China replaces the United States as the world's largest consumer electronics market

VentureBeat, a US technology news website, quoted industry figures as saying that China has surpassed the United States to become the world's largest consumer electronics market. In addition, Asia has also replaced North America as the largest regional consumer electronics market. China is beginning to play the role of the driving engine of the global consumer electronics industry.

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Steve Koenig, a senior analyst with the Consumer Electronics Association, said that China and Asia are gradually replacing the US and North American markets. This trend has already appeared, but 2013 is really a turning year in sales, North America will be second in the future.

With the rapid growth of China's consumer electronics market, it is expected that China has a huge population. According to statistics, there are 160 cities with a population of more than one million in China, while there are only nine cities in the United States. In addition, China's economy is expected to grow by 7.4% this year, which is also faster than that of the United States.

The analyst said that China is becoming the leading force in the global market, which can not be simply described as surprising.

However, industry insiders pointed out that although the demand of Chinese consumers for consumer electronics products continues to rise, due to the rapid decline in prices of consumer electronics products accompanied by technological progress, the capacity of the global consumer electronics market will drop by 1% in 2014.

It is estimated that in 2014, the global consumer electronics market was US $1.055 trillion, slightly lower than last year's US $1.068 trillion. As a contrast, in 2009, which was weak after the financial crisis, the global market was US $856 billion.

Smart phones have become the most active consumer electronics market. It is estimated that the global sales of smart phones will reach 1.2 billion this year. The average price of smart phones was $444 in 2010, but it has dropped to $297 last year.

Analysts at Kening point out that the North American consumer electronics market was $257 billion last year, but the Asian market dominated by China was $282 billion. Emerging market countries are said to account for half of the global consumer electronics market, up from 40% a few years ago.

In addition, ABI, a technology market research company, published a forecast report last year, saying that in 2013, China has surpassed the United States to become the world's largest smartphone market.