|Market Size in 2021||Market Forecast in 2028||CAGR (in %)||Base Year|
|USD 1.10 Trillion||USD 1.70 Trillion||7.6%||2021|
Consumer Electronics Market
The global consumer electronics market size was worth around USD 1.10 trillion in 2021 and is estimated to grow to about USD 1.70 trillion by 2028, with a compound annual growth rate (CAGR) of approximately 7.6% over the forecast period. The report analyzes the consumer electronics 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 consumer electronics market.
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Consumer electronics have become essential in the modern lifestyle and are expected to maintain this significant outlook over the forecast period as well. The consumer electronics market is projected to rise at a steady CAGR and is anticipated to be majorly influenced by increasing technological proliferation on a global scale.
The consumer electronics market is expected to be governed by factors such as increasing urbanization, rising disposable income, and growing digitization which promote the sales of consumer electronics. The market is expected to have lucrative opportunities from the emerging trend of smart technologies.
However, the consumer electronics market growth is predicted to be restrained by low technological proliferation in economies with low GDP and less spending potential
The COVID-19 pandemic led to a steep decline in consumer electronics market revenues owing to a drop in sales amidst the lockdown conditions. As lockdown mandates were put in place by multiple nations it made it impossible to run manufacturing facilities due to a lack of labor and disrupted demand and supply chains.
However, the work-from-home trend that emerged during this pandemic has aided the market to recover some losses as sales of residential consumer electronics saw a surge in demand in 2020. Lockdowns resulted in the closure of multiple sales and distribution channels and this negatively impacted consumer electronics market growth.
The consumer electronics market is anticipated to make a good comeback in the post-pandemic era as restrictions are lifted and the world returns to normalcy. Consumer electronics companies are anticipated to run manufacturing facilities at full capacity to compensate for losses that were incurred in 2020 due to downtime.
Increasing Per Capita Disposable Income to Boost Sales
Advancements in technology have created a wave of digitization across the world and this has led to a massive surge in the adoption of consumer electronics on a global scale. With the increase in urbanization and rising disposable income of the population across the world, the demand for consumer electronics is paramount and is estimated to only grow further through the forecast period up to the year 2028.
Low Penetration in Underdeveloped Economies to Constrain Consumer Electronics Market Growth
Consumer electronics have almost become an essential part of everyone’s lifestyle but this is only true to some extent as there are still unexplored territories that the market players can tap into and unleash full consumer electronics market growth. The low-income population is still a factor that the consumer electronics market is yet to attain complete penetration and this is a major restrain as affordable products are hard to make due to the high costs of components and electronics.
Increasing Demand for Smart Devices
Smart technologies have seen a prominent rise in popularity over the past few years and this trend has majorly fueled the consumer electronics market growth. Consumer electronics are crucially important in smart technology and the adoption of smart technology is expected to pick up pace through 2028. Connected home technology is anticipated to majorly drive demand for smart devices and increasing penetration of Internet of things (IoT) devices are also expected to enhance consumer electronics market growth through 2028.
|Report Attributes||Report Details|
|Report Name||Consumer Electronics Market Research Report|
|Market Size in 2021||USD 1.10 Trillion|
|Market Forecast in 2028||USD 1.70 trillion|
|Growth Rate||CAGR of 7.6 %|
|Number of Pages||187|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||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.|
|Segments Covered||By Product, By Application, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2016 to 2020|
|Forecast Year||2022 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
The global consumer electronics market is segregated based on product, application, and region.
By Product, the market is divided into audio & video equipment, major household appliances, small household appliances, and digital photo equipment. The household appliances segment is anticipated to see exponential growth through 2028. Increasing sales of washing machines, air conditioners, ovens, refrigerators, etc., are expected to majorly benefit the consumer electronics market growth through the household appliances segment.
By Application, the consumer electronics market is segmented into personal and professional. The personal segment is anticipated to exhibit a dominant outlook through 2028 and is expected to majorly govern consumer electronics market growth. Increasing sales of personal devices such as smartphones and tablets are expected to be a major trend in this segment throughout the forecast period.
The Asia Pacific is projected to emerge as the most lucrative region for the consumer electronics market over the forecast period. The presence of key consumer electronics companies is expected to be a major factor favoring consumer electronics demand in this region. Rapid urbanization, increasing technological proliferation, rising disposable income, increasing digitization, supportive government initiatives, and rising investments in consumer electronics manufacturers are expected to be major factors propelling the consumer electronics market growth in this region.
The North American consumer electronics market is estimated to account for a significant market share in the global market landscape. The rising popularity of gaming is propelling the demand for monitors and speakers in this region and in turn, driving the consumer electronics market potential. The rising use of wearable technology and high technological proliferation is also expected to be prominent trends in this region for consumer electronics market growth.
Some of the main competitors dominating the global consumer electronics market include -
Increasing technological proliferation, rising use of smartphones, and growing digitization are some major trends that guide consumer electronics market growth.
According to the Zion Market Research report, the global consumer electronics market was worth about US$ 1.10 trillion in 2021 and is predicted to grow to around US$ 1.7 trillion by 2028, with a compound annual growth rate (CAGR) of around 7.6 percent.
The Asia Pacific is projected to emerge as the most lucrative region for the consumer electronics market over the forecast period. The presence of key consumer electronics companies is expected to be a major factor favoring consumer electronics demand in this region.
Some of the main competitors dominating 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.
Electronic devices that are designed to be used often by individuals in their private lives and are marketed directly to end users are known as consumer electronics. These tools are designed to make the mundane tasks of daily living easier, more productive, and more pleasurable. The terms "smartphones," "laptops," "tablets," "televisions," "digital cameras," "game consoles," and "wearable technology" are all examples of consumer electronics. Other examples include "smart homes" and "wearable technology." These are just some of the many goods that find their way into our routines on a regular basis.
The market for consumer electronics is continuously growing and altering in response to the trends that have emerged in this industry in recent years. This is due to the fact that consumer electronics have swiftly become an essential part of modern living. Because of developments in technology, manufacturers of consumer electronics are consistently coming up with innovative new products in order to meet the ever-evolving demands and preferences of end users.