The global consumer electronics market size was valued at USD 738.75 billion in 2022 and the market is anticipated to expand from USD 773.40 billion in 2023 to USD 1,239.40 billion by 2030, exhibiting a CAGR of 6.97% over the study period. The surge is driven by the increasing consumer demand and rising focus of industry players on the development of convenient-to-use and high-performing devices. This information is provided by Fortune Business Insights™ in its research report, titled “Consumer Electronics Market, 2023-2030”.
Information Source:
https://www.fortunebusinessinsights.com/consumer-electronics-market-104693
List of Key Players Profiled in the Consumer Electronics MarketReport:
- Samsung Group (South Korea)
- LG Electronics Inc. (South Korea)
- Sony Corp. (Japan)
- Panasonic (Japan)
- Koninklijke Philips N.V. (Netherlands)
- Whirlpool Corp. (U.S.)
- AB Electrolux (Sweden)
- Apple Inc. (U.S.)
- HP Inc. (U.S.)
- Huawei Technologies Co., Ltd. (China)
Segments:
Electronic Devices Segment to Gain Traction Impelled by Soaring Household Penetration
By product type, the market for consumer electronics is subdivided into home appliances and electronic devices. The electronic devices segment is estimated to grow at a substantial pace over the estimated period. The expansion is driven by the rising launch of new products designed for specific applications.
Offline Segment to Depict Substantial Upsurge Owing to Rising Purchase Convenience
On the basis of distribution channels, the market is fragmented into online and offline. The offline segment is anticipated to register appreciable expansion throughout the projected period. The rise is impelled by the purchase convenience of comparing and choosing from a wide range of brands in person.
Based on geography, the market for consumer electronics is fragmented into Asia Pacific, North America, Europe, South America, and the Middle East & Africa.
Report Coverage:
The report gives a comprehensive analysis of the pivotal trends propelling the global business landscape throughout the forecast period. It also provides an insight into the major factors impelling the industry expansion over the ensuing years. These data have been provided after in-depth research and analysis of the market trends and the steps undertaken by prominent industry participants.
Competitive Landscape:
Pivotal Companies Enter Collaborations to Expand Geographical Footprint
Major companies are entering partnership initiatives and collaborations to strengthen their market positions. These steps are also being undertaken for the expansion of their geographical footprints. Additional initiatives include merger agreements, partnerships, and others.
Drivers and Restraints:
Market Growth to be Propelled by Expanding Residential Sector
One of the key factors impelling consumer electronics market growth is being propelled by the rising inclusion of smart devices in households. Companies are keen to introduce a series of products catering to the requirements of modern households.
However, the lower penetration of the market in less-developed countries on account of lack of access to electricity may hamper industry growth to a considerable extent.
Regional Insights:
Asia Pacific to Emerge as a Key Region Owing to the Presence of Major Players
Asia Pacific consumer electronics market share is poised to record substantial expansion over the analysis period. The expansion is driven by the strong presence of major companies such as Sony, Samsung, LG, and Panasonic in countries such as Korea, China, and Japan. The North American market is anticipated to depict appreciable growth throughout the forecast period. The surge is impelled by the escalating demand for wearables, speakers, and monitors.
COVID-19 Impact
Surge in Industry Share Driven by Rising Adoption of Work-from-Home Culture
The COVID-19 pandemic led to the increasing adoption of computing products driven by the soaring adoption of work-from-home culture. The reopening of retail stores, relaxation of lockdown norms, and the continued trend of online selling boosted industry expansion to a considerable extent.
Key Industry Developments:
January 2023 – HP Inc., announced new solutions and products at CES 2023. These products were designed to recharge hybrid experiences allowing people to thrive in the digital era.