USD 71.17 billion
Report ID:
SQMIG25E2051 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
59
|Figures:
65
Consumer Electronics Market size was valued at USD 71.17 billion in 2019 and it is expected to reach USD 110.60 billion by 2031, at a CAGR of 6.5% over a forecast period (2024-2031).
Consumer electronics encompasses all electronic equipment designed for use in daily life. Electronic devices are primarily powered by semiconductor technology. These devices are used for communication, appliances in the home/office, and entertainment. The vast majority of products are based on digital and information technologies. Consumer electronics is a broad category of electronic devices that perform one or more functions in the home or for a specific person. Originally, the term referred to electrical devices that were only used or placed within a home or residence. Mobile and computing devices that can be easily transported outside the home, such as a cell phone or a tablet PC, are now included. Televisions, refrigerators, washing machines, computers, laptops, and tablets are just a few of the consumer electronics products on the market.
The emergence of semiconductor technology as a result of technological advancement is a key factor driving market growth. Furthermore, the increasing adoption of consumer goods such as smartphones and automated home appliances as a result of the growing trend of smartphones is expected to boost the market. The smartphone is expected to be the driving force in the global consumer electronics market. Various smartphone manufacturers are developing novel features to boost sales of this device. Technological advancements, the emergence of 3G and 4G technologies, and innovation are likely to drive demand.
Several companies are developing innovative features in this field, increasing the consumer electronics market's market share. As countries went into lockdown during the pandemic, online sales of various products increased. This was also observed in the Consumer Electronics industry. Consumer electronics and household appliances were among the fastest growing online sales categories globally. Market growth is likely to be hampered by lower market penetration in developing countries as a result of energy scarcity and slow economic conditions.
US Consumer Electronics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 71.17 billion
Largest Segment
Offline
Fastest Growth
Offline
Growth Rate
6.5% CAGR
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Global consumer electronics market is segmented based on the Product type, distribution channel and region. Based on Product type, consumer electronics market is segmented into electronic devices and home appliances. Based on distribution channel, the consumer electronics market is segmented into offline and online. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Consumer Electronics Market Analysis by Product type
Based on Product type, Additional categories for electronic products include televisions, computers, cameras, and other goods like audio and video equipment. Because of increased household penetration of TVs, computers, tablets, and laptops, the electronic devices segment is expected to have a significant consumer electronics market share.
As consumer preferences change, businesses are introducing new products made for particular uses. The younger generation prefers appliances such as washing machines, microwave ovens, and refrigerators that save time on household tasks, thereby improving overall living standards.
Consumer Electronics Market Analysis by Distribution Channel
Based on distribution channels, The offline segment is expected to hold a significant market share because specialty electronic shops allow buyers to understand the features of the device in person. This factor allows customers to compare and choose from a wide range of available brands, which has increased foot traffic in these stores. Greater convenience provided by online platforms is likely to fuel segment growth. Due to the closure of retail stores, the COVID-19 lockdown has increased the use of e-commerce websites. During the pandemic period, players in this market have used this opportunity to strengthen their presence through online channels.
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Asia Pacific held the largest share of the global consumer electronics market in 2021 because of the presence of leading players such as Samsung LG, Sony, and Panasonic in countries such as Japan, China, and Korea, the region is expected to dominate the global market. Higher demand for Asian consumer electronics from Western countries has fueled market growth even further. For example, according to The Japan Electronics and Information Technology Industries Association, computer and information terminal production in Japan was valued at 1,041,122 million yen in 2017 and is expected to increase to 1,251,283 million yen in 2019. Furthermore, the region's increasing disposable income has resulted in high consumption of home appliances in countries such as India, China, and other South-East Asian countries. This is anticipated to drive the regional market during the forecast period.
Players in Europe are attempting to increase domestic manufacturing in order to meet rising consumer demand. For example, Deutsche Telekom, a German company, launched the Hallo Magenta smart speaker in Europe in May 2019. This is Europe's first smart speaker, and it comes with two voice assistant systems: Magenta and Amazon's Alexa. Furthermore, rising demand for smart home appliances is expected to fuel the region's market. North America has a large market share due to rising demand for monitors, speakers, and wearables. The region's demand for video games, gaming monitors, and consoles is expected to rise further as the gaming trend continues. For example, according to Consumer Technology Association data published in October 2020, the US population is likely to spend approximately USD 528 on technology-based items such as video game consoles, laptops, wearables, and TVs during the 2020 holiday season.
The South American market is currently developing. However, rising urbanisation is expected to boost product penetration and drive market growth even further. Furthermore, advancements in internet, video streaming, and broadcasting facilities are expected to boost product consumption. For example, in February 2018, Liberty Latin America Ltd, a telecommunications company, purchased 80% of Cabletica, a Costa Rican cable operator, from Televisora de Costa Rica SA. Cabletica is one of Costa Rica's leading cable operators, providing analogue and digital television as well as broadband internet services to residential customers. This acquisition is expected to strengthen Liberty's business and provide quality services to customers in South America.
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Consumer Electronics Market Drivers
Rise in Popularity of Modern Electronics to Boost Market Growth
Consumer Electronics Market Restraints
Low Penetration and Access in Developing Countries will Hinder Market Growth
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Global consumer electronics market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. A few key players, such as Samsung, dominate the global market. Panasonic, Sony, and LG To remain competitive, these players thrive on offering low-cost products and investing in new product development. In 2019, Sony, for example, invested approximately 162.8 billion Yen in R&D activities in its Electronic Products and Solutions (EP&S) segment. Moreover, To increase their market share, the companies are focusing solely on geographical expansion strategies, production capacity expansion, and partnerships. For example, Voltbek Home Appliances Private Limited announced its first manufacturing facility in India for appliances such as refrigerators and washing machines in January 2020.
Consumer Electronics Market Top Player's Company Profiles
Consumer Electronics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our consumer electronics market analysis, in terms of type of product, the electronic products segment dominates the market because of greater household penetration. And in terms of distribution channel, the online segment exhibits fastest growth due to purchase convenience. Moreover, the rising residential sector and supportive government initiatives drive the market growth whereas lower penetration in less-developed countries can hamper the market Growth.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 71.17 billion |
Market size value in 2031 | USD 110.60 billion |
Growth Rate | 6.5% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Consumer Electronics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Consumer Electronics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Consumer Electronics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Consumer Electronics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONConsumer Electronics Market size was valued at USD 71.17 billion in 2019 and it is expected to reach USD 110.60 billion by 2031, at a CAGR of 6.5% over a forecast period (2024-2031).
consumer electronics market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. A few key players, such as Samsung, dominate the market. Panasonic, Sony, and LG To remain competitive, these players thrive on offering low-cost products and investing in new product development. In 2019, Sony, for example, invested approximately 162.8 billion Yen in R&D activities in its Electronic Products and Solutions (EP&S) segment. Moreover, To increase their market share, the companies are focusing solely on geographical expansion strategies, production capacity expansion, and partnerships. For example, Voltbek Home Appliances Private Limited announced its first manufacturing facility in India for appliances such as refrigerators and washing machines in January 2020. 'Samsung Group', 'LG Electronics Inc.', 'Sony Corp.', 'Panasonic', 'Koninklijke Philips N.V.', 'Whirlpool Corp.', 'AB Electrolux', 'Apple Inc.', 'HP Inc.', 'Huawei Technologies Co. Ltd.'
The population's income level is rising, allowing them to spend more on housing and equip their homes with cutting-edge technological goods. According to Eurostat data from 2018, approximately 70.0% of the EU-27 population lived in an owner-occupied dwelling, while approximately 46.0% of the EU-27 population lived in flats. Furthermore, the growing trend of smart device integration in the home is expected to contribute to market growth. The market introduction of innovative household products is likely to increase product consumption.
The growing trend of connected homes is boosting the penetration of smart appliances. According to Grabyo's Value of Video Report 2020, approximately 58% of surveyed streaming customers and approximately 53% of surveyed pay-TV customers watch videos on a Smart TV on a regular basis. The appliances with voice assistance, Bluetooth, and Wi-Fi connectivity are becoming more popular due to their increased usability. Players are attempting to attract customers by including a variety of features in their devices. In July 2020, for example, Samsung will release its Premium Soundbar Line-up, which includes two wireless rear up-firing speakers. They also include the SmartThings App and the Alexa voice service. As a result, technological advancements and a preference for smart devices are likely to fuel the growth of the consumer electronics market.
Asia Pacific held the largest share of the consumer electronics market in 2021 because of the presence of leading players such as Samsung LG, Sony, and Panasonic in countries such as Japan, China, and Korea, the region is expected to dominate the market. Higher demand for Asian consumer electronics from Western countries has fueled market growth even further. For example, according to The Japan Electronics and Information Technology Industries Association, computer and information terminal production in Japan was valued at 1,041,122 million yen in 2017 and is expected to increase to 1,251,283 million yen in 2019. Furthermore, the region's increasing disposable income has resulted in high consumption of home appliances in countries such as India, China, and other South-East Asian countries. This is anticipated to drive the regional market during the forecast period.
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Report ID: SQMIG25E2051