7 Consumer electronics industry trends in 2023

The last century saw some magnificent inventions which changed the world forever. The top three could be Radio, Television and the Internet. The ubiquitous internet is the most invasive yet the most impactful invention. 

As the world moves into yet another year of this century, which belongs to technology, post the pandemic, technology will seep further into our lives. 

Shipra Dubey , Director, Westinghouse India

Technology is helping us make our lives easier than ever before and adding many productive hours. We are surrounded by electronic devices which helps make us better decision, make a forecast, understand trends etc.

The Westinghouse corporation’s internal research to map the trends for the next year is insightful. It showcases that 2023 will be the year of hyper-personalisation in the consumer electronics segment.

Personalisation of Technology: So far, people adapted to the changing technology, and now technology will adapt to your changing needs. Personalise your home appliances from a refrigerator to washing machines, air conditioners to geysers. Though it started a few years back, in the coming years with the advent of 5G and high-speed internet connectivity, the web of the internet will go deeper into our lives seamlessly. Ever wondered how Netflix show a thumbnail as per your preference, apparently, it does with everybody because it knows what you like based on what you have watched on the platform. The same is the case with eCommerce and social media websites. They track consumer actions on their platform to present likeable options. 

IoT, Smart Homes, AI – Getting up in the morning, as the alarm rings, the geyser gets triggered, while, you finish the bathroom routine, your coffee maker prepares a fresh coffee, google supplies the news for the day, AC is set at the right temperature, matching the outside weather automatically, TV shows your task for the day along with other reminders, as you move out of the house the light gets switched off. A segment which has shown an uptick of more than 35% in the last year, is set to rise further with the advent of 5G to the masses in India. Technology-friendly people like to have more smart appliances from air purifiers, chimneys, fans, ac, and lights, to personal grooming devices. Smart Homes with the latest appliances enabled with Artificial intelligence would be a very common sight in the coming year.

Rise of Wearables: 20% is the growth rate in the sale of wearables in India. From TWS to Smartwatch, fitness bands to smart shoes everything has seen a spurt in demand, supplemented with more disposable income and eagerness to adopt new technology. Healthcare, sports, military, and fashion are some top segments wherein wearables are making huge inroads. Some smartwatches are very much accurate in giving vital information about the body like ECG, heart rate, SPO2, glucose etc. Manufacturers are working to make the battery life longer with the introduction of solar charge. It’s inevitable for people to try this new form of technology which very much would be part of the daily routine.

Make a purchase decision with Augmented Reality: As per research 77% of customers like to see or imagine the style, and colour among other elements before making a purchase and 71% would shop more if they experience augmented reality at a retail shop. They primarily want to visualise the product at their home, AR makes it possible. You may have seen this kind of feature in Samsung, furniture or some eyewear website, which, through a smartphone, lets you picture the product in the corner of your home. Augmented reality is going to rise further both digitally and at physical stores. We are getting into the world of the metaverse.

Products for specific segments: The Internet has not only helped people remain connected across the world, but it has also led to a new segment of product lineups which are personalised and customised as the customer segment. For example, Garmin’s smartwatch series with solar energy targets outdoor enthusiasts, in particular, bose targets people who want nothing less than a symphony when they hear music, laptops designed for gamers, and home appliances ranges from meeting the needs of a small family to the large ones. India has a population of every sort, the deep market has young as well as old audiences. It can be expected that more consumer goods would come into the market which add value and caters only to a particular segment without saying a complete goodbye to generic products.

Design Innovation: The last three decades have seen rapid innovation in the field of consumer electronics, from a floppy drive with 144 storage capacity to a nail size pen drive with 1 TB storage, from landline phones to smartphones (wherein calls are the least used feature), likewise, further innovation in design keeping consumer conveniences and adaptability in mind would be created. Samsung has already brought some changes into, the almost stagnant, smartphone segment with fold and flip devices. 

Good things would be expensive: It’s been an eventful 3 years, covid disrupted the supply chain for most of the products throughout the world.  One of its impacts was the increase in work-from-home culture which led to a rise in the demand for electronic goods, but the semiconductor industry couldn’t keep pace with the changing landscape and ended up with a huge shortage. With a rising cost of production and inflation all new consumer goods would get expensive in the coming year but so would the purchasing capacity. 

With so much innovation and personalisation at the fore, we would be surrounded by the terrific piece of technology, helping our daily lives easier and better.

This article is written by Shipra Dubey , Director, Westinghouse India

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