The Spring Electronics Fair Survey which took place among 409 global buyers and 263 exhibitors in April 2024, unveiled a consistently positive sentiment within the electronics sector. The industry is increasingly optimistic about electronics outlook as indicated by the majority of survey respondents.
How Good Is the Overall Picture of Electronics Industry?
Most electronics traders surveyed are confident about their business outlook, with rising demand from emerging markets (such as the Middle East, ASEAN countries and Mainland China) (38%), recovering purchasing power of customers (34%) and business leads driven by e‑tailing (34%) identified as the key drivers and opportunities set to increase sales/ revenue.
What Electronic & Tech Products Will Stand Out in the Market?
In terms of specific product trends, the ever‑broadening smart home / living applications for Internet of Things (IoT) compatible systems were considered to have the greatest growth potential by 23% of respondents. This was followed by electronics/ electrical accessories (20%) and home appliances (16%). Wearable electronics and mobile devices/ accessories (13%) were also singled out as categories to watch.
How Can AI Help Electronics Sector Thrive?
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 (50%) and product design and development (38%) were seen as the most popular areas of application.
When it comes to AI forecast, respondents foresee that the trend of adopting Generative AI will become more significant or even mandatory in the future.
Where Is the Next Electronics Marketplace?
With the rise of e-commerce, it will be a key distribution channel for the electronics industry, with 52% of respondents saying they currently engage in online trading and/or go omnichannel.
Summary
Electronics traders displayed a general optimism of the electrical and tech sector and they see potential in further generative AI adoption to facilitate daily trade. They considered smart home and living as the biggest product category in the near future.
Full survey findings, including respondents’ profile, can be accessed via below link:
E-commerce continues to rise as shown in the above survey findings – source quality and safe electronics, among other products, on our e-Marketplace now:
