Trends such as 5G networks, the adoption of smart technologies, the rise of IoT-connected devices and AR/VR technologies, are shaping the trajectory of the consumer electronics market. In the coming years, a positive outlook is forecast for consumer electronics.
According to Statista, the global market for consumer electronics is expected to expand at a rate of 2.27 percent through 2028 from its 2023 worldwide market revenue projections for yearend of $1.05 trillion.
Furthermore, the market is expected to be influenced by emerging trends such as sustainability, digital innovation, and the evolving needs and values of consumers.
Product Trends
Technological innovation, sustainability, and the evolving needs and values of consumers are influencing product trends in consumer electronics. Based on industry observations and studies by Kantar, Forbes and Qualcomm, the consumer electronics product trends forecast for 2024 include several key developments:
1. AI-Fueled Software Innovations: There is an anticipated surge in AI-fueled software innovations, driving the development of advanced consumer technology products.
2. Refurbished Devices: In a nod to sustainability efforts, the popularity of refurbished devices is expected to rise, leading to increased competition in the trade-in market and a focus on sustainability by manufacturers.
3. Foldable Phones: While the uptake of foldable phones is projected to continue, the growth is expected
4. Home Robots, AI-Based Games, and Tech Adoption Among Older Demographics: Anticipated trends in the consumer tech industry include wider adoption of home robots, the transformative impact of AI-based games, and a rise in tech adoption among older demographics.
Global Sources Consumer Electronics Show 2024
Global Sources Consumer Electronics Show 2024 features a variety of products in four categories: Consumer Electronics, Electronic Components, Mobile Electronics and Smart Living Electronics.
Top products: Consumer Electronics
Laptops: Laptops are still a popular choice for consumers and are especially in high demand among those in the workplace and the gaming sector. Ultra-thin models and high-performance models are in demand. Refurbished laptops are gaining popularity as concern for the environment heightens worldwide.
Gaming accessories: Joysticks, monitors, gaming chairs and other peripherals for gaming are in demand amid market drivers like the increasing number of gamers worldwide and the growing popularity of e-sports.
Other popular products include virtual reality headsets, drones, and 3D printers.
Top products: Electronic Components
High-performance processors: Requirement for microcontrollers, microprocessors and ASICs will continue to grow due to the increasing integration of electronics in various industries such as healthcare, automotive and home automation.
IoT components: As the Internet of Things continues to expand, there will be a significant increase in demand for sensors, microcontrollers and wireless modules
5G technology components: The rollout of 5G technology across the globe will drive the need for more RF filters, amplifiers, antennas and baseband processors. In turn, as more equipment and devices are connected to the internet, this will jack up demand for other electronic components, including passives, discretes and PCBs.
Top products: Mobile Electronics
Tablets: Tablets are becoming increasingly popular as they offer a more portable alternative to laptops. All suppliers will showcase their latest models at the show. Lightweight and small tablets are particularly in demand.
TWS earphones: Wireless earphones with exceptional sound quality and noise cancellation features are market favorites. They are no longer limited to in-ear models but include those that are clamped on the earlobes or hooked to them, to offer more comfort to users.
Other popular mobile electronics are smartphones, smart watches, power banks and magnetic wireless chargers.
Top products: Smart Living Electronics
Home surveillance systems: These products have gained popularity because of the growing accessibility of high-speed Internet and homeowners' desire to safeguard their families and property against burglaries. Moreover, the use of security products such as CCTV cameras, door/window alarms and more has proven to be an effective deterrent against crime, contributing to enhanced public safety.
Smart lighting devices: Lighting systems that can be controlled remotely through a mobile device or voice commands have gained popularity for their convenience, energy efficiency, and ability to create various ambient lighting settings. These products can be seamlessly integrated with other smart home devices like security systems and thermostats, enabling the creation of comprehensive home automation systems.
Other popular smart living products are robotic vacuum cleaners, access control devices and solar home systems.
The Global Sources Consumer Electronics Show offers participants access to information on industry trends, the latest innovative products, and competitive wholesale prices. B2B buyers can conveniently discover the latest products, explore suppliers through their immersive VR Showrooms, engage in scenario-based sourcing, and access industry insights through dedicated Sourcing Knowledge articles.
Visit the show now and see the hottest-selling consumer electronics products!
