Market Outlook:

The anticipated global Consumer electronics market size is poised to reach USD 815.16 Billion by 2024, with a projected escalation to USD 1,467.94 Billion by 2032, reflecting a compound annual growth rate (CAGR) of 7.63% during the forecast period. 

Smartphones, laptops, televisions, game consoles, automobile technology, and other household equipment are examples of consumer electronics (CE) that are made for everyday use in homes and businesses, such as communication, entertainment, and office/home tasks. It also covers cutting-edge wearable and 3D printer-based technology goods. The growing middle class, changing tastes and lifestyles, and an increasing inclination to employ highly intelligent electronic items are some of the factors driving the market's expansion. Electronics designed for frequent usage are referred to as consumer electronics. Usually, the office supply, entertainment, and communications sectors use these products. Consumer electronics include things like computers, cameras, video recorders, game consoles, GPS navigators, devices for recording and playing music, smartphones, and video media. The money made from the sale of these products makes up the consumer electronics market. Consumer electronics that work with computers and other digital or digitally compatible equipment are becoming more and more in demand. Consumers want a wider range of new products with additional features, installations, and services.

Market Dynamics:

Driver:

The growing demand for sustainability fuels the growth of the consumer electronics market. Customers are becoming progressively attentive to how electronic items affect the environment, comprising the production carbon footprint, energy usage while in use, and the disposal of electronic trash. They are encouraged to give inclination to goods with less of an impact on the environment as a result of this attentiveness. The demand for goods that help lessen overall environmental impact is being driven by knowledge of global challenges like pollution, climate change, and the depletion of natural resources. Through programs like Energy Star ratings, EU Ecodesign, and other certifications, governments and international organizations are enforcing more stringent laws regarding the energy efficiency of items. The creation of more energy-efficient products is influenced by these rules, which mandate that manufacturers adhere to certain sustainability and energy consumption criteria.

Restraint:

The high costs of advanced devices hinder the growth of the consumer electronics market. High-end flagship devices from leading manufacturers are referred to as premium items. Usually at the forefront of technology, these products have excellent functionality, cutting-edge designs, and premium materials. Price-sensitive buyers are those with limited financial resources who give affordability top priority while making purchases. High-end devices, such as flagship phones and pricey smart TVs, are typically significantly costlier than their mid-range or less-priced counterparts. Well-known businesses, such as Apple, Samsung, and Sony, usually charge higher prices due to their established reputation and degree of trust. Customers are frequently prepared to pay more for these products due to their perceived status and quality.

Opportunity:

The increasing integration with 5G technology creates a lucrative opportunity for the growth of the consumer electronics market. The global deployment of fifth-generation wireless technology (5G), which is estimated to completely transform how gadgets interact and function, is referred to as the rollout of 5G networks. Compared to 4G and 3G, 5G distributes a notable speed increase, reduced latency, and the capability to support more devices at once. Major markets in North America, Europe, and Asia are already experiencing the 5G transition, which is estimated to spread over the coming years. There will be a greater need for well-matched gadgets as 5G networks proliferate. These gadgets are made to take full benefit of 5G networks' developed features, which comprise faster data transfer rates, reduced latency, and more reliable connections. Two significant product categories that will experience strong demand as a result of the 5G rollout are smartphones and Internet of Things technologies. In conclusion, the advent of 5G networks is revolutionizing the global consumer electronics market. In addition to boosting consumer experiences and opening up new and innovative features, it will increase demand for 5G-capable smartphones and IoT systems across a variety of industries. 

Challenge:

Discarded electrical or electronic equipment, comprising computers, televisions, cellphones, batteries, and other electronic goods, is referred to as "e-waste." The quantity of e-waste produced increases in tandem with the consumer electronics sector. Older devices are often changed due to the frequent release of new versions and the rapid improvement of technology, which adds to the increasing waste levels. Lead, mercury, cadmium, and brominated flame retardants are among the dangerous substances found in e-waste that, if inappropriately disposed of, can contaminate the environment. These materials can leak into soil and water systems when e-waste is not properly recycled, harming the environment over time. Manufacturers are therefore strongly encouraged to improve environmentally friendly methods of managing e-waste.

Key Players:

• Apple Inc.
• Canon Inc.
• Dell Inc.
• Electrolux AB
• Haier Group
• Hitachi Ltd.
• Samsung
• HP Development Company
• Nikon Corporation
• Huawei Technologies Co. Ltd.
• Intel Corporation
• Koninklijke Philips N.V.
• LG Electronics Inc.
• Panasonic Corporation
• Sony Electronics Inc. 
• Others

Recent Development:

• In May 2023, Sony Electronics Inc. launched the "Xperia 1V," a smartphone equipped with a CMOS image sensor and a two-layer transistor pixel.

• In December 2022, LG Electronics launched "LG ThinQ UP," a line of cutting-edge household appliances that includes washers, dishwashers, dryers, ovens, and refrigerators. These products have clever and clever characteristics that can meet the customers' increasing needs.

• In August 2020, Samsung launched a new AI-powered washing machine that allows users to personalize their cycles.

Segment Insights:

By Product Type

The market is divided into two segments based on product type: home appliances and electronic gadgets. TVs, cameras, laptops, and other items like video and audio equipment are other categories of electronic gadgets. The increased household penetration of TVs, PCs, tablets, and laptops is anticipated to give the electronic devices category a significant consumer electronics market share. Additionally, companies are launching new products made for specific purposes in response to shifting consumer tastes. For instance, Canon introduced the new EOS R3 full-frame mirrorless camera in April 2021. It features black illumination, a 35mm full frame, a CMOS sensor, and DIGI X photo processing. Home appliances include refrigerators, washing machines, and air conditioners (AC). Washing machines, microwaves, and refrigerators are among the appliances that the younger generation prefers as they save time on domestic chores and raise living standards overall.

By Distribution Channel

The global market is divided into hypermarkets and supermarkets, specialty shops, multi-brand stores, internet retailers, wholesalers and distributors, and others based on the distribution channels. The market's largest contribution is the specialized retail sector. Specialty and multi-brand stores continue to account for a significant amount of the industry's sales. Multi-brand electronic stores and specialty shops are common in developing countries in the Middle East, Africa, and Asia-Pacific. The offline market segment is expected to make up a significant share of the total market since specialist electronic stores allow users to experience the device's features first-hand. This element has increased the number of customers visiting these establishments by enabling them to compare and choose from a wide variety of brands.

Regional Insights:

Asia Pacific is the dominating region for the consumer electronics market. The examination of the Asia-Pacific consumer electronics market includes China, India, Japan, Australia, and the rest of the region. The existence of well-known players, a sizable population that utilizes a lot of smartphones and household appliances, and rising disposable income in economically developing countries like China, India, and Indonesia are the main causes. This is mostly due to supportive government programs that support smart city development and cutting-edge home technology. The market's growth has been further stimulated by Western countries' increased demand for Asian consumer electronics. Even though Asia is home to the majority of consumer electronics manufacturers, European businesses are attempting to boost domestic production to meet the growing demand from consumers. 

Segmentation:

By Product Type

• Electronic Devices
• Home Appliances

By Distribution Channel

• Hypermarkets/Supermarkets
• Specialty Stores
• Multi-brand Stores
• Online Retailers
• Wholesalers & Distributors
• Others

By Application

• Communication Devices
• Entertainment & Multimedia
• Computing & Productivity
• Health & Fitness
• Home Automation & Security
• Others

By Region

North America

• USA

• Canada

• Mexico

Europe

• France

• UK

• Spain

• Germany

• Italy

• Rest of Europe

Asia Pacific

• China

• Japan

• India

• South Korea

• Rest of Asia Pacific

Middle East & Africa

• GCC

• South Africa

• Rest of the Middle East & Africa

South America

• Brazil

• Argentina

• Rest of South America

What to Expect from Industry Profile?

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Consumer Electronics market in the world.

2. Use PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Consumer Electronics market.

3. Leading company profiles reveal details of key Consumer Electronics market players’ global operations, strategies, financial performance & recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Consumer Electronics market with forecast for the decade by both market share (%) & revenue (USD Million).

FAQ’s

1) What are the major factors driving the growth of the Global Consumer Electronics Market?

• The growing demand for sustainability fuels the growth of the consumer electronics market. 

2) What would be the CAGR of the Global Consumer Electronics Market over the forecast period?

• The Global Consumer Electronics Market is poised to grow at a CAGR of 7.63% from 2024 to 2032.

3) Which region will provide more business opportunities for the growth of the Global Consumer Electronics Market in the future?

• The Asia Pacific region is expected to create more opportunities in the market.

4) Who are the major players dominating the Global Consumer Electronics Market?

• Apple Inc., Canon Inc., Dell Inc., Electrolux AB, Haier Group, Hitachi Ltd., Samsung, HP Development Company, Nikon Corporation, Huawei Technologies Co. Ltd., Intel Corporation, Koninklijke Philips N.V., LG Electronics Inc., Panasonic Corporation, Sony Electronics Inc., Others.

5) What are the segments in the Global Consumer Electronics Market?

• By Product Type, By Distribution Channel, and By Application are the industry key segments considered for research study.

6) What is the estimated market revenue for the Global Consumer Electronics Market in 2032?

The estimated revenue for the Global Consumer Electronics Market in 2032 is USD 1,467.94 Billion.