The South Korean consumer electronics industry continues to be marked by strong growth in 2018, with revenue rising by over 13% year-on-year according to business intelligence website, Statistica. Revenue in the consumer electronics segment is also expected to grow by around 40% between 2018 and 2022, rising from $8.348m to $11.293m.
According to Euromonitor International, volume sales of consumer electronics also saw a strong increase, though performances varied between different categories. “Volume sales of computers and peripherals displayed stagnant growth, because of the already high penetration rate of computers,” said the market research service.
By contrast, the wireless speaker market is showing increasing opportunities for growth, with a host of South Korean manufacturers including SK Telecom, KT Corp, Kakao Corp and Naver Corp ramping up their presence.
While Korean companies Samsung Electronics and LG Electronics remained the market leaders, “the volume shares of these two companies declined in overall consumer electronics, even though they still introduced diverse innovative products in TVs and smartphones,” according to Euromonitor International.
This is due to increased competition from tech startups that have made South Korea a powerhouse of innovation. The 2018 Bloomberg Innovation Index ranked the Republic of Korea number one in terms of securing US patents, and number two worldwide for R&D investment and manufacturing. Indeed, along with Sweden, South Korea was voted one of the most innovative countries in the world for the concentration of tech companies and an unprecedented number of science and engineering graduates.
That is why South Korea’s Electronics and Telecommunications Research Institute (ETRI), the nation’s largest government-funded research institute, will have a key presence at the IFA NEXT Startup Days in 2018. ETRI will be exhibiting Visual Intelligence Chip Technology, Human body communications Technology, Time Controlled-Tactile Optical Access Technology, In- Memory based Cloud Infrastructure System, Harmful Media Information Avoidance Technology. ETRI is part of the R&D ecosystem that is driving South Korea’s global leadership in consumer electronics and household appliance innovation.