According to a new report, published by KBV research, The Global Consumer Electronics Packaging Market size is expected to reach $35.6 billion by 2029, rising at a market growth of 8.0% CAGR during the forecast period.
The Corrugated Boxes segment is showcasing a CAGR of 8.2% during (2023 - 2029). This can be attributed to the swiftly expanding consumer electronics and e-commerce sectors, the rising demand for various electronic products globally, and the high demand for corrugated boxes for the safe packaging of electronic products. The corrugated boxes are economical and lightweight, making them ideal for transporting electronic goods. Furthermore, the multilayer construction safeguards the products during transport and handling and provides moisture protection. Hence, these factors are expected to surge the segment's growth.
The Paper & Paperboard segment acquired maximum revenue share in the Global Consumer Electronics Packaging Market by Material Type in 2022 thereby, achieving a market value of $16.9 billion by 2029. This is due to the utilization of paper and paperboard for various applications, including computers, storage devices, scanners, printers, and copiers. The paperboard box is made from various materials, including corrugated fiberboard (CFB), Kraft paper, specialty papers, and coated and uncoated cardboard, which is expected to increase its utilization and, therefore, propel the segment's expansion.
The TVs, DTH & Set-Top Boxes segment has shown the growth rate of 8.5% during (2023 - 2029). This is because today's LCD and plasma high-definition TVs are much more compact and lighter than the older models and offer higher picture quality. However, televisions' likelihood of sustaining damage has increased due to several different circumstances, especially while transporting them. These factors have increased the requirement for efficient packaging of TVs to save them from any external damage surging the segment's expansion.
The North America market dominated the Global Consumer Electronics Packaging Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $12 billion by 2029. The Europe market is exhibiting a CAGR of 7.8% during (2023 - 2029). Additionally, The Asia Pacific market would showcase a CAGR of 8.6% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/consumer-electronics-packaging-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of DS Smith Plc., Smurfit Kappa Group plc, Sonoco Products Company, Billerud AB, The International Paper Company, JohnsByrne, Plastic Ingenuity, Stora Enso Oyj, UFP Technologies, Inc. and WestRock Company.
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