. Till 2008, the production of consumer electronics in Asia Pacific is expected to grow at an annual growth rate of about 10%. The consumers in this region especially Japan and South Korea are more technologically savvy and they welcome these new technologies.
The quintessential reason for this growing demand is the region’s ever expanding economy where consumers are gaining a high disposable income and are becoming more affluent. The sales boost also owes to the convergence of IT with telecom in this region.
Recent trends have shown that women surprisingly hold a greater share of the consumer electronics market by almost 57% and are at the top. In most categories of consumer electronics they spend about the same as men except for video games.
In relation to the above discussion RNCOS has published a market research report called “Worldwide Consumer Electronics Market (2006)” after an intensive analysis of this sector. The report predicts that the consumer electronics market in Asia, which was US $73.35 billion in the year 2004, is expected to grow exponentially at a CAGR of 17.2% during 2004-2009. Among the countries in Asia, China by far leads the CEM market and the country is showing signs of further growth in the years to follow.
The market research report discusses the conditions of the consumer electronics industry all over the globe and the existing scope of companies in this sector. The study and review of the consumer electronic industry can be used as a valuable tool to arrive at business decisions and performance appraisal.
According to the report the Asia Pacific region is presently leading the consumer electronics market closely followed by Europe. The report also provides a thorough study of the top 10 players across the world including Sony Corporation, Samsung Electronics, Toshiba Corp., and Sharp Corp.
For more information visit: http://www.rncos.com/Report/CP13.htm
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