According to the research report titled ‘Global Electronics Market Size study with COVID-19 Impact, by Product Type (DRAM, SSD, MCP, Processor, Image Sensor, and Others), By Application (Automotive, Communication Equipment, Enterprise System, Industrial, Personal Electronics) and Regional Forecasts 2020-2026,’ available with Market Study Report, global electronics market is expected to showcase a substantial growth during 2020-2026.
 

Global electronics market is primarily driven by growing dependency and surging sales of consumer electronics due to increasing digitalization. Escalating demand for electronics have encouraged the companies to improve their manufacturing potential and develop innovative products, which is further propelling the market growth.
 

Consumer electronics are products which are used every day, generally for entertainment, communications and in offices. These include digital cameras, GPS automotive electronics, calculators, televisions, audio equipment, MP3 players, telephones, personal computers, and more.
 

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The outbreak of COVID-19 worldwide has a negative impact on the industry expansion. In the view of the pandemic, the production facilities of electronic components have witnessed inefficiencies owing to the shutdown of logistics and supply chain processes as well as absence of workforce. This lack of electronic components is hampering the growth of global electronics market.
 

In April 2020, for instance, Apple Inc. declared that it will delay manufacturing of the iPhone on account of the increasing spread of COVID-19. The company dispatched over 73.8 million iPhones in fourth quarter of the year 2019. Moreover, according to India Cellular & Electronics Association, a loss of USD 1.9 million has been witnessed by the handset manufacturing sector in India due to the halt in production plants during the 3-week lockdown.
 

Additionally, since the markets were open only for essential services, the malls and retail shops selling electronic products were closed, thereby declining the sales of electronic devices. Besides these factors, shortage of skilled labor is likely to impede the market growth during 2020-2026.
 

Citing the regional landscape, Asia Pacific holds a significant market share presently, attributable to the wide manufacturing base along with increasing sales of consumer electronics in the region. Factors like rapid digitalization and rising disposable income are projected to influence electronics market size in APAC during 2020-2026.
 

Major players in global electronics market are Sennheiser Electronic GmbH & Co. KG, Samsung Electronics Co. Ltd., Panasonic Corp., Nikon Corp., LG Electronics Inc., Huawei Technologies Co. Ltd., Hitachi Ltd., GoPro Inc., Canon Inc., and Apple Inc.