+91-8668442535

Consumer Electronics Market Growth, Size, Opportunities & Competitive Analysis By Type (Consumer Electronic Device, Wearable Device), By Consumer Electronic Device (Smartphone, Feature Phone, Tablet, Smart TV, Other TV, Personal Computer, Set-Top Box, Digital Camcorder & Camera, Digital Media Adapter, Printer, Game Console, Others), By Wearable Device (Smart Accessory, Other Wearable Device) and Forecast 2016 - 2028

What is the Global Shipment of Consumer Electronics?

In terms of volume, demand for Consumer Electronics in 2021 is expected to be more than 2.1 Billion units which is expected to grow over the forecast period. The consumer electronics sector, which is among the most rapidly expanding and dynamic sectors, is still showing no signs of slowing down in terms of sales or innovation. The home entertainment boom caused by the pandemic and the growing digital transformation are two recent events that have pushed the business. Mobile retail shops have grown in number at the same time that online shoppers have. In the upcoming years, it is anticipated that this phenomenon "m-commerce," would grow significantly.

consumer-electronics-industry

What is the Market Size of Consumer Electronics in term of value?

Global Consumer Electronics Market is projected to increase at a significant CAGR of 5.1% in the coming years. In 2021, the global consumer electronics market was valued at USD 681.5 Billion and is projected to reach at value of USD 918.5 Billion by 2028. The demand for consumer electronics is projected to increase substantially in the coming years and is presumed to generate revenue opportunity for the key industry players that worth USD 237 Billion during the forecast period between 2022 and 2028.

How Research & Development Will Pave Way for Consumer Electronics Installation?

In order to promote advancements in current electronic technologies and processes with the purpose of increasing efficiency and lowering cost, some of the top firms in the consumer electronics market are investing extensively in research and development efforts. One such example is Apple, Inc., which, through intensive research and development, has elevated itself to a competitive position in the market.

Consumer electronics' sector growth will be fuelled by ongoing R&D expenditures made by market participants for the creation of new products with improved features. For instance, R&D expenses at Philips totalled USD 506.14 million in the first quarter of 2021. Through its innovation 2025 transformation programme, Philips makes major investments in R&D and innovation. Customer electronics will expand as a result of aggressive R&D spending and geographic development to fulfil rising consumer needs.

Interesting Facts about Consumer Electronics Industry

  • The top 5 countries for consumer electronics exports are China, India, United States, U.K, and Germany
  • In 2021, the personal segment had the most demand, accounting for more than 68 percent of the market.
  • Due to consumers' increased ability to spend on discretionary goods as a result of rising income, the personal application segment is predicted to rise at a 9 percent annual pace by 2028.
  • The industry need for these electronics is being driven by the decline in price of personal consumer electronics including Bluetooth speakers, earbuds, smartphones, and smart wearables.
  • In the upcoming years, the Asia Pacific market is anticipated to grow rapidly, led by China and then India. Canada's market is expected to grow in North America at a CAGR of 6.7 percent, closely followed by the U.S.

Who are the Top 10 players/companies in consumer electronics market in term of value and volume?

The key players in the global consumer electronics market in terms of value and volume include Apple Inc., Canon Inc., Dell Inc., Samsung Electronics Co., Ltd., Panasonic Corporation, Sony Corporation, Koninklijke Philips N.V., Lenovo Inc., Hewlett-Packard Company, Oneplus, AB Electrolux, LG Corporation, Google Inc., Microsoft Corporation, Hitachi Ltd., Robert Bosch GmbH, Sennheiser Electronics, Siemens AG Logitech International S.A., OPPO, and ZTE Corporation.

The implementation of business tactics like mergers and acquisitions and geographic expansion is a priority for the major companies in the global consumer electronics market. Additionally, market participants are concentrated on product creation and improvement to acquire an edge over rivals in the rivalry.

At CES (Consumer Electronics Show), Samsung Electronics will introduce micro-LED lifestyle TVs in 2022 this development will provide improvements in picture and sound quality, a wider range of screen sizes, reversible accessories, and an improved user interface.

In order to expand their sales footprint, Samsung Electronics has developed multiple Samsung research Global AI centres in nations such as America, Russia, Canada, the United Kingdom, and others. The launch of 8K OLED models, NanoCell TVs, and OLED GX Gallery TVs in September, 2020, were all announced by the South Korean electronics manufacturer LG Electronics Co. Ltd.

Who are the Top 10 Countries in the Consumer Electronics Market?

In the global consumer electronics market, the major countries are China, India, the U.S., Canada, Japan, France, Russia, Germany, Spain, and U.K. The United States International Trade Commission reports that between 2019 and 2020, imports of electronic devices from China increased by US$ 25.2 billion, representing the biggest percentage growth.

According to the ICEA, India may produce 1,250 million handsets across various categories by 2025, igniting an industry worth around US$ 230 billion, if it expands its ambition beyond India reaching the dominant position in the global market.

According to the UK government, there are more than 12,000 enterprises in the country's electronics sector, and it is expanding fast. This is a sign that suggests increased sales for producers of consumer electronics in the foreseeable future.

By making large investments in Germany, players are concentrating on improving their business operations. Companies in the consumer electronics sector are making investments or working together with other businesses in their primary industries or related business sectors to advance R&D.

Which is the Leading Product in the Consumer Electronics Market?

With over 2,000 million new units sold, the audio and video equipment segment controlled more than 60% of the market in 2021. The demand for audio and video equipment will increase as smartphones proliferate and smart homes become more popular. The adoption of audio and video equipment will be pushed by the incorporation of modern technologies such improved connectivity, voice assistant-enabled control, and speech recognition.

Consumers may easily operate their home appliances with a voice command thanks to voice assistants like Google Home, Siri, and Alexa. A strong market outlook will result from the integration of consumer devices with voice assistant technology, such as speakers and earphones. The sector is also driven by various consumer electronics businesses launching new products and upgrading existing products to improve the user experience.

What are the Major Driving Factors for Consumer Electronics Market?

As new technologies are created, the consumer electronics sector continues to develop and innovate. The internet of things, 5G connectivity, artificial intelligence, and parallel worlds like the Metaverse are a few of these advancements. All of these developments will have an impact on the market and help to change customer needs and behaviour. Consumers anticipate more functions in the same size or even less than that with each new gadget generation. Due to the popularity of minimalism, smaller designs with more functionality are becoming more and more popular.

Millennial interest in smart wearable technology is growing quickly. Millennials have effectively attracted their interest with additional features like tracking health and fitness, tracking location, and sending notifications through wearables like smartwatches. These elements suggest that the use of smart wearable gadgets will rise positively during the future years.

What are the Restraints for Consumer Electronics Market?

The availability of counterfeit goods and short product lifecycles present serious obstacles to market expansion. Consumers are being encouraged to acquire new gadgets equipped with the newest technology by the continuously evolving technological landscape. Consumer gadgets including smartphones, computers, cameras, and televisions have experienced a sharp decline in their product lifecycle as a result, which has restrained market demand.

Digital photography equipment has come under serious threat from the introduction of new smartphones with numerous cameras and high-resolution displays. Additionally, the cost and complexity of operating digital photography equipment discourages young people from purchasing it.

Which Region Dominated the World Consumer Electronics Market?

In 2021, the consumer electronics market in Asia Pacific capture more than 35% of market share. Consumer electronics use is increasing among high- and middle-income households in the area as a result of growing urbanisation and rising disposable income. The growth of the regional economy will be fuelled by the introduction of new local manufacturers and the adoption of cheap pricing techniques by various manufacturers. The demand in this market is also being fuelled by the youth population's growing technological awareness of new electronics.

Prominent market leaders are launching new product in this region owing to the growing demand for consumer electronics and assistance from local governments. For instance, as part of the Make in India initiative, Samsung said in October 2020 that it would establish a TV manufacturing facility in India by the end of the year. On order to increase output and expand the manufacturing facility, it also invested USD 670 million in the facility that makes smartphone displays.

Segmentation of Global Consumer Electronics Market-

Global Consumer Electronics Market – By Product

  • Audio & video equipment
  • Major household appliance
  • Small household appliance
  • Digital photo equipment

Global Consumer Electronics Market – By Application

  • Personal
  • Professional

Frequently asked questions about global Consumer Electronics industry

The market for consumer electronics would top USD 918.5 Billion by the end of 2028, growing at CAGR of 5.1% during forecast period

Asia Pacific accounted for the highest share in the global consumer electronics market in terms of value as well as volume.

Smart and technology products are becoming more and more popular, which has significantly increased demand globally. Consumer demand is being fuelled by new releases and innovative products.

In 2021, the Audio & video equipment category had the biggest revenue share of more than 60 percent, and the consumer electronics market is predicted to grow at the fastest rate from 2021 to 2028.

In 2021, the personal segment accounted for more than 68 percent of total revenue, and it is likely to continue to dominate the consumer electronics market during the forecast period.

Consumer Electronics Market Scope

Report Attribute Details
Market Value in 2021 USD 681.5 Billion
Market Value in 2028 USD 918.5 Billion
CAGR 5.1%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
Choose License Type
Trusted By
Godaddy
Published Date:  Jul 2022
Category:  Semiconductor & Electronics
Report ID:   60559
Report Format:   PDF
Pages:   200
Rating:    4.8 (28)
Delivery Time: 24 Hours to 48 Hours   
Connect With Us
+91-8668442535
24/7 Research Support