Enjoy complimentary customisation on priority with our Enterprise License!
The personal consumer electronics market size is estimated to increase by USD 92.66 billion, growing at a CAGR of 5.04% between 2022 and 2027. The growth of the market depends on several factors, including frequent product launches, the adoption of energy-efficient personal consumer electronics, and growing investment in R&D activities.
To learn more about this report, View Report Sample
Since many businesses rely on online sales to survive, e-commerce has seen significant growth in recent years. Additionally, it is anticipated that this trend will continue as more customers become accustomed to online shopping. As a result, businesses now have access to new channels through which they can connect with customers and expand their audience. As new services and technologies make it easier for businesses and customers to shop online, this is a rapidly changing field.
On online platforms, customers can choose from a range of consumer electronics under distinct categories, price ranges, and brands. Owing to the growing preference for online shopping, the landscape of the global market is witnessing a transformation. The shift to online retailing is translating into tremendous opportunities for existing vendors in the global market. Increased online penetration is expected to positively impact the global market during the forecast period.
The global market witnesses high growth owing to frequent product launches by vendors. The vendors in the market are continuously focused on product innovation to cater to the rising demand for consumer electronics. For instance, in January 2023, Samsung Electronics Co. Ltd. launched Bespoke Infinite Line Refrigerator. It is available in refrigerator, freezer, or wine cellar models. Samsung's new premium built-in refrigerator features a timeless and modern modular design that blends seamlessly into any interior.
Similarly, Xiaomi Communications Company Ltd., under its brand Redmi, announced in China the launch of a smart TV X 75-inch model in December 2021. In India, this model was put into practice by the company in the first quarter of 2022. Thus, in order to attract consumer interest, boost sales, and stimulate market growth during the forecast period, the continuous introduction of new or innovative products will play an important role.
The market price of appliances is impacted by a number of factors, including the cost of labor, raw materials, transportation, and promotion. A significant portion of this expense is accounted for by the prices of raw materials, labor, and manufacturing costs. Producers' cost of goods or profit margins is immediately affected by changes in the price of input materials. The materials costs are highly variable and subject to exchange rate changes. The acquisition of this raw material comes with additional costs, such as transportation and various services that are required, supplier restrictions, and the absence of a permanent favorable agreement.
Fluctuations in crude oil prices affect the transportation costs of raw materials and finished products. High transport costs, which include taxes, duties, and fuel prices, are also incurred when raw materials are delivered to production facilities, intermediate commodities are transported to manufacturing plants, finishing products are moved to warehouses, or finished goods are shipped to end users. The price of the final product will also be affected by increased transport costs and raw material prices. Hence, fluctuation of raw material prices is expected to hamper the growth of the global market during the forecast period.
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.
Apple Inc. - The company offers personal consumer electronics such as mobiles, computers, smart watches, AirPods, and TV.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, 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 smartphones segments are estimated to witness significant growth during the forecast period. The market for smartphones with advanced computing and connectivity capabilities in addition to basic voice communication is referred to as the global segment. Smartphones now offer internet access, multimedia capabilities, and a wide range of applications, all of which have played a growing role in modern life.
Get a glance at the market contribution of various segments View the PDF Sample
The smartphones segment was the largest segment and was valued at USD 94.01 billion in 2017. In the last years, driven by technological progress, increasing consumer demand, and increased needs for mobile services, smartphones have experienced significant growth. Factors such as operating system, device size, camera capabilities, and battery life are also influential on the market in focus. The market competitiveness and innovation-driven nature ensure that consumers can expect continual advancements and a wide variety of options to choose from, which is expected to drive the growth of the segment in the forecast period.
APAC is estimated to contribute 42% to the growth of the global market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Due to the development of various new technologies, the market in APAC has undergone significant change in recent years. In addition, the sales of consumer electronics are significantly influenced by nations like China and India. As Internet use grows in these nations, it is anticipated that smartphone demand will rise during the forecast period. China actually has the most smartphone users worldwide, followed by India. It is anticipated that APAC will become a significant player in the market for consumer electronics. In order to increase their customer base and share of the market, APAC-based vendors are concentrating on the introduction of novel products and diverse product lines. The expansion of distribution channels and marketing and promotional activities are also driving the region's market growth.
The market research 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 Market Customer Landscape
The Market is fueled by smartphone proliferation and continuous technological advancements, including the evolution of 3G and 4G technologies. In the U.S., smart devices like desktop PCs, phablets, and IoT gadgets are in high demand. The BYOD market sees growth alongside increased consumer disposable income. Asia-Pacific emerges as a significant market. Sales channels, including online platforms, offer personalized customer service and hassle-free shopping experiences, enhancing customer loyalty. Mobile devices facilitate internet connectivity, enabling doorstep delivery and easy returns, further driving the growth of e-commerce platforms.
The market report forecasts market growth by revenue at global, regional & country levels and provides a market analysis and report of the latest market growth and trends and growth opportunities from 2017 to 2027.
Personal Consumer Electronics Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.04% |
Market growth 2023-2027 |
USD 92.66 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.54 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
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., Bajaj Electricals Ltd., Dell Technologies Inc., Electrolux AB, Fujitsu Ltd., Havells India Ltd., Hisense International Co. Ltd., Hitachi Ltd., HP Inc., Huawei Technologies Co. Ltd., Koninklijke Philips NV, Lenovo Group Ltd., LG Corp., Micromax Informatics Ltd., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Sony Group Corp., Toshiba Corp., Whirlpool Corp., and Xiaomi Communications Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the 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 market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
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.