Amazon ( AMZN Quick Quote AMZN - Free Report) rolled out an advanced tablet, namely Fire Max 11, in a bid to strengthen its tablet offerings. The tablet, priced at $229.99, features an 11-inch display, a slim aluminum design, a fast octa-core processor with 4GB of RAM, and up to 128GB of storage. It also comes with Wi-Fi 6 connectivity and 8MP cameras. The tablet is designed to deliver a great entertainment experience by allowing users to stream videos on Prime Video, Disney+, Netflix, Hulu, or Max and enjoy 14 hours of battery life. Additionally, the tablet boasts Fingerprint Recognition technology for easy unlocking. Also, it offers an enhanced Alexa experience and allows users to manage smart home devices using the inbuilt smart home controls. Further, the device comes with some optional accessories, including a magnetic keyboard and stylus. Competitive Scenario
The latest launch of Amazon positions it well to capitalize on the growth prospects in the booming tablet market.
Per a report from The Business Research Company, the global tablet market is expected to reach $147.38 billion by 2027 at a CAGR of 11.6%. A report from Allied Market Research suggests that the tablet PC market is expected to reach $325.15 billion by 2031, exhibiting a CAGR of 16.7% from 2022 to 2031. Amazon, which carries a Zacks Rank #3 (Hold) at present, is likely to strengthen its competitive position against contenders like Alphabet ( GOOGL Quick Quote GOOGL - Free Report) , Lenovo ( LNVGY Quick Quote LNVGY - Free Report) and Apple ( AAPL Quick Quote AAPL - Free Report) on the back of its expanding tablet offerings. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Given the upbeat scenario, the abovementioned peers are also leaving no stone unturned to bolster their presence in the tablet market. Search giant Google announced its first self-branded tablet, Google Pixel Tablet. Powered by a Tensor G2 chipset, it has an 11-inch LCD panel display and comes with a wireless charging dock/speaker combo. It is priced at $499. Meanwhile, Lenovo has a strong tablet portfolio, including Lenovo Tab P11 (2nd Gen), Lenovo Tab P11 Pro (2nd Gen), Lenovo Xiaoxin Pad Pro 2022 and more. The company’s latest launch, Lenovo Tab P11 Pro Gen 2, comes with an 11.2-inch OLED display with HDR 10+ and is powered by MediaTek Kompanio 1300T octa-core chipset. The device comes with a massive 8000mAh battery size. Apple remains a notable player in the tablet market on the back of its strong iPad offerings. Apple offers varieties of iPad of different sizes and specifications. Some of its latest offerings include iPad Pro 6th Gen, iPad Air 5th Gen and iPad Mini 6th Gen. The iPad Pro 6th Gen, starting at $1,099 is the most premium iPad with Apple’s M2 chipset, which is considered to be the fastest and the strongest in the world. The iPad mini, starting at $499, is a smaller-sized tablet with an 8.3-inch display and is powered by Apple’s A15 Bionic chipset. Expanding Devices Portfolio
The latest move is in sync with Amazon’s focus on expanding its smart devices portfolio.
Apart from the latest launch, Amazon recently expanded its Echo family by launching new Echo Pop, Echo Show 5, Echo Show 5 Kids and Echo Buds. The Echo Pop is a semi-sphere-shaped device with a front-facing speaker, which allows users to listen to audiobooks, control smart lights, order household essentials and perform other tasks just by giving voice commands to Alexa. The Echo Show 5 has a redesigned speaker system with better bass and clearer sound quality. It lets users view news clips, Ring doorbell camera clips and view shopping lists via a compact screen on it. The Echo Show 5 Kids features a space-themed design, kid-friendly responses and free access to a suite of parental controls. The new Echo Buds features customizable tap controls, VIP Filter and multipoint pairing. We believe that the company’s strengthening devices offerings will continue to drive its customer base, which, in turn, will benefit its financial performance. The Zacks Consensus Estimate for second-quarter 2023 sales is pegged at $131.51 billion, indicating growth of 8.5% from the year-ago reported figure. Coming to the price performance, AMZN has gained 37.5% in the year-to-date period compared with the industry’s rise of 19.7%.