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Top Trends in Consumer Electronics Industry

Consumer Goods and Retail | May, 2023

In an ever-evolving digital world, the demand for consumer electronics is expanding exponentially. Consumers now see gadgets as a necessity and are keen to tap into new technologies, which are smarter and more advanced. Advances in the electronics are not only enriching our everyday lives but also augmenting the abilities of professionals and enabling them to do amazing things. Hence, brands are also introducing new and innovative features in their offerings and tapping into evolving preferences of the consumers. Here are top trends expected to dominate the consumer electronics industry in the coming years.

Smart Homes Drives the Adoption of Consumer Electronics

Smart trends are not just limited to high-end homes. People buying homes are now considering the smart home tech that’s already included within the infrastructure. Smart homes have become an exception instead of a luxury as consumers are demanding more connectedness and ease of use. More smart home appliances are starting to speak with one another from a purely integration perspective. For instance, users may install Google Home speakers in several areas of your house so that they can work together rather than separately. The lights in your entire house may be controlled by a smart lighting system, and it can execute custom routines that you set up to switch them on and off throughout the house in accordance with your schedule and requirements. Your Amazon Alexa device's shopping list may be updated if a smart refrigerator notices you're running low on milk. Most people are acquainted with at least part of the capability of AI thanks to voice assistants like Siri and Amazon Alexa. Artificial intelligence is getting better at comprehending orders and providing more pertinent responses. AI in smart homes helps residents play music, update their to-do list, turn lights off and on and much more.

Touchless tech started gaining more popularity during the pandemic and now it is increasingly permeating into smart homes. For instance, a recent invention allows visitors to announce their arrival without touching a communal surface that can potentially transfer germs. Of course, a lot of household appliances may be operated via smartphone applications, meaning that anyone with control simply needs to touch their phone and not the appliance itself.

The broad shift to working from home has drawn attention to smart home developments, particularly for home offices, which are still developing as businesses close more offices and even adopt hybrid or permanent work-from-home policies. The potential for expansion in this industry can be seen in technology ranging from noise-cancelling windows to block out the neighbour mowing their grass to AI filters to disguise your filthy living room when you hop on a video conference with your boss.

Increasing Preference for Health tech Gadgets

As the consumer focus on preventive and proactive healthcare is increasing, many new health tech gadgets are making their way into the consumer electronics market. From smart face masks to wearable health monitoring devices, companies are providing new devices that can be used to safeguard people from illnesses. Many smartwatch brands are working towards including more sensors on their products for better health tracking as consumers want to check their vitals when they sense a health issue. Rising incidences of chronic disorders and increasing awareness towards health tech gadgets are also leading to enhanced adoption of connected healthcare devices. With advances in sensors and digital technologies, manufacturers of medical electronics are realizing the transformative nature of IoT, which is contributing to the rise in the number of connected medical devices and medical systems and software.

Consumer grade medical devices are increasingly becoming mainstream as they improve or facilitate patient care. Generally, consumer-grade medical devices fall into three categories, identification and notification devices, disease management devices, and self-care or preventive devices. While identification and notification devices alert the consumer changes in their general physiologic status that might be predictive or harmful, disease management devices are intended for users suspected of having or who have been treated for a specific physiologic condition or a chronic disease, and self-care or preventive health devices facilitate the overall wellness of consumers.

Growing Number of Babytech Solutions

As millennial generation is giving birth to more and more kids, they are utilizing high-tech devices and gadgets to raise their kids. Babytech refers to technology solutions specifically designed to meet the needs of babies and their parents. These solutions aim to provide convenience, safety, monitoring, and entertainment for infants and toddlers. For instance, smart baby monitors use video and audio technology to allow parents to remotely monitor their baby's activities. They often include features like night vision, temperature monitoring, two-way communication, and mobile app integration. Smart thermometers are designed to accurately measure a baby's temperature and provide real-time readings. Some smart thermometers can connect to a smartphone app to track temperature trends and send alerts to parents. Various babytech products help parents monitor and improve their baby's sleep patterns. These solutions may include smart sleep trackers, sound machines with soothing sounds, smart cribs that simulate rocking motions, and wearable sleep monitors. Young couples with high personal disposable incomes are the main end-users of baby tech solutions. As childcare and upbringing technologies will continue to evolve, the devices are expected to become mainstream.

Beauty Tech Devices Become Mainstream

Increasing geriatric population, rise in problems related to skin health, and growing spending of consumers on non-invasive beauty treatments are fuelling the adoption of beauty tech devices. Many beauty tech devices are emerging that provide consumers quality results they are looking for across skin, body, and nails. From LED face masks to innovative make up tools, at-home IPL hair removal to microcurrent and micro-needling devices, consumers are embracing new devices for improving their aesthetics, which is contributing to the enhanced adoption of beauty tech devices. Recently, L’Oreal introduced Brow Magic, an electronic eyebrow makeup applicator for users that desire to achieve an ideal brow look at home. The company also featured HAPTA, an ultra-precise computerized lipstick applicator, especially designed for people with cerebral palsy who have a problem with mobility. Many well-established beauty brands are collaborating with up-and-coming tech companies to create products that benefit from joint expertise. Besides, increasing investments by the market players to develop new and innovative beauty tech devices as well as improve the existing offerings are expected to drive the adoption of consumer electronics.

According to TechSci Research report on “United States Consumer Electronics and Appliances Market By Type (Audio Visual Equipment, Home Appliances, Kitchen Appliances, Personal Care Appliances), By Application (Residential and Commercial), By Distribution Channel (Electronic and Specialty Retailers, Hypermarket/ Supermarket, Online Channels, and Others (Institutional Stores, etc.)), By Region, By Top 10 Leading States, Competition, Forecast & Opportunities, 2026F”, the United States consumer electronics market is projected to grow at a formidable rate. The market growth can be attributed to the rising technical advancements and emergence of gadgets with innovative features.

Emergence of devices for Metaverse

As consumers inclination towards metaverse is growing, the demand for devices that facilitate communication or gaming in the virtual world such as VR headsets, AR glasses, VR gloves, wrist-based bands, etc. is also increasing. The entry point to the metaverse is augmented reality and virtual reality. Both technologies are the enormous engines needed to power the metaverse project, which can provide immersive experiences and a more interesting three-dimensional virtual environment. Users of virtual reality technology can connect with others in the metaverse. One of the finest instances of how VR technology is used to provide linked experiences is a shared meeting. With time, VR technology is integrating other significant technologies to advance its current use and improve Metaverse's capacity to deliver captivating and immersive 3D experiences. Consider a scenario where an IoT device connects a user's smart house to the metaverse. Using a virtual assistant within the metaverse, the user can communicate with virtual representations of their smart devices, such as virtual thermostats, lighting, and security cameras. Thanks to the integration of IoT devices in the metaverse, users can manage their real-world smart home appliances from the virtual world.

Rise of Smart TVs

Now that TV content has become available via the Internet more widely, smart TVs has become the centre of home entertainment. Samsung, LG, Vizio, TCL, Panasonic, and Sony are some of the largest players in the smart TV market. Consumers can access a variety of content through smart TVs, such as streaming services, live television, and even online gaming. With all their favourite services and information accessible from one location, smart TVs provide consumers a more varied and easy viewing experience. The simplicity of usage of smart TVs is another factor contributing to their appeal. Users can quickly and easily access the information they desire thanks to voice-activated remote controllers and easy interfaces. Finally, since the cost of the technology has decreased, a wider spectrum of consumers can now purchase smart TVs. A broader selection of entertainment, including on-demand TV series, movies, and original material, is now available to customers thanks to the proliferation of streaming services, which are upending the entertainment and cable industries. Smart TVs will become a more significant part of both the media landscape and customers' lives. As technology advances, more complex and user-friendly smart TVs with bigger, clearer screens, better sound quality, and more functionalities can be expected to enter the market in the coming years.

Way Ahead

Consumer electronics is one of the fastest growing and most dynamic industries, owing to the expanding digital transformation and changing consumer behaviour when it comes to entertainment and convenience. The segment of the population that purchases consumer electronics is expected to grow with each passing year. Brands should thus continuously monitor trends and adjust to shifting customer needs and behaviours.

According to TechSci Research report on “Global Television Market By Screen Size (39'' and Below ,40''-49'', 50''-59'', Above 59''), By Display Type ((LED, OLED, Others (LCD, QLED, etc.)), By Distribution Channel (Multi Branded Stores, Supermarkets / Hypermarkets, Online, Others (Institutional Sales, Exclusive Stores, etc.), By Region, Competition, Forecast & Opportunities, 2027F”, the global television market is expected to reach USD182 billion by 2027. The market growth can be attributed to the rising per capita income and increasing preference for technologically advanced televisions.

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