Technologies encountered a rapid boom in recent years, with newer or more advanced consumer electronics being created, bringing our lives closer to digitalization – resulting in increased convenience and efficiency.
With rising demand for consumer electronics, it is no surprise that the sector is forecasted to grow with a whopping 8.5% CAGR and is expected to surpass US$1 Trillion by the end of 2031. Consumer preferences towards electronics is especially evident in 2024: continued strengthening of healthcare technology and Virtual Reality (VR) to a surge in Artificial Intelligence (AI) technology, this is undoubtedly a year of change for the consumer electronics market.
Learn More:
1. AI Will be Everywhere
Artificial Intelligence (AI) and Machine Learning (ML) are expected to play a significant role in 2024-2025 for the consumer electronics market according to Accenture. From automobiles to home appliances, AI will be a fundamental component of their product design and functionality – allowing consumer electronics to be more intuitive and personalized than ever.
For example, Volkswagen is planning to integrate ChatGPT in their IDA voice assistant, which offers new capabilities far beyond voice control, such as controlling their infotainment systems, navigation, air conditioning, and answering knowledge questions while driving. Samsung is also looking to integrate AI in home appliances such as washing machines, air conditioning and vacuum cleaners to improve home and energy efficiency.
2. Internet of Things for Everything
IoT is expected to move into more sectors and markets this year – such as health monitoring devices, gardening and farming systems, green technology, and so on. While data-sharing and privacy have always been a concern for the use of IoT, according to Forbes, developing protocols to enable IoT devices to play safely will be a priority for IoT in 2024.
3. Extended Reality Devices to Soar
While extended reality devices seem to be a niche item in the previous few years, these consumer electronics are moving towards the mainstream market in 2024 – especially with major tech giants, such as Apple and Meta, launching their products this year. Visual computing (integrating the physical world with the internet) brings immersive 3D experiences to users – particularly in providing entertainment and gaming services.
While current extended reality devices are predominantly used in entertainment, these devices are expected to play a greater lifestyle use in the upcoming years.
4. Healthcare Technology Continues Strong
Healthcare technology has witnessed further breakthroughs post-pandemic. For example, pillows powered by technology can take data from sleep and adjust their user’s head position to improve sleep quality.
An influx of mobile applications that can provide easy access to health test results (such as UTIs and blood tests) is also expected to prevail in 2024, as these developments provide convenience and privacy to users – allowing for early detection of medical issues that might be overlooked due to delayed health testing.
Make Your Move into the Future
From 13 to 16 April 2024, HKTDC’s Hong Kong Electronics Fair (Spring Edition) will be back to showcase the latest consumer electronics available on the market. Buyers will also be able to connect with suppliers and join various events and symposiums to keep themselves updated on upcoming market trends.
Register now to ensure a spot at the fair:
For those missing out on the physical Electronics Fair, you can still benefit from hktdc.com Sourcing which provides a seamless pairing service between potential buyers and suppliers:
