Consumer Electronics Market - Global Industry Analysis

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

Published Date: 29-Mar-2022 Category: Consumer Goods Report Format : PDF Pages: 187 Report Code: ZMR-201 Status : Published

The global consumer electronics market 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 percent over the forecast period.

Description

Industry Prospective:

The global consumer electronics market 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 percent 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.

Consumer Electronics Market: Overview

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

Global Consumer Electronics Market

COVID-19 Impact:

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 lack of labor and disrupted demand and supply chains.

However, the work from home trend that emerged in 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.

Consumer Electronics Market: Growth Drivers

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.

Consumer Electronics Market: Restraints

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.

Consumer Electronics Market: Opportunities

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 is also expected to enhance consumer electronics market growth through 2028.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Global Consumer Electronics Market: Segmentation

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.

Recent Developments

  • In April 2021 – Samsung a leading name in the consumer electronics marketplace announced the launch of a new AI-powered washing machine equipped with a bi-lingual interface in Hindi and English. This particular line-up of washing machines is stated to be specifically designed for the Indian market.

Regional Landscape

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 manufacturing are expected to be major factors propelling consumer electronics market growth in this region.

The North America 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.

Competitive Landscape

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.

Global consumer electronics market is segmented as follows:

By Product

  • Audio & Video Equipment
  • Major Household Appliance
  • Small Household Appliance
  • Digital Photo Equipment

By Application

  • Personal
  • Professional

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

 

Table Of Content

  • Chapter 1. Preface
    • 1.1. Report Description and Scope
    • 1.2. Research Scope
    • 1.3. Research Methodology
      • 1.3.1. Market Research Process
      • 1.3.2. Market Research Methodology
  •  
  • Chapter 2. Executive Summary
    • 2.1. Consumer Electronics Market, 2015 - 2024, (USD Billion)
    • 2.2. Consumer Electronics Market: Market Snapshot
  •  
  • Chapter 3. Consumer Electronics Market - Industry Analysis
    • 3.1. Consumer Electronics Market: Market Dynamics
    • 3.2. Market Drivers
      • 3.2.1. Increasing demand for smartphone
      • 3.2.2. Rising disposable income
    • 3.3. Restraints
      • 3.3.1. Recovering economies of developing nations
    • 3.4. Opportunity
      • 3.4.1. Technological advancements in electronic products
    • 3.5. Porter's Five Forces Analysis
    • 3.6. Market Attractiveness Analysis
      • 3.6.1. Market Attractiveness Analysis by Product Segment
      • 3.6.2. Market Attractiveness Analysis by Regional Segment
  •  
  • Chapter 4. Consumer Electronics Market - Competitive Landscape
    • 4.1. Company Market Share Analysis, 2017 (Subject to Data Availability)
    • 4.2. Strategic Developments
    • 4.3. Acquisitions & Mergers
    • 4.4. New Product Launch
    • 4.5. Agreements, Partnerships, Collaborations and Joint Ventures
    • 4.6. Research and Development, Product and Regional Expansion
  •  
  • Chapter 5. Global Consumer Electronics Market - Product Segment Analysis
    • 5.1. Global Consumer Electronics Market Overview: by Product
      • 5.1.1. Consumer Electronics Market Revenue Share, by Product, 2017 and 2024
    • 5.2. Global Consumer Electronics Market by Smartphone, 2015-2024 (USD Billion)
    • 5.3. Global Consumer Electronics Market by Television, 2015-2024 (USD Billion)
    • 5.4. Global Consumer Electronics Market by DVD players, 2015-2024 (USD Billion)
    • 5.5. Global Consumer Electronics Market by Refrigerators, 2015-2024 (USD Billion)
    • 5.6. Global Consumer Electronics Market by Washing machines, 2015-2024 (USD Billion)
    • 5.7. Global Consumer Electronics Market by Digital cameras, 2015-2024 (USD Billion)
    • 5.8. Global Consumer Electronics Market by Hard disk drives, 2015-2024 (USD Billion)
  •  
  • Chapter 6. Global Consumer Electronics Market - Regional Analysis
    • 6.1. Global Consumer Electronics Market Overview: by Region
      • 6.1.1. Global Consumer Electronics Market Revenue Share, by Region, 2017 and 2024
    • 6.2. North America
      • 6.2.1. North America Consumer Electronics Market, 2015 - 2024 (USD Billion)
      • 6.2.2. North America Consumer Electronics Market Revenue, by Product, 2015 - 2024 (USD Billion)
      • 6.2.3. The U.S.
        • 6.2.3.1. U.S. Consumer Electronics Market Revenue, by Product, 2015 - 2024 (USD Billion)
    • 6.3. Europe
      • 6.3.1. Europe Consumer Electronics Market, 2015 - 2024 (USD Billion)
      • 6.3.2. Europe Consumer Electronics Market Revenue, by Product, 2015 - 2024 (USD Billion)
      • 6.3.3. UK
        • 6.3.3.1. UK Consumer Electronics Market Revenue, by Product, 2015 - 2024 (USD Billion)
      • 6.3.4. France
        • 6.3.4.1. France Consumer Electronics Market Revenue, by Product, 2015 - 2024 (USD Billion)
      • 6.3.5. Germany
        • 6.3.5.1. Germany Consumer Electronics Market Revenue, by Product, 2015 - 2024 (USD Billion)
    • 6.4. Asia Pacific
      • 6.4.1. Asia Pacific Consumer Electronics Market, 2015 - 2024 (USD Billion)
      • 6.4.2. Asia Pacific Consumer Electronics Market Revenue, by Product, 2015 - 2024 (USD Billion)
      • 6.4.3. India
        • 6.4.3.1. India Consumer Electronics Market Revenue, by Product, 2015 - 2024 (USD Billion)
      • 6.4.4. Japan
        • 6.4.4.1. Japan Consumer Electronics Market Revenue, by Product, 2015 - 2024 (USD Billion)
      • 6.4.5. China
        • 6.4.5.1. China Consumer Electronics Market Revenue, by Product, 2015 - 2024 (USD Billion)
    • 6.5. Latin America
      • 6.5.1. Latin America Consumer Electronics Market, 2015 - 2024 (USD Billion)
      • 6.5.2. Latin America Consumer Electronics Market Revenue, by Product, 2015 - 2024 (USD Billion)
      • 6.5.3. Brazil
        • 6.5.3.1. Brazil Consumer Electronics Market Revenue, by Product, 2015 - 2024 (USD Billion)
    • 6.6. Middle East & Africa
      • 6.6.1. Middle East & Africa Consumer Electronics Market, 2015 - 2024 (USD Billion)
      • 6.6.2. Middle East & Africa Consumer Electronics Market Revenue, by Product, 2015 - 2024 (USD Billion)
  •  
  • Chapter 7. Company Profiles
    • 7.1. GoPro
      • 7.1.1. Overview
      • 7.1.2. Financials
      • 7.1.3. Product Portfolio
      • 7.1.4. Business Strategy
      • 7.1.5. Recent Developments
      • 7.1.6. SWOT Analysis
    • 7.2. Nikon
      • 7.2.1. Overview
      • 7.2.2. Financials
      • 7.2.3. Product Portfolio
      • 7.2.4. Business Strategy
      • 7.2.5. Recent Developments
      • 7.2.6. SWOT Analysis
    • 7.3. Canon
      • 7.3.1. Overview
      • 7.3.2. Financials
      • 7.3.3. Product Portfolio
      • 7.3.4. Business Strategy
      • 7.3.5. Recent Developments
      • 7.3.6. SWOT Analysis
    • 7.4. Haier
      • 7.4.1. Overview
      • 7.4.2. Financials
      • 7.4.3. Product Portfolio
      • 7.4.4. Business Strategy
      • 7.4.5. Recent Developments
      • 7.4.6. SWOT Analysis
    • 7.5. AB Electrolux
      • 7.5.1. Overview
      • 7.5.2. Financials
      • 7.5.3. Product Portfolio
      • 7.5.4. Business Strategy
      • 7.5.5. Recent Development
      • 7.5.6. SWOT Analysis
    • 7.6. Sennheiser
      • 7.6.1. Overview
      • 7.6.2. Financials
      • 7.6.3. Product Portfolio
      • 7.6.4. Business Strategy
      • 7.6.5. Recent Developments
      • 7.6.6. SWOT Analysis
    • 7.7. Sonos
      • 7.7.1. Overview
      • 7.7.2. Financials
      • 7.7.3. Product Portfolio
      • 7.7.4. Business Strategy
      • 7.7.5. Recent Developments
      • 7.7.6. SWOT Analysis
    • 7.8. Bose
      • 7.8.1. Overview
      • 7.8.2. Financials
      • 7.8.3. Product Portfolio
      • 7.8.4. Business Strategy
      • 7.8.5. Recent Development
      • 7.8.6. SWOT Analysis
    • 7.9. Sony Corporation
      • 7.9.1. Overview
      • 7.9.2. Financials
      • 7.9.3. Product Portfolio
      • 7.9.4. Business Strategy
      • 7.9.5. Recent Developments
      • 7.9.6. SWOT Analysis
    • 7.10. LG Electronics
      • 7.10.1. Overview
      • 7.10.2. Financials
      • 7.10.3. Product Portfolio
      • 7.10.4. Business Strategy
      • 7.10.5. Recent Developments
      • 7.10.6. SWOT Analysis
    • 7.11. Huawei
      • 7.11.1. Overview
      • 7.11.2. Financials
      • 7.11.3. Product Portfolio
      • 7.11.4. Business Strategy
      • 7.11.5. Recent Developments
      • 7.11.6. SWOT Analysis
    • 7.12. General Electric
      • 7.12.1. Overview
      • 7.12.2. Financials
      • 7.12.3. Product Portfolio
      • 7.12.4. Business Strategy
      • 7.12.5. Recent Developments
      • 7.12.6. SWOT Analysis
    • 7.13. Apple
      • 7.13.1. Overview
      • 7.13.2. Financials
      • 7.13.3. Product Portfolio
      • 7.13.4. Business Strategy
      • 7.13.5. Recent Development
      • 7.13.6. SWOT Analysis
    • 7.14. Samsung Electronics
      • 7.14.1. Overview
      • 7.14.2. Financials
      • 7.14.3. Product Portfolio
      • 7.14.4. Business Strategy
      • 7.14.5. Recent Developments
      • 7.14.6. SWOT Analysis

Table Of Figures

List of Figures

1. Market Research Process
2. Market Research Methodology
3. Global Consumer Electronics Market, 2015 - 2024 (USD Billion)
4. Porter’s Five Forces Analysis: Consumer Electronics Market
5. Global Consumer Electronics Market Attractiveness, by Product
6. Global Consumer Electronics Market Attractiveness, by Region
7. Global Consumer Electronics Market Revenue Share, by Product, 2017 and 2024
8. Global Consumer Electronics Market by Smart Phone, 2015-2024 (USD Billion)
9. Global Consumer Electronics Market by Television, 2015-2024 (USD Billion)
10. Global Consumer Electronics Market by DVD players, 2015-2024 (USD Billion)
11. Global Consumer Electronics Market by Refrigerators, 2015-2024 (USD Billion)
12. Global Consumer Electronics Market by Washing machines, 2015-2024 (USD Billion)
13. Global Consumer Electronics Market by Digital cameras, 2015-2024 (USD Billion)
14. Global Consumer Electronics Market by Hard disk drives, 2015-2024 (USD Billion)
15. North America Consumer Electronics Market, 2015 - 2024 (USD Billion)
16.  Europe Consumer Electronics Market, 2015 - 2024 (USD Billion)
17.  Asia Pacific Consumer Electronics Market, 2015 – 2024 (USD Billion)
18.  Latin America Consumer Electronics Market, 2015-2024 (USD Billion)
19.  The Middle East & Africa Consumer Electronics Market, 2015 – 2024 (USD Billion)


Table Of Tables

List of Tables

1. Global Consumer Electronics Market: Snapshot
2. Drivers for Consumer Electronics Market: Impact Analysis
3. Restraints for Consumer Electronics Market: Impact Analysis
4. North America Consumer Electronics Market Revenue, by Product, 2015 – 2024 (USD Billion)
5. U.S. Consumer Electronics Market Revenue, by Product, 2015 – 2024 (USD Billion)
6. Europe Consumer Electronics Market Revenue, by Product, 2015 – 2024 (USD Billion)
7. UK Consumer Electronics Market Revenue, by Product, 2015 – 2024 (USD Billion)
8. France Consumer Electronics Market Revenue, by Product, 2015 – 2024 (USD Billion)
9. Germany Consumer Electronics Market Revenue, by Product, 2015 – 2024 (USD Billion)
10. Asia Pacific Consumer Electronics Market Revenue, by Product, 2015 – 2024 (USD Billion)
11. India Consumer Electronics Market Revenue, by Product, 2015 – 2024 (USD Billion)
12. Japan Consumer Electronics Market Revenue, by Product, 2015 – 2024 (USD Billion)
13. China Consumer Electronics Market Revenue, by Product, 2015 – 2024 (USD Billion)
14. Latin America Consumer Electronics Market Revenue, by Product, 2015 – 2024 (USD Billion)
15. Brazil Consumer Electronics Market Revenue, by Product, 2015 – 2024 (USD Billion)
16. The Middle East & Africa Consumer Electronics Market Revenue, by Product, 2015 – 2024 (USD Billion)

Methodology

Free Analysis

Consumer electronics are devices that consist of an electronic circuit board intended for the daily use of an individual. The industry is dynamic, rapidly changing, and highly competitive along with technological developments. Producers are coming up with differentiated and unique products to gain a competitive edge in the market. Successful appliances attract similar products from competitors, leading to rapid commoditization along with price fall.

Increasing demand for smartphones globally will primarily drive consumer electronics market during the forecast period. The growth rate in demand can be attributed to advancement in product features such as powerful camera system, high-resolution display, and fingerprint scanners along with affordable mobile data services in various regions. Consistently declining prices of the latest version of smartphones is increasing the number of users in developing regions at a robust rate. The escalating number of users along with higher replacement cycle of existing smartphones will contribute to the global consumer electronics market.

The demand for televisions with large screen size integrated with the latest technology such as OLED and 4K is at its peak worldwide. The number of producers offering these technologies is rising with prominent players such as Samsung Electronics, Sony Corporation, and LG Electronics, resulting in increased competition. Additionally, rising popularity of 4K and OLED televisions coupled with its declining prices is gaining traction in consumer electronics market. Growing replacement rate of existing television sets with advanced technology version will increase the adoption rate of the products in consumer electronics market till 2024.

Global Consumer Electronics Market

Imaging equipment sales are registering a declining scenario from past few years coupled with dropping manufacturing rate annually owing to increasing smartphone photography. The number of users indulged in digital camera photography application is shrinking drastically. Phone cameras are providing a better quality of photos along with frequent improvement with advanced version phones. These are estimated to improvise further in the forecast years. An inclination of users towards smartphones rather than investing in a DSLR camera will restrain digital cameras demand in consumer electronics market. Furthermore, considering the shrinking demand for cameras, producers such as Nikon and Canon are diverting towards professional applications of digital cameras.

Based on the product, the global consumer electronics market is classified into Smartphone, television, DVD players, refrigerators, washing machines, digital cameras, and hard disk drives. Television is anticipated to register significant gains over the forecast timeframe owing to its technological advancements. Development of technologies such as high-resolution systems, 4K, and 8K will fuel consumer electronics market in the near future.

The Asia Pacific is projected to contribute majorly in global consumer electronics market till 2024. Development in commercial and residential projects in South East Asia countries such as Japan, India, and China are facilitating the growth of consumer electronics market in the forecast period. Increasing disposable income of the regional population is boosting the demand for best available electronic appliances.

Global consumer electronics market is highly fragmented in nature with the presence of many evolving and existing producers. Key players are heavily investing in research and development to introduce advanced versions of existing products along with mergers and acquisitions. Prominent producers in the global consumer electronics market are GoPro, Nikon, Canon, Haier, AB Electrolux, Sennheiser, Sonos, Bose, Sony Corporation, LG Electronics, Huawei, General Electic, Apple, and Samsung Electronics.

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FrequentlyAsked Questions

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.

 

 

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