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Electronics, components market forecast to grow

TAIPEI--The global market for consumer electronics and components is expected to grow over the next 10 years amid the trend of the "Internet of Things" — connecting more devices to the Internet and to each other, according to a local research institute.

The consumer electronics and components market will reach US$1.34 trillion worldwide in 2014, and the market is likely to grow by 5 to 10 percent each year until 2020, the Taipei-based Topology said in a research note Friday.

The industry will generate business of around US$2 trillion by 2020, predicted Simon Yang, a researcher at Topology.

If other sectors such as software, content, services are included, the total market can be as big as US$3 trillion by 2020, he added.

Yang forecast the growth will be even stronger after 2020, and that the annual growth of the global market of consumer electronics and components will be at 10 to 20 percent each year.

By that rate, the output of the global consumer electronics industry will be US$3 trillion by 2024, and the total market, including other sectors, will reach US$5 trillion worldwide, Yang forecast.

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