“Rise of Smart Home Devices”
One significant trend driving growth in the consumer electronics market is the increasing adoption of smart home devices. These products, which include smart speakers, security cameras, and smart thermostats, offer enhanced convenience and automation for users. For instance, In May 2023, Ekka Electronics announced an investment of USD 121.1 million to build a manufacturing facility in Noida, India. The facility will focus on producing consumer electronics, including washing machines, smartwatches, wearables, and true wireless stereo (TWS) devices. The company plans to expand production capacity to 800,000 to 900,000 units monthly within three years, positioning itself as a major player in the consumer electronics industry.
