NEW YORK -- The global consumer electronics market is expected to grow at a compound annual rate of 6.7% from 2014 to 2018, according to a new report. Innovative technical developments in the sector have led to a new "age of convergence," says  Reportlinker, wherein entirely different streams of digital-based audio, video and information technology unite and merge, removing entry hurdles across various markets and the whole industry.

The union of technologies has indeed resulted into a robust demand for consumer devices such as home appliances, entertainment products, telecom equipments, computer peripherals, the firm adds.

"During our study, we observed that China and US are the biggest consumer electronics markets, together accounting for more than 37% of the global industry," Reportlinker said. "We have also found that China has surpassed US to become the leading country in the global consumer electronics industry. Growing market demand due to tremendous technological development and rising income levels has influenced the performance of the Chinese consumer electronics market. Its huge population has also presented it as a highly potential market. Apart from this, India is also one of the potential consumer electronics market. Though it has a meager share in global market, the factors similar to China are helping it to grow enormously.