Consumer Electronics Market size, Growth, Trends, and Forecasts 2030
The global Consumer Electronics market gathered revenue around USD 724.48 billion in 2021 and market is set to grow USD 1.13 trillion by the end of 2030 and is estimated to expand at a modest CAGR of 5.1% during the prediction period 2022 to 2030.
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Growth Factors:
Consumer electronics are highly penetrated consumer products across the globe. Basically consumer electronics refer to the electronic products for non-commercial use. The increased adoption of wider varieties of consumer electronics among the household sector has significantly boosted the growth of the global consumer electronics market. Manufacturers are heavily investing towards the integration of various digital technologies in the consumer electronic products and increasingly focusing on providing high quality experiences to the consumers. The miniaturization of the electronic products is gaining rapid traction across the globe. The portability and lightweight electronic goods are gaining popularity among the consumers. Therefore, the adoption of miniature electric components is driving the growth of the global consumer electronics market across the globe. The shifting focus of the manufacturers towards the development of easy to use and convenient products is expected to drive the sales of the consumer electronics across the globe. The most popular consumer electronic products include mobile devices, laptops, computers, televisions, smartphones, refrigerators, home appliances, and wearable devices.
The surging investments by the top market players in the research and development and innovation are resulting in the new product launches with latest and innovative features. For example, Philips invested more than US$ 500 million in the first quarter of 2021 towards the research and development purpose. Moreover, the development of energy efficient electronic devices has gained significant traction among the consumers owing to the increased awareness regarding the electricity consumption and its harmful effects on the environment. Moreover, the surging investments in developing distribution networks and expansion across the globe are propelling the consumer electronics market growth. The rising disposable income of the consumers, improvement in the standard of living, and growing demand for the home improvement products is augmenting the market growth. The market is witnessing a rapid change in the technologies. The introduction of latest technologies such as artificial intelligence, internet of things, Wi-Fi, Bluetooth, internet, augmented realty, virtual reality, and cloud computing is significantly influencing the consumer electronics market.
Report Scope of the Consumer Electronics Market
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Report Coverage |
Details |
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Market Size by 2030 |
USD 1.13 trillion |
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Growth Rate from 2022 to 2030 |
CAGR of 5.1% |
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Largest Market |
North America |
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Fastest Growing Market |
Asia Pacific |
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Base Year |
2021 |
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Forecast Period |
2022 to 2030 |
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Segments Covered |
Product, Application, Technology, Distribution Channel, Geography |
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Companies Mentioned |
Apple Inc., Canon Inc., AB Electrolux, Dell Inc., Samsung Electronics Co., Ltd., Hitachi Ltd., Panasonic Corporation, Sony Corporation, Sennheiser Electronics, Koninklijke Philips N.V., Lenovo Inc., Robert Bosch GmbH, Hewlett-Packard Company, Oneplus |
Product Insights
Based on the product, the smartphones segment accounted for a revenue share of more than 60% and dominated the global consumer electronics market. The increased product acceptance, high adoption of the smartphones among the global consumers, and product innovations by the manufacturers are the major reasons behind the growth of this segment. The major three operating platforms – Android, iOS, and Windows dominates the global smartphone market. The multi-functional features and the development of miniature and cost-effective smartphones has driven the growth of this segment. The burgeoning demand for the smartphones in the developing regions is expected to further drive the growth of this segment during the forecast period. Furthermore, the emergence of 4G and 5G technologies along with the strong developments in the IT and telecommunications infrastructure is expected to have a significant impact on the market growth.
Distribution Channel Insights
Based on the distribution channel, the global consumer electronics market was dominated by the offline segment in 2020. The presence of huge number of consumer electronic stores, small retail stores, supermarkets, and specialty electronic stores made the offline segment the most preferred distribution channel for the customers. Most of the customers increasing prefer the offline channels for buying electronic products owing to the availability of immediate gratification and the assistance of specialized sales persons during the purchase.
The online is estimated to be the fastest-growing segment during the forecast period. The rapid development of the IT and the telecommunications infrastructure, increased penetration of the online shopping platforms, significantly growing number of internet users, and increasing adoption of smartphones are the major factors that favors the growth of the online segment. The online sellers provides wider variety of products and brands, flexible payment options, easy return and exchange policies, quick home delivery, and 24/7 customer helpline services that attracts the customers to buy consumer electronic products online.
Region Insights
North America was the dominating market in 2020. The high disposable income of the consumers, huge demand for the luxury and premium products, high standard of living, higher adoption of the latest technologies, and the presence of the top players in the region are some of the prominent factors that has driven the North America consumer electronics market.
Asia Pacific is estimated to be the fastest-growing market during the forecast period. Asia Pacific is witnessing strong economic growth owing to rapid industrialization. The favorable government policies in the countries like China and India is attracting huge FDIs in the region. The top companies are establishing their manufacturing units owing to the cheap availability of factors of production in this region. The China and India are becoming the global manufacturing hub for the electronic products. Furthermore, Taiwan and South Korea are among the top manufacturers of the consumer electronics across the globe. The rising disposable income of the consumers, presence of huge youth population, and improving standards of living are the prominent factors that are expected to drive the growth of the Asia Pacific consumer electronics market.
Some of the prominent players in the Consumer Electronics Market include:
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
By Product
By Distribution Channel
By Application
By Technology
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Points Covered in Consumer Electronics Market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers