In 2023, the consumer electronics market is forecasted to reach a valuation of US$ 3,296.66 million, with an expected surge to US$ 5,820.65 million by 2033. Throughout this period, consumer electronics sales are projected to maintain a Compound Annual Growth Rate (CAGR) of 5.80%. This growth trajectory signifies a substantial expansion in the consumer electronics sector over the forecasted timeline. From 2023 to 2033, the market is poised to witness significant advancements and innovations, contributing to its robust expansion. These projections underline the continuous evolution and increasing demand within the consumer electronics industry, driving its upward trajectory.
People today deprive of the time, as their lifestyle changes and want to put more comfort and convenience into lives by increasing technology usage. The suggestive idea is then fortified by the advanced technology to offer updated solutions based on them as a result of their influence, stimulating consumer electronics sales across the globe.
The list of consumer electronics appliances contains TV appliances, computers, and smartphones. In addition, the application of goods is carried out on a smaller scale and not for commercial purposes; consequently, this increases the total market size in more consumer electronics.
The emergence of innovative concepts such as 5G internet, machine learning and artificial intelligence have in one way or another empowered the market players to redefine their technology into something even better with enhanced services.
Advanced consumer electronics have been started in the country to meet both international demand and domestic consumption after high living standards invented along with increased per capita income. In addition, the integrated chips have helped in shaping AI technologies that ease what people go through.
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New smartphone technologies have penetrated other consumer electronic appliances such as interactive screens, televisions, and computers. This is followed by the vendors promoting efficient consumption and sustainable product designs.
Competitive Landscape
The competitors focus on providing the latest technology from around the world with the most adjustable design that saves electricity while providing a modern loo for appliances. Key players in the consumer electronics market are
- Samsung Electronics Co. Ltd.
- LG Electronics Co. Ltd
- Apple Inc
- Hitachi Ltd
- Koninklijke Philips N.V.
- Sony Corporation
- Hewlett Packard, Inc
- Toshiba Corporation
- Panasonic Corporation.
Business Growth Drivers:
- Technological Advancements: Continuous innovations and advancements in technology drive consumer electronics market growth. Products such as smartphones, smart TVs, wearables, and smart home devices evolve rapidly, offering new features, better performance, and enhanced user experiences.
- Increasing Disposable Income: Rising disposable income levels, particularly in emerging economies, contribute to the growth of the consumer electronics market. As people have more purchasing power, they are more inclined to invest in electronics products.
- Growing Demand for Connected Devices: The increasing demand for interconnected devices and the Internet of Things (IoT) ecosystem fuels market growth. Consumers seek seamless connectivity between various devices for convenience, efficiency, and enhanced productivity.
- Digital Transformation: The ongoing digital transformation across industries and households drives the adoption of consumer electronics. Businesses and consumers alike are increasingly relying on electronics for communication, entertainment, education, and work.
- E-commerce Growth: The proliferation of e-commerce platforms provides consumers with easy access to a wide range of consumer electronics products. E-commerce offers convenience, competitive pricing, and access to a global market, thereby boosting sales.
- Demand for Personalization: Consumers seek personalized experiences from their electronic devices. Companies that offer customizable products and services cater to this demand, driving growth through consumer loyalty and satisfaction.
- Emergence of New Markets: The expansion of consumer electronics markets in developing regions presents significant growth opportunities. As infrastructure improves and disposable incomes rise, these markets become increasingly attractive to manufacturers and retailers.
Industry Restraints:
- Market Saturation: Mature markets such as smartphones and personal computers may experience saturation, leading to slower growth rates. Manufacturers must innovate continuously to maintain consumer interest and market share.
- High Competition: Intense competition among consumer electronics manufacturers and brands can lead to price wars, shrinking profit margins, and challenges in product differentiation. Companies must invest in research and development to stay ahead of competitors.
- Supply Chain Disruptions: Global events, natural disasters, trade disputes, and supply chain disruptions can impact the availability of components and raw materials, leading to production delays and increased costs.
- Regulatory Compliance: Stringent regulations related to product safety, environmental standards, and data privacy pose challenges for consumer electronics companies. Compliance with diverse regulations across regions adds complexity and costs to operations.
- Short Product Lifecycles: Rapid technological advancements result in short product lifecycles, making it challenging for companies to recoup investments in research, development, and marketing. Obsolescence of products can lead to inventory write-offs and loss of market share.
- Cybersecurity Concerns: With the proliferation of connected devices, cybersecurity threats pose significant risks to consumers’ personal data and privacy. Companies must invest in robust cybersecurity measures to mitigate risks and maintain consumer trust.
- Economic Uncertainty: Economic downturns, recessions, and fluctuations in currency exchange rates can affect consumer confidence and purchasing power, impacting sales of consumer electronics products. Companies must adapt their strategies to navigate through periods of economic uncertainty.
Key Points
- The Chinese market is the biggest and the fastest market for consumer electronics and is expected to cross a value of US$ 717.1 Bn by 2033. The regional market is expected to thrive at an elevated 11.6% between 2023 and 2033.
- The US market for consumer electronics thrives at a CAGR of 2.9% during the forecast period. The market is likely to reach a value of US$ 705.6 Bn by 2033.
- The multi-brand stores segment is likely thrive in the sales channel category as it provides more dimensions to the retailer while diversifying the options for the end users. It is expected to thrive at a CAGR of 4.2% during the forecast period.
- The consumer electronic devices segment tops the product type tally with a CAGR of 5.2% between 2023 and 2033 while it thrived at a lower CAGR of 3.6% during the previous forecast period.
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Key Segments
Product:
- Consumer Electronic Devices
- Digital Camcorder/DVR and Camera
- Smart Phones/Feature Phones & Tablets
- Smart TV
- Printers/ Set Top Box
- Personal Computers & Gaming Consoles
- Wearable Devices
- Smart Accessories
- Other Wearable Devices
- Smart Home Devices
- Securities & HVAC Systems
- Smart Kitchen Appliances
Sales Channel:
- Hypermarkets/Supermarkets
- Specialty Stores
- Multi-brand Stores
- Online Retailers
- Wholesalers & Distributors
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
For instance:
- In 2022, Samsung Electronics co. Ltd has introduced a wide range of new consumer electronic devices such as foldable phones, refrigerators with invertor technology, and Neo QLED 8K/4K TVs & AVs.
- In 2022, LG Electronics launched a new range of washing technology that involves front-loading washing machines, top-loading washing machines, dryers, and semi-automatic washing machines.
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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