As we step into 2024, the electronics and consumer goods industries stand on the cusp of a transformative era. The rapid pace of technological advancement, coupled with evolving consumer preferences and global economic dynamics, is reshaping the landscape in unprecedented ways. This article, "2024 Forecast: The 10 Emerging Trends Reshaping Electronics & Consumer Goods," delves into the heart of these changes, offering a comprehensive overview of the key trends that are set to redefine these sectors. This article is an essential read for industry professionals, investors, and consumers alike, providing insights that will help navigate the complexities and opportunities of a rapidly evolving market. As we navigate through these trends, we not only glimpse the future of electronics and consumer goods but also understand the forces driving their evolution. The results come through SCOUT, MAPEGY’s Future Intelligence Platform, whose capabilities meticulously discover emerging technologies and decipher its ecosystems with cutting edge AI in 3 simple steps.
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Below, the Top 10 Electronics & Consumer Goods Emerging Trends according to SCOUT, our Future Intelligence platform.
SmartHome technology is on track to dramatically expand, with the market projected to grow from $93.98 billion in 2023 to $338.28 billion by 2030, marking a 20.1% CAGR. This growth is fueled by consumer demands for convenience, efficiency, and security, driven by advancements in IoT and AI. Industry leaders like Google, Amazon, Apple, and Samsung are pioneering with products like Nest and Echo, alongside innovative startups. Their focus on AI, connectivity, sustainability, and energy savings is propelling SmartHome as a key trend in electronics and consumer goods. [1]
Renewable Energy emerges as a pivotal trend in Electronics & Consumer Goods by 2024, with the market poised to grow from $1.21 trillion in 2023 at a 17.2% CAGR until 2030. This surge is fueled by a global shift towards eco-friendly energy, driven by companies like Tesla in solar solutions and Vestas in wind power. Alongside, Siemens Gamesa and First Solar are advancing wind and solar technologies, supported by government policies promoting green energy, highlighting the sector's significant economic potential and commitment to sustainability. [1]
The Internet of Things (IoT) is a critical trend in Electronics & Consumer Goods, with the market set to grow from $1.17 trillion in 2024 to $2.37 trillion by 2029, showcasing a 15.12% CAGR. This growth is driven by companies like Amazon, Google, and Apple, enhancing connectivity in homes and industries. Siemens and Bosch lead in industrial IoT, while Qualcomm and Intel innovate in chip technology. The integration of AI and machine learning further elevates IoT, making consumer goods smarter, more personalized, and energy-efficient. [1]
Recycling is a key trend in the 2024 Electronics & Consumer Goods sector, driven by sustainability and circular economy efforts. Leading companies like Waste Management and Republic Services in waste services, and Veolia and TerraCycle in plastics, are spearheading growth, with the recycling market expected to expand significantly. The plastic recycling market is projected to grow from $43.62 billion in 2023 to $77.89 billion by 2031, at a 7.7% CAGR. This trend highlights the industry's move towards eco-friendly practices and the growing consumer demand for sustainable products. [1] [2]
Augmented Reality (AR) stands as a pivotal trend in Electronics & Consumer Goods for 2024, with its market expected to surge from $42.48 billion to $248.38 billion by 2029, marking a 42.36% CAGR. This growth is fueled by AR's immersive integration into retail, healthcare, and education. Innovators like Microsoft's HoloLens, Google's ARCore, and Apple's ARKit are enhancing consumer experiences through interactive product demonstrations and training. Their commitment showcases AR's transformative potential in consumer technology, highlighting its significant impact on industry evolution. [1]
Cloud Computing is set to revolutionize the Electronics & Consumer Goods sector in 2024, with the market expected to double from $0.68 trillion to $1.44 trillion by 2029, achieving a 16.40% CAGR. Spearheaded by giants like Amazon Web Services, Microsoft Azure, and Google Cloud, this trend enables agile, scalable, and cost-efficient solutions across industries. Innovations from IBM and Salesforce in AI, machine learning, and security further drive this growth, transforming IT infrastructures and fostering new consumer products and services, highlighting its pivotal role in 2024's tech landscape. [1]
Edge Computing is set to redefine the Electronics & Consumer Goods industry in 2024, with its market forecasted to grow from $15.59 billion to $32.19 billion by 2029, at a 15.60% CAGR. This growth is supported by the proliferation of IoT devices and the introduction of 5G by companies like Verizon and AT&T, demanding immediate data processing. Innovations by Intel in edge processors and Cisco in networking are making consumer products smarter and more responsive, highlighting edge computing's essential role in enhancing user experiences and operational efficiencies. [1]
The e-waste management market, crucial for the Electronics & Consumer Goods industry, is poised for growth from $57.8 billion in 2022 to $244.6 billion by 2032, with a 15.7% CAGR. This surge, fueled by the rapid turnover of products from giants like Apple and Samsung, underscores the need for sustainable disposal and recycling. Companies such as Dell and HP, along with recycling leaders ERI and Sims Recycling Solutions, are at the forefront of addressing this challenge, highlighting a concerted effort towards environmental sustainability and circular economy practices in the sector. [1]
Wearable technology, poised for rapid growth, is set to increase from $186.48 billion in 2024 to $493.26 billion by 2029, with a 17.60% CAGR. This trend is powered by companies like Fitbit, Apple, and Garmin, who are leading the charge with their fitness trackers, smartwatches, and health monitors. These innovations, essential for integrating technology into health routines, along with strategic partnerships across tech and fashion sectors, highlight wearables' pivotal role in transforming the Electronics & Consumer Goods landscape. [1]
Printed Electronics is set to revolutionize the Electronics & Consumer Goods industry by 2024, with its market expected to reach over $15 billion, growing at a 19% CAGR. Companies like Thin Film Electronics and E Ink Holdings are leading this transformation, developing flexible, cost-efficient components for wearables and displays. Their innovations are making electronics more integrated into everyday items, supported by research from institutions like Arizona State University's Flexible Electronics Center. This trend underscores the shift towards adaptable, user-centric products, redefining electronics manufacturing and consumption. [1]
As we conclude our exploration of the "2024 Forecast: The 10 Emerging Trends Reshaping Electronics & Consumer Goods," it's clear that the intersection of technology, environmental consciousness, and innovative solutions is driving significant changes in this sector. From the burgeoning Smart Home market, to the rapid expansion of Printed Electronics, each trend demonstrates a unique facet of this transformation. The push for sustainability is evident in the rise of Renewable Energy and the critical focus on Electronic Waste management, indicating a shift towards more eco-friendly practices. The technological advancements in Cloud Computing, IoT, and Edge Computing, with their multi-trillion-dollar market potentials, highlight the increasing reliance on sophisticated data management and processing solutions. Meanwhile, the growth in Wearable Technology and Augmented Reality markets reflects a consumer move towards more personalized and immersive experiences. These trends collectively signify a dynamic period of growth and innovation, reshaping the landscape of electronics and consumer goods, and paving the way for a more connected, efficient, and sustainable future.
Technology Intelligence can be defined as the synergistic combination of artificial intelligence (AI) with scouting and landscaping methodologies. Scouting involves actively seeking out and gathering information on emerging technologies, trends, and developments across various domains. Meanwhile, landscaping involves analyzing and mapping the technological landscape to identify key players, innovations, and potential disruptions. By leveraging AI algorithms and advanced data analytics, Technology Intelligence enables organizations to gain actionable insights into the ever-changing technological landscape, empowering them to make informed decisions, anticipate market shifts, and stay ahead of the competition.
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