In 2023, the consumer electronics market is expected to reach a valuation of US$ 3,296.66 million, with projections suggesting a substantial increase to US$ 5,820.65 million by 2033. Anticipated sales growth for consumer electronics is forecasted to achieve a Compound Annual Growth Rate (CAGR) of 5.80% throughout the forecast period. These figures underscore the enduring demand for innovative electronic products, driven by evolving technology trends and consumer preferences for connected devices. As the market continues to evolve, manufacturers and retailers have significant opportunities to capitalize on emerging trends and meet the ever-changing needs of consumers in the electronics industry.
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.
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.
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
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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.
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