Global Consumer Electronics Market Insights Forecasts to 2030

• The Consumer Electronics market was valued at USD 720 billion in 2021.
• The market is growing at a CAGR of 5% from 2022 to 2030
• The global Consumer Electronics market is expected to reach USD 1000.90 billion by 2030
• North America is expected to grow the fastest during the forecast period

The Global Consumer Electronics Market is expected to reach USD 1000.90 billion by 2030, at a CAGR of 5% during the forecast period 2022 to 2030. The consumer electronics market will grow as a result of the rapidly increasing worldwide internet penetration, particularly in developing countries. The expansion of the consumer electronics industry will also be supported by market participants' on-going R&D expenditures for the development of new consumer electronic products, as well as the expanding use of smartphones and smart home appliances.

Market Overview

All electronic devices that have a purpose in daily life are considered to be consumer electronics. The major technology used to power electronic gadgets is semiconductor technology. These gadgets are employed for communication, entertainment, and home/office utilities. Digital and information technologies are used in the vast majority of the items. The term "consumer electronics" describes a broad variety of electronic products that serve one or more purposes in the house or for a particular user. The word originally referred to electrical devices that were placed or used just inside a home or residence. They do, however, now contain mobile and computing devices that may be taken with you when you leave the house, like a tablet or a cell phone. There is a huge selection of consumer electronics devices on the market, including, among other things, televisions, refrigerators, washing machines, computers, laptops, and tablets.

Report Coverage

This research report categorizes the market for Consumer Electronics market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Consumer Electronics market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Consumer Electronics market.

Driving Factors

The primary driver of the market's expansion is the development of semiconductor technology, which emerged as a result of technological development. Additionally, the market is anticipated to develop because to the increasing adoption of consumer goods like smartphones and automated household appliances. According to projections, the smartphone will dominate the worldwide consumer electronics market. Innovative features developed by different smartphone manufacturers are driving increased sales of this gadget. Technology advancements, the arrival of 3G and 4G technologies, and innovation are projected to be the main drivers of demand.

Restraining Factors

Numerous businesses are developing new features in this area, thus boosting the consumer electronics market's market share. As nations went into lockdown during the pandemic, more things were sold online. The same thing was seen with consumer electronics. Among the fastest-growing segments of worldwide internet sales were consumer electronics and home appliances. Reduced market penetration in developing nations owing to a lack of energy and weak economic conditions is projected to impede industry expansion.

Market Segmentation

• In 2021, the Consumer Electronics Devices segment is dominating the market with the largest market share over the forecast period.

On the basis of product, the global consumer electronics market is segmented into Consumer Electronics Devices, Smart Home Devices, and Wearable Electronics Devices. Among these, the consumer electronics devices segment is dominating the market with the largest market share over the forecast period. Major market participants are introducing new technologies in the Asia Pacific region due to the rising demand for consumer electronics and support from the local government.

• In 2021, the Personal Application segment is anticipated to witness the fastest market growth over the forecast period.

Based on application, the global consumer electronics market is segmented in personal and professional. Among these, the personal application segment is anticipated to witness the fastest market growth over the forecast period. Growth is anticipated to be boosted by higher salaries, better internet access, and urbanisation. Prices are declining, which is boosting demand for personal consumer devices like Bluetooth speakers, earphones, smartphones, and smart wearables.

• In 2021, the Offline segment holds the largest market share over the forecast period.

On the basis of distribution channel, the global consumer electronics market is segmented into offline, online. Among these, the offline segment holds the largest market share over the forecast period because specialty electronic shops help the buyers in understanding the features of the product in person. This will help the customers to compare the product with the other brands’ products.

Regional Segment Analysis of the Consumer Electronics Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific holds the largest market share over the forecast period.

Among all other regions, Asia Pacific region holds the largest market share over the forecast period. Due to its fast industrialisation, the Asia Pacific region is seeing strong economic growth. Huge FDI is flowing into the region as a result of the friendly government policies in nations like China and India. Due to the affordable availability of production-related inputs in this area, the leading firms are setting up their manufacturing facilities. China and India are increasingly serving as the centre of the world's electronic device manufacturing. In addition, Taiwan and South Korea are two of the world's leading producers of consumer electronics. The major reasons projected to propel the growth of the Asia Pacific consumer electronics industry are the increased disposable income of consumers, the presence of a sizable youth population, and improved living conditions.

Recent Developments

• In August 2020, Samsung has introduced an AI based washing machine using which the users will be able to tailor their clothing washing cycles.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global Consumer Electronics market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Apple Inc.
• Canon Inc.
• Dell Inc.
• Samsung Electronics Co., Ltd.
• Panasonic Corporation
• Sony Corporation
• Koninklijke Philips N.V.
• Lenovo Inc.
• Hewlett-Packard Company
• Oneplus
• AB Electrolux
• LG Corporation
• Google Inc.
• Microsoft Corporation
• Hitachi Ltd.
• Robert Bosch GmbH
• Sennheiser Electronics
• Siemens AG Logitech International S.A.
• OPPO
• ZTE Corporation

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2021 to 2030. Spherical Insights has segmented the global Consumer Electronics market based on the below-mentioned segments:

Consumer Electronics Market, By Product

• Consumer Electronics Devices
• Smart Home Devices
• Wearable Electronics Devices

Consumer Electronics Market, By Application

• Personal
• Professional

Consumer Electronics Market, By Distribution Channel

• Offline
• Online

Consumer Electronics Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa