Electronics & Smart Devices Industry - Regional Synopsis
Asia Pacific Market Statistics
Asia Pacific industry is predicted to hold largest revenue share of 34% by 2037. The Asia-Pacific region boasts of various prominent electronics and smart device manufacturers such as Samsung, LG and Huawei, hence, the East has a lead. Our reports suggests that the electronic market in this region accounted revenue of USD 473 Billion in first quarter of 2024. The region is enjoying the quickest thrives of wearable technology that have better sensors extended batteries, and more detailed features. These innovations are causing the market to flourish and are making these items more appealing to buyers.
China, being the innovative hub of Asia, strolls this market with a level ahead. Chinese electronic market is expecting to touch the mark of USD 115.7 Billion of revenue in 2024. The market of a Smart Home in China is associated with the factors including elevated internet penetration rate, growth in education of the population and supportive policies of the government.
North America Market Analysis
The North America region will also encounter huge growth for the electronics & smart devices market during the forecast period and will hold the second position with 29% of market share. Front runners of this region are renowned tech giants like Google, Apple, Amazon and Samsung who work on technology and automated home device innovations. Electronic market in this region estimated the revenue of USD 113 billion in 2023. Major companies are diversifying their market share through product differentiation of their portfolios via mergers, acquisitions and technological investments in the cutting-edge technologies. Smart device adoption across North America is being championed by factors, such as early 5G networks as well as growing desire for energy-efficient devices.
Smart device technology has become a trend in the U.S. and it has been found to be a factor that increases the value and the attractiveness of a house, especially for the younger generation of buyers. A survey shows that around 70 million households in the U.S. have opted for smart home devices in 2024 which is certainly 11% higher than that of 2023. Besides, the deployment of voice-enabled smart assistants is helping consumers to control their systems with voice commands that suggests that technology and convenience are the top priorities in the U.S. market.
