The electronic products market is constantly growing and evolving, with new and innovative devices being introduced every year. As technology plays an increasingly important role in our daily lives, the demand for electronic products continues to rise worldwide.
We will take a closer look at the top 10 electronic products that are in high demand worldwide, their estimated market value, and percentage of growth by 2024.
1. Smartphones - Undoubtedly one of the most popular electronic products globally, smartphones have become an essential part of our daily lives. According to a report by Statista, the smartphone market is expected to reach a value of $522 billion by 2024, with an annual growth rate of 7%.
2. Smart TVs - As consumers increasingly opt for streaming services over traditional cable TV, smart TVs have become highly sought after. The smart TV market is expected to reach $231 billion by 2024 with a growth rate of nearly 10%.
3. Laptops - With remote work becoming more prevalent and schools transitioning to online learning models, laptops have seen a significant increase in demand. The global laptop market is projected to reach $108 billion by 2024 with a growth rate of 8%.
4. Smart Home Devices - As homes become more interconnected, there has been a surge in demand for smart home devices such as voice assistants and smart thermostats. This market is projected to reach $174 billion by 2024 with an annual growth rate of nearly 20%.
5. Wearable Devices - From fitness trackers to smartwatches, wearable devices have revolutionized how we track our health and perform daily tasks. This market is projected to be worth $87 billion by 2024 with an annual growth rate of over 15%.
6. Tablets - Another device that has gained popularity due to its portability and versatility is tablets. The tablet market is predicted to be worth $74 billion by 2024 with an annual growth rate of 6%.
7. Gaming Consoles - The gaming industry continues to expand as technology advances and more people turn towards gaming as a form of entertainment. The gaming console market is expected to grow at a CAGR (Compound Annual Growth Rate) of 10% and reach a value of $51 billion by 2024.
8. Virtual Reality Headsets - The entertainment industry has been revolutionized with virtual reality (VR) headsets providing immersive experiences for users. It is predicted that by 2024, VR headset sales will reach $40 billion globally.
9. Digital Cameras - Despite the rise of smartphone cameras, digital cameras still hold a significant share in the market, especially among professional photographers. The global digital camera market is estimated to be worth $16 billion by 2024 with an annual growth rate of 3%.
10. E-readers - With the rise of e-books and online reading platforms, e-readers have seen a steady increase in demand. The global e-reader market is expected to grow at a CAGR of over 5%, reaching a value of $15 billion by 2024.
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