SELBYVILLE, DE – The consumer electronics market is expected to surpass $1.5 trillion by 2026, up from $1 trillion last year, according to Global Market Insights.

Growth is expected to be driven by purchases of devices integrated with new technologies, according to reports. Smart technologies like AI, voice assistants, and IoT are enhancing functionality, and microLED and OLED technologies are driving the display and TV market.

The Covid-19 pandemic has blocked market growth during the past few months, however. Since January, the global consumer electronics market has seen slower growth, but demand for audio and video equipment can be attributed to high-res technologies. The streaming video industry is also robust because of Netflix and Amazon Prime providing 4K resolution content.

The cost of 4K TVs has declined in recent years, from $8,000 in 2012 to $1,250 in 2015, say reports. The decline is expected to continue.

The APAC market will see strong growth in the consumer electronics market because of home appliance and smartphone consumers, and the region will emerge as a strong regional contender because of mobile devices in highly populated countries. Regional growth is motivated by high populations and disposable income in India, China, Korea and Japan, and there is increasing demand for headsets in India and the Philippines from offshore sites.

The European Commission and US Environmental Protection Agency reportedly are introducing initiatives to encourage production of sustainable appliances.

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