Global electronics sector is expected to undergo vigorous growth in 2024, as indicated by many of the respondents to a survey conducted at the Hong Kong Electronics Fair last autumn. The respondents, including 738 buyers and 393 exhibitors, expressed optimism in the industry outlook.
General Findings
Electronics Industry Sees Bright Outlook with Tech Revival
In general, electronics traders were positive with regard to future market prospects and expected that their overall sales would increase in 2024 and 2025, with 39% of respondents saying they expected sales to grow in 2024 and 56% expressing the same sentiment with regard to 2025.
New Business Strategies for Electronics Sector
Electronics industry players are looking for new directions to survive in the increasingly challenging markets, with 22% of respondents indicated plans to develop new markets and 17% said they planned to develop new types of products and expand their e‑commerce operations.
Increased Emphasis on Omnichannel Business
With regard to e-commerce expansion, the electronics industry is adapting it as a key distribution channel, with a total of 68% of respondents saying they currently engage in online trading as one or all of their sales and distribution channel(s).
Upcoming Product Trends
Smart Devices & Wearable Tech Tipped Most Popular
Smart home / living products and solutions, including Internet of Things (IoT) compatible systems, were considered to have the greatest growth potential this year by 22% of respondents. This was followed by electronics / electrical accessories (19%) and wearable electronics e.g. smartwatch (18%).
Generative AI Highly Regarded
Generative artificial intelligence (AI) continued to be a key area of interest for survey participants. Among those who currently use or plan to use the technology, customer service and support (52.1%) and product design and development (45.6%) were seen as the most popular areas of application.
Summary
Electronics traders show increased enthusiasm in the industry performance. With technological advancements, they plan to leverage AI in product development, and devote more resources in online business. Smart home appliances and wearable devices are their expected best-sellers.
Full survey findings, including respondents’ profile, can be accessed via below link:
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