Enjoy complimentary customisation on priority with our Enterprise License!
The consumer electronics market is estimated to grow at a CAGR of 4.85% between 2022 and 2027. The size of the market is forecast to increase by USD 110.31 billion. The growth of the market depends on several factors, including frequent product launches, the adoption of energy-efficient consumer electronics, and growing investment in R&D activities.
This report extensively covers market segmentation by application (personal and professional), distribution channel (offline and online), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, Download Report Sample
Frequent product launches and innovation are notably driving the market growth, although factors such as fluctuation in prices of raw materials and operational cost may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
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.
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.
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.
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.
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
Vendors 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 vendors, including:
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.
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.
Get a glance at the market contribution of various segments Request a PDF Sample
The personal segment was valued at USD 291.23 billion in 2017 and continued to grow until 2021. 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.
For more insights on the market share of various regions Request PDF Sample now!
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.
In 2020, the outbreak of COVID-19 negatively impacted the growth of the consumer electronic market in APAC. The lockdown restrictions imposed due to the pandemic disrupted the supply chain in the region, which declined the growth of the consumer electronics market. In 2021, the lifting of the nationwide lockdowns and large-scale vaccination drives in prominent countries in APAC led to the resumption of business activities, including manufacturing consumer electronic products. The availability of online platforms that offer consumer electronics in this region at affordable prices is accelerating market growth.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The reports categorize the global consumer electronics market as a part of the global consumer electronics market within the global household durables market. The parent global consumer electronics market covers products and companies engaged in manufacturing/marketing consumer robotics, home audio and video products, televisions, digital cameras, and related products. The market excludes mobile phones, PCs, and peripherals, which have been classified under the technology hardware, storage, and peripherals market. The market also excludes video games, gaming consoles, and gaming peripherals, which have been classified under the interactive home entertainment market. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Consumer Electronics Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.85% |
Market growth 2023-2027 |
USD 110.31 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.34 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 49% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Apple Inc., Canon Inc., Dell Technologies Inc., Emerson Electric Co., FRIGIDAIRE, Godrej and Boyce Manufacturing Co. Ltd., 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., Sony Group Corp., Whirlpool Corp., and Fujitsu Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.