The latest research report 2014-2024 global consumer electronics market forecast released by strategy analytics points out that in 2020, the strong demand of consumers for home computers, tablets and game consoles will drive the revenue of consumer electronics trade to reach US $358.5 billion, an increase of 7% over 2019. The report points out that because millions of consumers need new equipment to work and study, the shipment of home computers and tablets will increase by 11% to 396 million units in 2020; Revenue increased by 17% to $1990 billion. Meanwhile, due to the launch of new game consoles and the epidemic blockade, the revenue of game consoles increased by 18% to US $11.9 billion. However, not all consumer electronics segments performed strongly: Sales of wireless speakers (including smart speakers) fell 3% to 240 million units. TV sales also declined slightly (- 2%), but this was much better than the industry expected in early 2020.
Compared with many predictions since the beginning of COVID-19, the actual results in 2020 have been substantially improved. According to the forecast of strategy analytics in early 2020, the overall market will be basically flat, but with the implementation of epidemic control measures in the first and second quarters, many suppliers are ready for a decline in sales. Despite short-term disruptions in some market segments, demand recovered in the second half of 2020. The government’s financial support measures played an important role. Even by the end of the year, there were signs that the products of some suppliers were in short supply.
Eric Smith, director of connected computing device services at strategy analytics, commented, “there is no doubt that 2020 is an unusual year. The supply chain fell into chaos in the early stage, but now it has recovered well and can even meet more than expected demand. Contrary to all expectations, with the end of 2020, the market still faces some supply constraints; In 2021, working from home and studying will still drive market demand. “
David Watkins, director of connected home device services at strategy analytics, said, “just looking at these market data, you will think that 2020 is not special. Contrary to the extremely negative expectations of COVID-19, consumers have been quietly promoting market recovery. Home entertainment has never been more important in people’s lives, and suppliers of smart TV, video streaming media and game consoles are gradually rising. “
Responsible editor: GT