More than 60,000 buyers visit the fairs in person and participants name smart-home products as the key electronics trend
HONG KONG, Oct 16, 2023 - (ACN Newswire) - The physical Hong Kong Electronics Fair (Autumn Edition), organised by the Hong Kong Trade Development Council (HKTDC), and electronicAsia, organised by the HKTDC and MMI Asia Pte Ltd, successfully concluded today. The two four-day exhibitions attracted more than 60,000 industry buyers from 146 countries and regions to visit in person, with numbers from ASEAN countries including Indonesia, Malaysia, Singapore and Thailand; Turkey, UAE and Mainland China growing notably, indicating enthusiasm for Hong Kong as a trade fair platform that offers a chance to seize sourcing opportunities.
The Hong Kong Electronics Fair (Autumn Edition) and electronicAsia physical exhibitions concluded successfully today. The two four-day exhibitions attracted more than 60,000 industry buyers from 146 countries and regions to visit and purchase in person.
Sophia Chong, Deputy Executive Director of the HKTDC, said: “This year’s Hong Kong Electronics Fair (Autumn Edition) and electronicAsia brought together nearly 3,200 exhibitors, including overseas exhibitors from 22 countries and regions, bringing multiple innovative ideas and market insights. We are pleased to see a very vibrant and robust meeting scene throughout the fair period. And we are glad that more than 60,000 global buyers came to Hong Kong to participate in one of the most prominent electronics shows in the world, further reaffirming Hong Kong’s position as an international exhibition centre.”
With the theme Unlocking Possibilities: Harnessing AI for Innovation in Consumer Electronics, this year's the Symposium on Innovation & Technology was attended by a number of heavyweight guests and garnered significant attention from industry participants.
Onsite survey: Nearly 80% of the exhibitors were trying to open up new markets
The HKTDC interviewed more than 1,100 buyers and exhibitors at the fair. Nearly 80% of the exhibitors said they were trying to open up new markets. North America (30%), Northern & Western Europe (28%) and ASEAN Countries (13%) were the most popular.
The Hong Kong Electronic Forum, organised by the HKTDC, MMI Asia Pte Ltd and the Hong Kong Electronic Industries Association, explored the topic of microelectronic ecosystems.
In terms of electronics product trends, respondents were optimistic about the development potential of smart home / smart living products and solutions (22%) and electronic / electrical accessories (19%) in the next two years.
Most respondents believed consumers were willing to pay an additional 20% to buy household appliances that were compatible with smart-home applications (25%).
Turning to Extended Reality (XR) applications, respondents expected the highest market potential in mobile and online gaming (25%) and automotive or other navigation (24%). Most respondents believed robotics had the highest potential to be used in home appliances fields (28%), such as vacuum cleaning and household robots.
The much-discussed generative artificial intelligence (AI) is gaining traction. Among respondents who currently use or plan to use the technology, customer service and support (52.1%) and product design and development (45.6%) were the most popular areas of application.
Exhibitors engaging with quality international buyers
Under the theme New Tech - New Trend - New Lifestyle, the Electronics Fair brought together many exhibitors with comparable strength and potential.
Pippy Zhou, the Overseas Sales Director of Shenzhen Orange Digital Technology Co Ltd, a manufacturer of high-end home and personal entertainment products, expressed that the autumn electronics fair surpassed their expectations when compared to other overseas exhibitions they visited recently. He said: "Every day, we met with around 50 groups of potential buyers, encompassing those from European countries including the United Kingdom, Germany, Poland, the Czech Republic, Italy, and Russia, as well as from the United States, Canada, Mexico, Chile, Brazil, and from Asian countries including Japan, South Korea, India, and Thailand. We anticipate conducting business transactions with 10 to 20 companies among them, resulting in orders totalling approximately 3 to 5 million US dollars."
Chocho Group, a Hong Kong start-up that specialised in smart-product development, showcased their range of smart trackers, smart pet feeders, smart home technology solutions, and other products at the fair. Aurora Chan, Founder of Chocho, was impressed by the international nature of the event. She said: “We have received inquiries from numerous overseas buyers representing countries such as France, Spain, Japan, Korea, Thailand, Singapore, Malaysia and various Middle East countries. One Indonesian buyer even went so far as to offer us complimentary flight tickets to visit their company in Indonesia, which left a lasting impression on me. Originally, we had planned to expand into the international market within three to five years but now we can expedite that plan by two years.” She anticipated that about 70% of the prospective buyers they engaged at the fair would generate orders, resulting in an estimated revenue of around HK$3 million (US$384,00) for the company.
Global buyers seek smart products
The Electronics Fair and electronicAsia attracted active participation from worldwide buyers.
Bartosz Gorecki, Label Director at x-kom sp. z o.o. in Poland, has sourced electronic products at HKTDC’s electronics fairs almost every year since 2012. This year, he attended the fair to source electronic products that are not yet available on the market, such as mobile phone accessories, computer components and computer peripherals. He engaged with more than 70 suppliers, mainly from Mainland China, Taiwan, Korea, and Vietnam, including those he contacted through the Click2Match business-matching platform. He shared: “My hope is to collaborate with around 50% of these suppliers and foresee placing orders worth between US$3 to US$5 million with these new suppliers."
Taresh Vadgama, the Vice President of Product Development and Manufacturing at Canadian company Lenbrook International, attended the fair to source streaming and audio equipment, including speakers and amplifiers. He said: “During the event, I had the opportunity to engage with five to six promising new suppliers and conducted eight business meetings through the Click2Match platform. We are looking to establish long-term partnerships with one or two of these suppliers."
The events featured 83 activities and forums with more than 120 industry leaders from 11 countries and regions invited to bring the latest information and unique insights from the industry to the attendees. These included The Symposium on Innovation & Technology, the Hong Kong Electronic Forum and the Reliability and Prognostics Health Management of Microelectronics Forum. Other events, including the Investment Matchmaking, Hong Kong Value Creation for Technology: Pitching Competition and Meet the Mentors, attracted many industry players to the event.
The two exhibitions will continue to be held under the EXHIBITION+ hybrid mode, where global exhibitors, industry professionals and buyers can conduct online negotiations and matching through the smart Click2Match platform until 23 October.
Media enquiries Please contact the HKTDC’s Communications & Public Affairs Department: Frankie Leung, Tel: (852) 2584 4298, Email: frankie.cy.leung@hktdc.org Janet Chan, Tel: (852) 2584 4369, Email: janet.ch.chan@hktdc.org
About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
Topic: Press release summary Source: HKTDC Sectors: Trade Shows, Electronics http://www.acnnewswire.com From the Asia Corporate News Network
