Consumer Electronics Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, US, Germany, India, Japan - Size and Forecast 2024-2028

Consumer Electronics Market Size 2024-2028

The consumer electronics market size is forecast to increase by USD 102.6 billion, at a CAGR of 4.36% between 2023 and 2028.  The consumer electronics market experiences steady growth, driven by various factors. Frequent product launches, and the introduction of innovative technologies and designs, significantly contribute to market expansion. Additionally, the adoption of energy-efficient electronics, in response to increasing environmental concerns, is a significant growth catalyst. Furthermore, substantial investments in research and development activities fuel advancements in consumer electronics, ensuring continuous product improvement and consumer satisfaction. These elements collectively propel the consumer electronics market forward, maintaining its dynamic and competitive landscape.

What will be the Size of the Consumer Electronics Market During the Forecast Period?

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Market Dynamics

In the realm of healthcare systems, issues related to lungs and cardiac issues are critical focal points. Conditions such as cardiogenic pulmonary edema and heart failure often necessitate ventilator-assisted respiration and specialized care involving oxygen supplementation and medicines. Diagnosis involves clinical examination, imaging testing, and blood tests to identify biomarkers and assess alveolar fluid metabolism. However, healthcare providers are increasingly challenged by manufacturing plant constraints, component shortages, and risks like counterfeiting and shipping delays. These factors impact customer behavior and strain households relying on credit and disposable incomes. In the consumer electronics industry, circuit breakers play a crucial role in ensuring the safety and reliability of electronic devices by preventing electrical overloads and short circuits. Moreover, economic concerns encompass import bills and influence acquisition policies and FDI inflows, with governments often offering CAPEX subsidies to bolster healthcare infrastructure resilience and operational efficiency. Addressing these multifaceted challenges demands robust strategies for supply chain management and healthcare delivery optimization.

Key Consumer Electronics Market Driver

Innovation and product launches are the major factors boosting the market growth. The vendors in the market are focused on innovating and launching products with advanced features. Frequent product launch helps the market players cater to the consumer demand of all demographics. Consumers are always looking for consumer products such as laptops and smartphones speaker that has additional features. The global consumer electronics market witnesses high growth owing to frequent product launches by vendors. For instance, in January 2023, Apple Inc. launched MacBook Pro featuring M2 Pro and M2 Max. The new MacBook Pro has up to 6 times faster performance than the fastest Intel-based MacBook Pro and supports up to 96 GB of unified memory for demanding professional workflows.

The robust demand for smart electronic products in developed as well as developing countries is propelling the growth of consumer electronics.  Smart consumer electronics demand surged in the past few years owing to changing lifestyles and increasing disposable income.  Technological advancement in the market, adoption of 4G and 5G technologies, and increased penetration of online channels have increased competition among the vendors. With the frequent launch of new products in the market, the existing vendors of the consumer electronics market are increasing their presence in other regions.

Significant Consumer Electronics Market Trend

The growing popularity of online channels is a key trend shaping the market growth. With the increasing penetration of the Internet, the number of people using smartphones around the world is increasing. Owing to the growing preference for online shopping, the landscape of the global consumer electronics market is witnessing a transformation. The implementation of 4G and 5G technologies for connectivity is expected to have a positive impact on the market growth as it provides users with an uninterrupted and seamless experience. The shift to online retailing is translating into tremendous opportunities for existing vendors in the global consumer electronics market. Moreover, omnichannel retailing helps vendors earn high revenue through their own web portals.

Shifting consumer preference to shop online is creating an opportunity for the vendors in the market to increase their presence in e-commerce. Changing lifestyle and increasing disposable income is surging the demand for smart consumer electronic products at a discounted price. Ease in availability of products through online sales channels at discounted prices is boosting the growth of the consumer electronics market globally.

Major Consumer Electronics Market Challenge

Fluctuation in raw materials required for producing consumer electronics products is among the major challenges faced by vendors in the market. A variety of metals, plastics, raw materials, and chemicals are used by the electronics industry. Some of the more common metals include copper, lithium, tin, silver, gold, nickel, and aluminum. The rise in raw material prices may be due to various factors. The most important among them is supply chain disruption. For instance, the COVID-19 scenario and Russia Ukraine war impacted the supply chain across the globe, which skyrocketed the cost of semiconductor chips and other raw materials. 

However, the procurement and use of numerous raw materials, including steel, iron, plastic, glass, electrical devices, petroleum products, and paints, are required for the manufacture of domestic appliances. The hike in the price of raw materials directly impacts the cost of the end product. Therefore, fluctuations in raw materials may hamper the growth of the consumer electronics market.

Key Consumer Electronics Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Consumer Electronics Market Customer Landscape

Who are the Major Consumer Electronics Market Vendors?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Dell Technologies Inc: The company offers XPS 15 series laptop, which has a dual array microphone and in built with integrated eye-safe display technology that helps to reduce harmful blue light while maintaining vivid color.

Godrej and Boyce Manufacturing Co. Ltd.: The company offers notebook lifebook U7412 laptop in built with Windows 11 pro and infrared camera, thus designed with excellent security for business with outstanding features for data protection.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• Apple Inc.
• Canon Inc.
• Emerson Electric Co.
• FRIGIDAIRE
• Guangdong OPPO Mobile Telecommunications Corp. Ltd.
• Haier Smart Home Co. Ltd.
• Hisense International Co. Ltd.
• HP Inc.
• Huawei Technologies Co. Ltd.
• Koninklijke Philips NV
• Lenovo Group Ltd.
• LG Electronics Inc.
• Panasonic Holdings Corp.
• Robert Bosch GmbH
• Samsung Electronics Co. Ltd.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Consumer Electronics Market?

The market share growth by the personal segment will be significant during the forecast period. Personal consumer electronics basically refers to electronic products for non-commercial use. Increasing adoption of more diverse consumer electronic products in the household has significantly boosted the growth of the global consumer electronics market. Manufacturers are investing heavily in integrating various digital technologies into consumer electronics and are increasingly focused on providing consumers with a quality experience. 

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The personal segment was valued at USD 302.70 billion in 2018. With the growing adoption of smart devices, the global consumer electronics market is witnessing high growth. The adoption of smart grid and smart house technology has increased in Europe, which has increased demand for smart and connected consumer electronic products. Customers can choose a wireless consumer electronics device owing to growing wireless technology innovation and the adoption of smart homes, which is boosting the demand for the personal segment.

Which are the Key Regions for the Consumer Electronics Market?

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APAC is estimated to contribute 49% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Rapid industrialization and urbanization are leading to improved economic conditions in the APAC region. Some of the growing economies in the region, such as India and South Korea, have seen rapid changes in their economies and overall GDP growth. This has led to increased spending on luxury goods and high-end technology. The proliferation of cheaply manufactured smartphones and falling service plan costs are the main factors driving the growth of the consumer electronics market.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Aplication Outlook
  • Personal
  • Professional
• Distribution channel Outlook
  • Offline
  • Online
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Chile

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1. India-Consumer Electronics and Home Appliances Market:  India-Consumer Electronics and Home Appliances Market by Product and Distribution Channel - Forecast and Analysis

2. Personal Consumer Electronics Market: Personal Consumer Electronics Market Analysis North America, Europe, EMEA, APAC : US, Canada, China, Germany, UK - Forecast

3. Electronics Manufacturing Services (EMS) Market:  Electronics Manufacturing Services (EMS) Market Analysis APAC, North America, Europe, South America, Middle East and Africa - China, US, Taiwan, Japan, Germany - Size and Forecast 

Market Analyst Overview

In the field of cardiology, conditions like coronary artery disease, cardiomyopathy, and chronic heart failure significantly impact the left ventricle and heart valve function. Treatment innovations such as omecamtiv mecarbil from pharmaceutical companies aim to address these issues, alongside advancements in immunology, oncology, endocrinology, and neurology therapeutic areas. Economic dynamics such as import bills, CAPEX subsidies, and production challenges affect sectors including organized retail, e-retailers like E Zone, Reliance Digital, and Tata Croma, which retail advanced computers, mobile phones, TVs, and defense-related electronics. These markets cater predominantly to higher-income classes influenced by Union Budget policies affecting set-top boxes, broadband modems, and emerging technologies like artificial intelligence. Manufacturing hubs receive government support through borrowing costs, export incentives, and customs duties adjustments, bolstering domestic production of electronic components and stimulating economic growth.

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What are the Key Data Covered in this Market Forecast Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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