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The portable electronics market was estimated at USD 605 billion in 2022 and is expected to increase to USD 810 billion by 2030, rising at a compound annual growth rate (CAGR) of 10.00% over the forecast period (2023–2030). The primary cause is the rapid expansion of portable electronic devices like smartphones, tablets, and other mobile phones. Additionally, its many advantages, including usability, portability, ease of access, and connection with cloud-based systems, are the main factors boosting market growth.
Key Companies in the Portable Electronics market includes
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One of the main factors propelling the expansion of the portable electronics market is the rising demand for portable electronics including smartphones, laptops, tablets, and wearable technology. Due to their increased convenience, mobility, and connectivity, these devices have become a necessary component of daily life.
Older adults are adopting portable devices for a variety of reasons, including keeping in touch with friends and family, getting health and wellness information, and taking part in online activities, making them an increasingly significant demographic for the industry. The demand for portable electronics made exclusively for older people is set to rise as they grow more at ease using technology. This might include gadgets with bigger screens, better audio, and simpler user interfaces. The elder generation’s demand for wearable technology is also anticipated to rise as a result of growing understanding of the health advantages of wearing technology.
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Segmentation
Mobile phones, personal digital assistants, laptops, media players, gaming consoles, digital cameras, power banks, flash drives, and navigation systems are among the products included in the product-based segmentation of the portable electronics market. In 2022, the Personal Digital Assistants market held the lion’s share.
Residential, Industrial, Medical, and Commercial are among the Portable Electronics Market segmentations based on end users. The medical sector dominated the market in 2022 and is anticipated to grow at the fastest rate from 2023 to 2030.
The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. The portable electronics market is anticipated to grow at the greatest CAGR in the Asia-Pacific region.
This is brought on by a number of elements, including the region’s fast expanding economy, consumers’ rising spending power, and the high demand for technology. Additionally, the Asia-Pacific area is a desirable location for technology investment due to the region’s abundance of top technological firms, affordable labour, and manufacturing capabilities. In addition, the region’s portable electronics industry is expanding as consumers become more aware of the advantages of wearable technology and of the rising popularity of wearable gadgets like fitness trackers and smartwatches.
The highest market share in the business is now held by North America, a significant market for portable electronics. This is a result of a number of things, such as the extensive use of technology in the area, the existence of top technological firms, and the substantial purchasing power of customers. Additionally, the United States is a significant hub for technological innovation and research, which promotes the creation of novel and cutting-edge portable electronics devices. As consumers continue to seek more advanced and user-friendly gadgets, the industry has grown as a result of the growing usage of smartphones and other portable devices in North America. Additionally, the North American portable electronics market in North America was dominated by the U.S., which also had the greatest market share.
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