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Electronic Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030

·3-min read

Major companies in the electronic products market include Samsung Electronics Co Ltd; Intel Corporation; Taiwan Semiconductor Mfg Co Ltd; Micron Technology Inc and QUALCOMM Incorporated. The global electronic products market is expected to grow from $948.

New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Electronic Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030" -
78 billion in 2020 to $1055.29 billion in 2021 at a compound annual growth rate (CAGR) of 11.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1291.14 billion in 2025 at a CAGR of 5%.

The electronic products market consists of sales of electronic products by entities (organizations, sole traders and partnerships) that produce electronic products. The electronic products market is segmented into audio and video equipment and semiconductor and other electronic components.

Asia Pacific was the largest region in the global electronic products market, accounting for 50% of the market in 2020. North America was the second largest region accounting for 23% of the global electronic products market. Africa was the smallest region in the global electronic products market.

With rising incidences of theft and crime, companies in the video equipment manufacturing industry are manufacturing closed circuit television cameras with motion detection technology. Motion detecting CCTV camera detects any motion of objects in its field of view and raises an alarm in case of an intrusion. These cameras consume less energy as they get activated and begin recording only when there is a movement of object in its field of view. This feature offers effective surveillance of an area at low costs. For instance, some of the major companies manufacturing motion detecting CCTV cameras include Sony, Samsung, Honeywell, Panasonic and others.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the electronic products manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the electronic products manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The electronic products market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.

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