29-Mar-2022 | Zion Market Research
The global consumer electronics market size was worth around USD 1.1 trillion in 2021 and is estimated to grow to about USD 1.7 trillion by 2028, with a compound annual growth rate (CAGR) of approximately 7.6 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Consumer electronics have seen a significant rise in demand over the past few years owing to increasing technological proliferation across the world and this trend is expected to be prevalent over the forecast period as well. Increasing disposable income and rising standards of living are anticipated to further bolster consumer electronics market growth through 2028.
Demand for consumer electronics saw a major hike in residential applications over the past few years and this has largely benefitted consumer electronics market growth and is expected to be a major trend over the forecast period as well. Rapid urbanization across the world has substantially increased demand for consumer electronics and increasing technological proliferation has also positively impacted consumer electronics market potential.
However, low technological penetration in underdeveloped regions is anticipated to majorly restrain consumer electronics market potential through 2028. Slow growth economies and countries with less GDP are expected to be a major challenge for consumer electronics companies.
The pandemic of 2020 had a negative impact on consumer electronics market potential and incurred huge losses for key manufacturers. Closure of sales and distribution channels was a major blow to the market that led to the decline in consumer electronics growth. Additionally, disrupted demand and supply chains, low manufacturing capacity, and stringent lockdown mandates further weakened the market outlook in 2020.
The consumer electronics market is projected to make a swift recovery in the post-pandemic era as digitization has become more significant than it was in the pre-pandemic times. The consumer electronics market growth is expected to see a bright outlook through 2028 owing to increasing focus digitization in day-to-day lifestyle.
The global consumer electronics market is segregated based on product type, application, and region. Based on application, the global market is distinguished into personal and professional. The personal sub-segment is predicted to have a dominant outlook over the forecast period owing to an increase in smartphone penetration across the world. The increasing popularity of smart home technology is expected to further boost demand for the personal segment over the forecast period through 2028. Increasing demand for appliances such as air conditioners, refrigerators, microwave ovens, etc., is also expected to majorly influence consumer electronics market growth through 2028.
Asia Pacific region is anticipated to rise at the fastest CAGR over the forecast period and emerge as a significant region for consumer electronics market growth. Increasing digitization and rising technological proliferation in this region are expected to be major trends in this region. Economies like India, China, and Japan are anticipated to be at the forefront of the global consumer electronics market growth through 2028.
The market for consumer electronics in North America is also expected to exhibit highly lucrative opportunities for consumer electronics manufacturers. The rising popularity of smart wearables and smart devices is expected to be a major trend in the Consumer Electronics market. Increasing penetration of IoT devices in multiple end-use industries is also expected to positively impact Consumer Electronics market growth in North America.
Key players functioning in the global consumer electronics market 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.
Browse the full “Consumer Electronics Market By Product (Audio & Video Equipment, Personal, Professional, Major Household Appliance, Small Household Appliance, Digital Photo Equipment), By Application (Personal, Professional), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/consumer-electronics-market
Global consumer electronics market is segmented as follows:
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