China and India gaining $3T from consumer electronics

China and India are expected to get majority of the consumer electronics market's almost $3 trillion boom from now to 2020 due to its massive population, according to Future Market Insights.

PR Newswire has reported that an FMI analyst said, "Global consumer electronics market growth is mainly driven by increasing disposable income, expanding urban population, growing internet penetration and availability of strong distribution network. Moreover, increasing adoption of smartphones in the Asia Pacific region, especially in the populous countries of China and India is supporting the growth of global consumer electronics market."

MVNO writes that smart home devices are among the fastest growing space in any segment in FMI's report titled ""Consumer Electronics Market: Global Industry Analysis and Opportunity Assessment, 2015 - 2020," which was released Thursday. Some of the top players in the category include Apple, Samsung, HP, Sony, LG, Panasonic, Toshiba, and Hitachi. Smart home device also includes smart kitchen appliances, heating, air conditioning, ventilation, and security systems.

According to the Tech Portal article there is a significant spike in smart home appliances in the past few days as people realize that it is easier to control everything around them using their smartphones. Controlling home appliances using the smartphone is fast becoming a trend. Smart devices make consumers' lives easier.

It is also important to note that there is a significant increase in wireless audio devices sales. Lately, Chinese top smartphone maker Xiaomi is moving into the smart home device industry with their new air and water purifiers.

FMI's report shows that the global consumer electronics market is expected to grow at 15.4 percent compound annual growth rate (CAGR) from 2015 to 2020. The Asia-Pacific and the US claimed 40 percent of the market in 2014. However, this year onwards, the figures are projected to lean towards the Asia-Pacific regions, such as China and India.