Rising demand for consumer electronics for at-home entertainment has been driving the consumer electronics industry’s growth. With that, we think it could be smart to scoop up shares of popular consumer electronics companies Sony (NYSE:SONY) and Panasonic (OTC:PCRFY). Their shares are trading significantly below their 52-week highs due to the decline by the overall tech industry.The demand for consumer electronics surged last year as the need for connected, high-end devices increased amid the COVID-19 pandemic, with people spending most of their time at home. However, because investors have been rotating away from expensive tech stocks this year to capitalize on the economic recovery by betting on cyclical stocks, many consumer electronic stocks are currently trading at much lower and more attractive prices.
The consumer electronics market is expected to continue growing in the coming months because many consumers are still upgrading their homes and seeking advanced devices to facilitate their “new normal” living. According to a report by MarketWatch, the consumer electronics and appliances market is expected to grow at a 5.08% CAGR between 2021- 2025.
Because the prospects of the consumer electronics market look promising, we think it could be wise to bet now on the shares of the two top players in the space—Sony Group Corporation (SONY) and Panasonic Corporation (PCRFY). These stocks are currently trading significantly below their 52-week highs.