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Demand for high-tech consumer products declines

Picture: TrendForce, Mar. 2020 / Statista

Demand for High-tech Consumer Products Declines

Cancellation of Major Events Influences Buying Decisions!

Due to the Corona Crisis, the overall demand for consumer electronics has declined sharply.

Currently, the impact of the pandemic on the smartphone market is mainly on the demand side. Consumers worldwide defer purchasing new smartphones this year. The TV industry is seriously affected starting from the Chinese market.

22 Nov 2023 - RFID & Wireless IoT Global 03-2023

It currently faces pressure on both the production side and demand side. It is projected to decrease by 7.3 % YoY. Moreover, both UEFA EURO 2020 and 2020 Tokyo Olympic Games have been postponed to 2021, in turn further weakening the demand for TVs. The top six notebook OEMs, most of which are based in China, suffered damages to their production capacity in February.

The projected growth is down by 20.3 %. Because OEMs are aggressively pursuing labor and materials, notebook production is expected to return to normal supply levels before May.

The damage to the auto industry, last but not least, is considerable.

The rapid spread of the pandemic has brought about a corresponding spread of material shortages – along with plant shutdowns and similar large-scale impacts – for automobile suppliers globally. The pandemic’s impact and the stock market crash are expected to result in deferred or even eliminated market demand for automobiles.

Vanessa Tan
Vanessa Tan
Editor & Marketing Manager
Lüneburg near Hamburg, Germany
Rena Garbe-Emden
Rena Garbe-Emden
Graphics Specialist
Lüneburg, Germany
Anja Van Bocxlaer
Anja Van Bocxlaer
Editor in chief and Conference Manager
Lüneburg, near Hamburg, Germany
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