consumer electronics company profile
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Consumer Electronics - History, The Modern Marketplace, Trends, Miniaturization,
Digitization, Convergence
Everything that can be invented has been invented. This comment, commonly attributed toCharles H. Duell, commissioner of the U.S. Office of Patents in 1899, is intriguing, if notentirely accurate. At the end of the nineteenth century, it did seem as if everything that wasabsolutely necessary for a rural/agrarian or an urban/industrial mode of living had been invented.By the end of that century, transportation innovations including the railroad and the steamboatwere flourishing, the nascent automobile had been developed, and experiments with flight werebeginning to show promise. Communications systems had been advanced to include thetelegraph, telephone, and radio telegraphy. Both factory owners and farmers benefited frommachines that could do jobs faster and better than humans could do them. Few could havepredicted the revolution to come that led the world beyond the industrial age and toward theinformation age. The twentieth-century innovations that would forever change almost every
aspect and sphere of human behavior would not be foreseen until the final decades of thecentury, by which time they had spawned a multibillion-dollar consumer electronics industry.
History
The term consumer electronics encompasses a variety of products ranging from home theatersystems to cellular telephones to personal computers. Though no one person can be identified asthe founder of consumer electronics, Thomas Edison would be most deserving of the title.Edisons invention of the electric typewriter in 1872 and the phonograph in 1877 suggested theearly potential of a new breed of business and entertainment devices. It was his discovery calledthe Edison Effect, patented in 1883, that actually led to the creation of consumer electronics.
Using the Edison Effect to control electricity, Edison opened his first experimental power stationin the early 1880s. Though later perfected using the alternating current (AC) system, theelectronics age commenced with Edisons power system. Over the course of the twentiethcentury, appliances and household devices were either redesigned or created to take advantage ofmodern electrical service to the home.
The radio, not the phonograph, can be considered the first consumer electronic device. Thoughthe phonograph was invented and sold decades before the radio, it was initially marketed as amechanical device, while radio was introduced to the public as a fully electrical device. Radiohistory is rooted in nineteenth-century wire transmission technologies that gave rise to thetelegraph (1820s) and the telephone (1870s). Guglielmo Marconi, generally considered to be the
inventor of radio, first transmitted telegraphic dots and dashes without the use of wires in the1890s. In the early twentieth century, tremendous advances led to radio telephony that allowedvoice and music to be transmitted without wires. Radio sets of the 1900s and 1910s were limitedto a growing number of tinkering enthusiasts. The general public did not own radios until the1920s.
In 1920, the first radio stations began operation. Public displays that were held at departmentstores showed consumers the magic of the new device, with its ability to carry live music and
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information. These displays were effective and led to the initial acceptance of radio sets. Radionetworks that were created later in the decade introduced programming that further advancedreceiver sales, and radio supplanted the phonograph as the most popular consumer entertainmentdevice. Much like the phonograph sales in the nineteenth century, radio sales did not take offuntil there was software that consumers found of value. The software of the phonograph was
recorded music on discs and cylinders; the software of radioand later televisionwas liveprogramming.
One cannot underestimate the importance of the radio and the phonograph in the modernconsumer electronics industry. These innovations had a direct effect on the development of anew breed of consumer electronic devices, including television, stereo systems, cassette andcompact disc (CD) players, and home theater systems. By the end of the twentieth century, morethan 98 percent of the U.S. population owned radios and televisions, and more than 90 percentowned videocassette recorders (VCRs). The information age had blossomed.
The Modern Marketplace
More than 250 million people lived in the United States by the end of the twentieth century. TheConsumer Electronics Association (formerly the Consumer Electronics ManufacturingAssociation) reported in 1998 that the number of consumer electronic devices in the country wasestimated at 1.6 billion, with annual sales exceeding $80 billion. The average person ownedabout six consumer electronic devices, with the average household spending about $1,000annually on electronics. More than six million U.S. jobs were attributable to some aspect of theconsumer electronics industry. This suggests the dramatic maturation of an industry in anextremely short time period.
Consumer adoption of new technologies is occurring faster than at any time in human history.
The MP3 handheld music devices that download music files from the Internet became so popularin such a short amount of time that music distribution was forever altered virtually overnight.Digital satellite systems (DSS) and digital video, or versatile, discs (DVD) reached one millionsales in a time period of eighteen and twenty-six months, respectively. It took fifteen years forcable television and four years for the VCR to reach that same mark of one million sales.Because consumers so quickly adopted a wide range of consumer electronic devices (see Table1), the electronics industry introduced more consumer electronic devices and gadgets in the finaltwenty years of the twentieth century than it did during the first eighty years of the century.Some of these innovations have become commonplace; others failed to make an impression.
There are individuals who will buy almost any new gadget. They are referred to as earlyadopters because they want the newest and best consumer electronics gear. For products to besuccessful, however, they must reach a critical mass that includes a much wider base ofconsumers. This critical mass is divided into the early and late majority of buyers. A personwho is the last to purchase a technology is referred to as a laggard. Consumer electronics thatreach a critical mass are considered to be successful, while those that are unable to sell beyondthe early adopters are considered to be failures.
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The DSS satellite dish, the DVD, and the MP3 player are examples of major success stories thatoccurred in the consumer electronics industry during the 1990s. However, for every success,failures litter the marketplace. The digital compact cassette (DCC), Atari Jaguar video gamesystem, digital video express (Divx), and a number of interactive television applications wereamong the misfires. It is difficult to explain why one technology succeeds where another fails. A
body of research called diffusion of innovations helps to identify why consumers, over time,either accept or reject new consumer electronic items. Diffusion research suggests five importantattributes affecting the success of a new technology: (1) relative advantage, (2) complexity, (3)reliability, (4) observability, and (5) compatibility.
The first four diffusion attributes are straightforward. The issue of relative advantage concernshow much better a new innovation is than the method that existed before it. The cellulartelephone had an advantage over previous telephones because of its portability. Complexity dealswith the ease of operation of the item. One of the chief advantages of radio was that the userinterface was so simple, almost any family member could turn it on and make it work. Reliabilityis the measure of the consistency of the device over time. A 4-mm videotape system brought to
market in the 1990s proved to be a failure, in part, because the tapes were easily damaged. As aresult, the reliability questions were cited as a primary reason for the demise of the format.
Compatibility involves two different issues: (1) the technologys compatibility to the lifestyles ofthe consumers, and (2) the technologys interoperability with existing equipment. Consumersfound that the time-shifting and video software playback features that were offered bythe VCR were compatible with their busy lifestyles. As a result, theVCR became one of the mostsuccessful technologies of the 1970s. Interoperability of equipment is a more complex area thatinvolves technical standards.
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A consumer must determine if a particular computer peripheral or software works with anexisting home system. The manufacturer usually places information on the packaging thatexplains compatibility issues. When groups of products work together, some form of technicalstandard has been established. Technical standards of consumer devices fall into several keycategories, including first-agent standard, industry-wide agreement, and de facto standard.
With a first-agent standard, a single manufacturer or small group of companies will introduce adevice, but they allow other companies to license the device. This type of industry agreement ledto the widespread success of the CD player, which was jointly developed by Philips and Sony.The companies made one CD system available to the music industry in 1982, and consumers hada clear choice in the audio field. Consumers were able to buy CD music software and play it onany CD player.
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An industry-wide agreement takes place when several companies that may be developing theirown incompatible technologies agree to one standard device. Before the DVD was introduced,Sony and Philips had plans to release the MMCD (multimedia CD), while Toshiba wasscheduled to release the similar, but incompatible, super density (SD) disc. The companies wereurged by both the software industry and other manufacturers to agree to one DVD-type of system
to avoid the compatibility problems of sustaining multiple formats. Industry-wide agreementscan be fostered by congressional and/or Federal Communications Commission (FCC) actions.Government standards have been established for specific television set features, includingclosed-captioning and V-chips that screen out shows with violent content.
The de facto standard is established in the open marketplace. Consumers decide the format battleat the cash register.De facto standards have been developed with devices that include VCRs(VHS becoming the standard in many countries and supplanting the Beta format) and audiotape(the cassette defeating the eight-track, digital audiotape [DAT], and the DCC). Even after anindustry-wide agreement was reached to release one format of DVD, Circuit City released thecompeting Divx format in 1998. The DVD became the de facto standard in 1999 when Divx was
discontinued. Compatibility issues are a major factor in the ultimate success or failure of aconsumer electronic device.
Trends
While it may have appeared to some by the end of the nineteenth century that everythingnecessary for leading a comfortable agrarian or industrial life had been invented, it will not soeasily be accepted that everything needed to function in the information age has been introduced.Internet connectivity, cellular telephones, fax machines, laptop computers, and personal dataassistants (PDAs) allow consumers to receive and send data instantaneously from almostanywhere in the
world. Just as it was misguided to predict the end of change at the end of the nineteenth century,it would be a mistake to assume that innovation in the consumer electronics industry will ceasein the near future. Several major trends continue to stimulate innovation in the electronics sector.Included in this list are miniaturization, digitization, and convergence.
Miniaturization
The modern consumer takes for granted the portability of electronics devices such as Walk-mans, cellular telephones, pagers, and portable DVD players. Such portability of electronicdevices has not always been the case. Early models of the radio, television, and computer werenot considered portable. The processor of ENIAC, the first computer that was ever produced,included eighteen thousand vacuum tubes. As a result, ENIAC filled an entire room andgenerated a great amount of heat. Contemporary computers use semiconductor chips that aremicroscopic when compared to ENIACs brain. The widespread use of chips and transistorshas allowed designers to create personal communication devices that are highly portable.
Cellular telephones, Palm Pilots, and laptop computers are among the items that have decreasedin size while providing more options than ever before. This trend will continue as designers haveunveiled prototype MP3 players that can be placed in a device the size of a wristwatch and in
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other wearable computer devices. Consumer electronics firms will continue to make smarterportable devices by packing miniature chips into devices that may include smart pagers andlanguage translation devices.
Digitization
The gravitation of communications-related software and hardware away from analog and towarddigital will continue to drive the consumer electronics industry. The recordable DVD and harddrive-based personal recorders such as TiVo and Replay are poised to replace the analog VCR,just as the CD basically replaced the vinyl record album. The broadcast industry is alsoundergoing a major transition from an analog-transmitted medium to a more dynamic digitalmedium. The conversion to high-definition television (HDTV) and digital audio broadcastingwill hasten the demise of analog television sets and traditional AM/FM radios.
The conversion of entertainment and communications to digital ones and zeroes has madesoftware more portable and easily transmitted. The MP3 has allowed music fans to download
music with ease and to send music as e-mail attachments. Video-streaming concepts will be thenext stage of development as people will be able to exchange home videos and video clips in thesame manner as MP3s are exchanged. Digitization and the widespread sharing of digital filesover cellular, satellite, and telephone lines does raise significant concerns about piracy ofcopyrighted material and issues that are related to the privacy of the individual who is receivingand sending digitized communication. However, the great advances that are offered by digitalcommunication will continue without interruption as new generations of improved digitalcamcorders, personal computing devices, and still-frame cameras are introduced to themarketplace.
Convergence
Probably the most important trend for consumer electronics is that of convergence. Thecomputer, the telephone, and broadcasting were always considered distinct from each other. Theconsumer electronics industry has long realized that devices that are useful to consumers couldbe created by combining the power of telecommunications with the power of computing. Therise of modems to provide Internet service on personal computers, cell telephones that provide e-mail and online services, and televisions that allow for Internet connectivity demonstrate thenotion of convergence. The merger announced by AOL and Time Warner in 2000 lends furthersupport to the fact that the boundaries within the various communication-related industries havebeen obliterated.
All technologies that were once considered wired are converging toward wireless deliverymodes. Both telecommunication and Internet devices have become less dependent on traditionaltelephone lines. Cellular telephone systems use a series of radio transmitters to provideinterconnectivity. The next wave of convergent devices may use the same type of system toprovide increased interconnection. The most promising of the wireless standards is known as theBluetooth standard. Bluetooth would allow for the wireless networking of television, hometheater, and Internet equipment. Furthermore, Bluetooth could provide a wireless interconnectionbetween MP3 players, Palm Pilots, pagers, and cell telephones. This would allow for the wireless
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transfer of entertainment and information between devices, thereby eliminating the wireconnection. The ease of interoperability between electronic devices suggests a dynamic andconvergent future for a new breed of consumer products.
Consumer Electronics Stores
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Industry Code: 44311, Aug 05 2010, 35 pages
About IBISWorld Industry Reports
Short circuits
Prior to the onset of the recession in 2009,the Consumer Electronics Stores industrybenefited from increasing household wealth,falling product prices, and increased productchoices and availability. All of this endedwith the collapse of the US housing marketas illustrated by the exit of Circuit City from
the industry. As unemployment decreasesand business sentiment picks up, consumerswill once again flock to get their hands onthe latest and greatest gadgets for theirhomes and beyond.
In-depth industry market research presentedin a logical and consistent format.Including 35 pages of insights coveringindustry conditions, key statistics, competitoranalysis and market share, product and
customer segmentation and a 5 year forecast.
Key Competitors in this IndustryMajor Player Market S
Best Buy Co., Inc. XX.X
RadioShack Corporation XX.X
Products & Services Key Industry Statistics
Key Industry Figures 2009 2010
Industry Revenue*83,659
.2XXXX $Mil
Revenue Growth *-5.2XXXX
%
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5 year forecasts for each industry.Back to top
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Our collection of market reports are used by leading financial institutions for strategicassessment of the entire US economy.
Our suite of industry intelligence is also ideal for investment banking, accounting, businessvaluations, corporate & academic libraries, mergers & acquisitions advisory (M&A),management consulting, benchmarking, business brokering, advertising agencies, litigationsupport, due diligence, corporate strategy, strategic intelligence, competitive intelligence,business plans, small business, and start-ups.
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DEFINITION
Consumer electronics stores retail a broad range of appliances and electrical goods as well ashome entertainment products like TVs, DVD players and stereo systems. Goods are purchasedfrom domestic and international (in some cases) manufacturers and wholesalers. Operatorsthen retail goods to the general public through their store. New purchases dominate the market,while the replacement market represents a smaller portion of sales.
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RELATED REPORTS
Similar Industries
Computer Stores Camera Stores Home & Garden Appliance Repair Services
Up & Down Stream Sectors
Home Entertainment & ApplianceWholesaling Electronic Parts & MiscellaneousWholesaling
Companies In This Industry
Best Buy Co., Inc. RadioShack Corporation More
Factors Affecting This Industry
Yield on 10-year Treasury bills
International Reports
Global Consumer Electronics Manufacturing
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Risk Rating of This Industry
Consumer Electronics Stores
Domestic Appliance Retailing in Australia
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SEGMENTS
The major products and services covered inthis market research report are:
TV and video productsMajor appliancesComputer hardware, software equipmentAudio equipmentHome and office equipmentOther merchandise
Small electric appliancesKitchenware and home furniture
ACTIVITIES
The primary activities of companies in thisindustry are:
Retailing new household appliances(refrigerators, washing machines, ovens)Retailing new personal appliances (hairdryers, curling irons, electric razors)Retailing computers alongside otherhousehold and personal appliances
Offering repair service in conjunction withretail operations
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TABLE OF CONTENTS
Industry
Definition3
ACTIVITIES (PRODUCTS ANDSERVICES)
SIMILAR INDUSTRIESDEMAND & SUPPLY INDUSTRIES
Key
Statistics
INFLATION ADJUSTED (CONSTANT)PRICES
REAL GROWTH
RATIO TABLE
GRAPHS
Segmentat
ion
PRODUCTS AND SERVICESEGMENTATION
MAJOR MARKET SEGMENTS
INDUSTRY CONCENTRATION
GEOGRAPHIC SPREAD
Industry
Conditions
1
6
BARRIERS TO ENTRY
TAXATION
INDUSTRY ASSISTANCEREGULATION ANDDEREGULATION
COST STRUCTURE
CAPITAL AND LABORINTENSITY
TECHNOLOGY AND SYSTEMS
INDUSTRY VOLATILITY
GLOBALIZATION
Key Factors 22KEY SENSITIVITIES
KEY SUCCESS FACTORS
Key
Competitors
2
4MAJOR PLAYERS
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Market
Characteristics
1
1MARKET SIZE
LINKAGES
DEMAND DETERMINANTSDOMESTIC AND INTERNATIONALMARKETS
BASIS OF COMPETITION
LIFE CYCLE
PLAYER PERFORMANCE
OTHER PLAYERS
Industry
Performance
2
9
CURRENT PERFORMANCEHISTORICAL PERFORMANCE
Outlook 33
Brief History of Home Appliances and the Everyday Life
By Roman Ro
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Industrialization dramatically and unevenly transformed world society, altering technologicalpatterns and work processes of preindustrial ways of life. This socio-technological revolutionchanged how households dealt with food provision, clothing, cleaning and medical care. In aword, it affected the basic elements of human reproduction.
With the development of mass production at the turn of the twentieth century, many traditionally
male tasks were abandoned, and others were left most in the hands of women and servants.Corporate industry began providing goods and services that households had previously self-produced. As the process of modern urbanization took place, many households started topurchase foodstuffs from grocery stores, health care from physicians and ready-made clothingfrom department stores.
At the same time municipalities developed a water system. Hence, homes were finally equippedwith running water, water heaters and indoor bathrooms. Moreover, electricity substitutedkerosene lamps, whilst other electric appliances were slowly appearing on the market (e.g.electric fans, sewing machines, washing machines, and vacuum cleaners). Telephone andautomobiles were also appearing in a small number of families.
These developments consolidated and further expanded during the post-war economic growth.Indeed, after World War II, household technologies dramatically spread through all the sociallayers. The assembly-line production of home appliances was balanced by an increasingconsumerist culture and people's adequate purchasing power. It was the era of mass consumptionof refrigerators, electric dishwashers, radio, TV and many other durable goods.
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Finally, as of the 1970s, the technological evolution brought the use of computers and micro-chips. This determined the massive and fast expansion of consumer electronics. At the turn of theTwenty first century, new products such as microwave ovens, compact-disc players, Mp3 playersand personal computers, keep altering household everyday life. More importantly, the attentionof producers is increasingly focused on the environmental impact of new technology. Indeed, the
new frontier of technology should be capable to progressively address its consequent effects onhuman reproduction in relation to the biosphere.
Indian Consumer Electronics Sector: Industry Profile
This industry profile helps to gain an insight into the evolution of the industry and competitivedynamics prevalent in the market. It discusses the significant developments in the industry andanalyzes the key trends and issues. The profile provides inputs in strategic business planning ofindustry professionals.
This profile is of immense help to management consultants, analysts, market researchorganizations and corporate advisors.
The objective and scope of various sections of our industry profile has been discussed below.
Industry SnapshotThis section gives a holistic overview of the industry. It starts with defining the market and goes
on to give historical and current market size figures. It also clearly illustrates the major segmentsof the market which would be discussed later on in the report.
Industry AnalysisIt involves a comprehensive analysis of the industry and its market segments. This sectiondiscusses the key developments that have taken place in the industry. It also identifies andanalyzes the driving factors and challenges of the industry. A description of the regulatorystructure tells us about the major regulatory bodies, laws and government policies.
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Country AnalysisThis section presents the key facts & figures of the country. It also discusses the politicalenvironment and the macroeconomic indicators. It analyzes government stability and economicgrowth of the country.
Competitor AssessmentThis section compares the major competitors in the industry. The Competitors At-a-Glance isaimed at giving an overview of the competitive landscape in the industry.
Company ProfilesThe major companies are profiled in this section. For each company, business description isgiven followed by financial highlights and recent developments.
Industry OutlookThis section presents the outlook of the industry. The analyst opinion and projections help us in
evaluating the future of the industry. It gives an insight into the investment opportunities presentin the sector.
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