Global Consumer Electronics Market Size, Share, Growth Analysis, By Product Type(electronic devices and home appliances), By Distribution channel(offline and online) - Industry Forecast 2024-2031

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).

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. '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 global 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 global 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 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.