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The global consumer electronics market was worth $1,172 billion in 2017, making it one of the most profitable markets in the world. But it’s not stopping there.

According to a report published by Zion Market Research, the electronics market is expected to grow to $1,787 billion by 2024. This increase will be the result of a CAGR of about 6% between 2018 and 2024.

Economic recovery from various nations have influenced this market increase, with China and India stepping up as strong contributors.

This market includes electronics like smartphones, tvs, dvd players, refrigerators, washing machines, digital cameras and hard disk drives.

Many electronic devices are contributing to the rising success of the global electronics market but smartphones in particular are making a major impact.

“Innovations and emergence of advanced technologies such as 3G and 4G will drive the demand of smartphones,” – Globe Newswire.

Throughout the forecast period, consumers are also expected to be replacing current devices for more technologically advanced versions. In fact, much of the market growth can be attributed to innovations in current technology, such as 3G and 4G.

Additional technological advancements in the smartphone include:

  • Fingerprint scanners
  • Hi-res display
  • Advanced camera technology

And more.

In addition to smartphones, washing devices, such as washing machines, have seen a substantial growth rate worldwide. Many developers and manufacturers are creating advanced products within this industry such as fully automatic washing machines and dryers. What’s more, washing machines are used for both residential and commercial purposes, which helps to expand the overall reach of the market.

Lastly, a growing demand for televisions with larger screens and more technical capability has also boosted the electronics market. Newer technologies like 4k and Smart tv’s are promoting consumers to replace older and traditional screens with newer ones.