After being boosted in 2020, the global consumer electronics (CE) industry has dramatically evolved. Development in the CE space in 2021 will be underpinned by the following meta-trends:
The last two tendencies have been in the focus of our attention for a number of years, however COVID-19 is dramatically accelerating them.
Let’s cut to the chase and have a look at these three critical trends that are predicted to set the pace for CE industry development in 2021.
COVID-19 is not the first pandemic to plague humanity, but its toll on societies, global economies, and human lifestyle is unprecedented. In this time of accelerated digitalization, the pandemic is bringing about major changes in device ownership and usage.
The pandemic factor has contributed to the following:
Add to this global safety and personal health concerns, and you will see how the pandemic will drive growth in certain types of consumer devices.
The pandemic gave a radical boost to the Healthcare IoT technologies used in the public health sector, but its influence on consumer gadgets is no less exemplary. At CES 2021, companies presented multiple projects aimed at health monitoring and personal safety. They can be divided into three main groups:
We’re not done with the COVID-19 challenge. Portable health gadgets will be in high demand during the pandemic and change our attitude towards home health care in the future.
The coronavirus pandemic made us spend more time at home in the previous year than ever before. The situation won’t change much in 2021, until vaccination of larger parts of populations takes place. This has also affected the market.
Startups and entrepreneurs are exploring a huge sector of at-home gadgets and smart home technologies.
A tendency to make every room smarter and more convenient results in digital solutions characterized by:
The market for connected home appliances will continue to grow as devices get more task specific.
2020 was, and 2021 remains, a year of numerous outside stressors. People are seeking new ways to escape from a brutal reality. As a result, one out of every four respondents in a recent survey named a high-tech home theater as the most desirable new feature for their homes.
Modern TV sets provide more options for leisure and entertainment than ever. As their prices enter into more realistic price ranges, consumers’ watching and gaming changes will change, too.
Before the global pandemic, the technology sector was developing at an unprecedented speed. COVID-19 massively accelerated the process like nothing else had before, and now we see:
To secure the first-mover advantage, CE manufacturers are exploring and investing in these emerging technologies to guarantee greater bandwidth, lower density, greater security, and increased speed.
For the first time ever, countries appear to be united in their decision to address climate change, transition away from coal, and focus on green technologies; the EU is issuing $290 billion in ‘green bonds’, and the USA is planning to invest $2 trillion in clean energy. Consumer electronics manufacturers are responding to the sustainability concerns of investors.
With this context, we can figure out the next big things in tech:
The booming CE industry will continue to adapt to the new demands both from a growing number of eco-conscious consumers and upcoming pollution problems.
If you are willing to get a share of the CE market, keep in mind the following aspects of CE that should play an important role in your decision-making:
When it comes to the latest trends in consumer electronics, there are a lot of forces at play — 5G networks, edge computing, new chips, and so on. To stay competitive, manufacturers need to carefully plan their investments and adopt the right mix of technology.