Global Electronic Products Market Achieves Remarkable $1275.34 Billion Growth in 2023 Amidst Geopolitical Disruptions
DUBLIN, Aug. 15, 2023 /PRNewswire/ -- The "Electronic Products Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The latest analysis of the global electronic products market reveals impressive growth, escalating from $1186.56 billion in 2022 to $1275.34 billion in 2023, demonstrating a robust compound annual growth rate (CAGR) of 7.5%.
This expansion has occurred amidst disruptions stemming from the Russia-Ukraine war, which has temporarily hindered global economic recovery efforts post the COVID-19 pandemic.
The ongoing conflict between Russia and Ukraine has triggered economic sanctions on numerous nations, caused surges in commodity prices, and led to supply chain disruptions, ultimately resulting in inflation across goods and services and influencing various global markets.
In the face of these challenges, the electronic products market is poised for continued growth, with a projected value of $1657.45 billion by 2027, operating at a CAGR of 6.8%.
This comprehensive market research report is part of a series that offers essential electronic products market statistics, encompassing global market size, regional distributions, key competitors, detailed market segments, emerging trends, opportunities, and imperative insights for industry prosperity.
The initial outbreak of the COVID-19 disease acted as a significant constraint on the electronic products manufacturing market during 2020 due to trade restrictions and a decline in consumption caused by global lockdowns.
While COVID-19 had far-reaching implications for economies and supply chains, the electronic products manufacturing market is expected to recover throughout the forecast period, with its impact viewed as a 'black swan event' rather than a reflection of market or economic vulnerabilities.
In response to rising theft and crime incidents, companies within the video equipment manufacturing sector are pioneering closed circuit television ameras integrated with motion detection technology. These motion-detecting CCTV cameras trigger alarms upon detecting object movement within their field of view, conserving energy by activating and recording solely during movement. Leading industry players, including Sony, Samsung, Honeywell, Panasonic, among others, are at the forefront of manufacturing these innovative surveillance solutions.
Asia-Pacific emerged as the largest region in the electronic products market during 2022, with North America ranking as the second largest. Covered regions in the electronic products market report encompass Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Countries featured in the electronic products market report include Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
Anticipated stable economic growth in developed and developing nations is set to propel the electronic products market forward. The International Monetary Fund (IMF) reported global GDP growth rates of 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, coupled with stable economic growth, is expected to stimulate investments in end-user markets, thus driving market expansion during the forecast period.
The electronic products market encompasses a diverse range of products, including loudspeakers, microphones, amplifiers, music players, televisions, video players, video cameras, semiconductors, general electronic components, and related devices. The market value includes the goods' value sold by manufacturers to downstream entities or end consumers, encompassing any related services offered.
In summary, the global electronic products market showcases robust growth despite geopolitical challenges, underscoring its resilience. This market report empowers stakeholders with comprehensive insights for informed decision-making and strategic planning.
A selection of companies mentioned in this report includes
For more information about this report visit https://www.researchandmarkets.com/r/5lfl0m
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