Consumer Electronics Market (Updated Version Available)

Key Market Overview:

The Consumer Electronics Market was valued at USD 740.79 Billion in 2022, registering a CAGR of 4.62% during the forecast period (2023-2030), and the market is projected to be worth USD 1063.39 Billion by 2030.

Consumer electronics are referred as electronic devices designed to be used for daily commercial or non-commercial purpose. Consumer electronics comprise of wide range of products including television, washing machine, refrigerator, DVD player, computer, laptop, smartphone, tablet, and others.
Consumer electronics provide wide range of product portfolio for home appliances. The wide screen television is gaining popularity resulting to drive the consumer electronics market. The increasing demand for miniaturization of consumer electronics is rising the demand of small sized portable devices. Additionally, surge in trend towards remote working is expected to boost the adoption of computing devices during the forecast period.

Moreover, rising demand for smart home appliances is driving the growth of consumer electronics market. Also, technological advancement in electronic devices is boosting the adoption of the devices across consumers. For instance, in July 2020, Samsung launched the new premium soundbar line-up speakers, featured with SmartThings app and Alexa voice service. The system enables the user to command the music streaming services including Spotify, Amazon music, iHeart radio, and others.
Furthermore, organizations are focusing on development of convenient-to-use and high-performance devices due to rise in demand for consumer electronics for professional uses. For instance, in September 2020, Samsung Electronics introduced new Galaxy Tab Active3, offer enhanced touch sensitivity feature to allow the user to operate the tab while wearing hand gloves. Thus, advancement in technology and rising demand for smart home appliances is fueling the growth of customer electronics market.

Consumer Electronics Report Coverage:

Report Attributes	Report Details
Study Timeline	2017-2030
Market Size in 2030 (USD Billion)	1063.39 billion
CAGR (2023-2030)	4.62 %
Base Year	2022
By Product Type	Home appliances, Smart devices, Handheld devices, and Others
By Application	Personal and Professional
By Sales Channel	Online and Offline
By Geography	Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru]
Key Players	Sony, Samsung Group, Panasonic, LG Electronics Inc., Whirlpool Corporation, AB Electrolux, HP Inc., Apple Inc., Huawei Technologies, Koninklijke Philips N.V.

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Market Dynamics:

Driver:

Rising demand for smart home appliances and advancement in technology is driving the growth of consumer electronics market.

Rising demand for smart home appliances and advancement in technology is driving the growth of the consumer electronics market.
The increasing popularity for smart home appliances is driving the adoption of consumer electronics. Additionally, technological advancements in household devices are boosting the demand for consumer electronics. For instance, in October 2020, LG Electronics launched rollable OLED R TV providing the feature of rollable screen, having ability to transform in three different viewing format including line-view, full-view, and zero-view.
Moreover, rising investments in R&D by the major market players is propelling the growth of consumer electronics market.

Restraint:

Less market penetration in underdeveloped countries is hampering the growth of consumer electronics market.

Less market penetration in underdeveloped countries is hampering the growth of consumer electronics market.
The less market penetration in underdeveloped countries including Nigeria, Uganda, Ethiopia, and others is hindering the growth of consumer electronics market. The shortage of energy and slow economic conditions are hindering the growth of consumer electronics market. For instance, as per International Energy Agency data 2019, more than 70 billion individuals in Nigeria and 60 billion individuals in Ethiopia did not have sufficient electricity access.

Consumer Electronics Market Segmentation:



By Product Type

The product Type segment is categorized into Home appliances, Smart devices, Handheld devices, and Others.
Home appliances segment holds major market share of consumer electronics market due to rising popularity for household devices including refrigerator, washing machine, air conditioners, microwave-oven, and others. The household devices help save time and enhance the standard of living, hence experience huge demand. Thus, rising demand of smart home appliances is driving the growth of home appliances in consumer electronics market. Moreover, rising demand of air conditioners for residential buildings is promoting the growth of home appliances in consumer electronics market.

Handheld devices segment is expected to grow during forecast period due to increasing adoption of handheld devices including laptops, tablets, cameras, and others for personal and professional use. Additionally, companies are focusing on advancement of product portfolio to meet customer demand for laptop, tablets, and others resulting to drive the growth of handheld devices segment in consumer electronics market. For instance, in October 2020, Canon introduced compact-sized Powershot Zoom Camera with super zoom and HD video recording features for better photography. Thus, product portfolio advancements and increasing adoption of handheld devices in daily life is boosting the growth of handheld devices segment in consumer electronics market.

By Application

The application segment is classified into Personal and Professional.
Personal segment accounted major market share for consumer electronics market due to increasing usage of consumer electronic devices for personal use. The consumer electronic devices including washing machine, refrigerator, television, laptop, computer, camera, smartphone, and others.
Personal segment is expected to grow during forecast period due to increasing adoption of electronic devices for personal use in daily life. Additionally, factors including easy internet access, adoption of advanced technologies, and higher incomes are boosting the growth of personal segment in consumer electronics market. Moreover, rising demand for personal electronic devices including Bluetooth speakers, earbuds, smartphones, wearable devices, and others is promoting the growth of personal consumer electronics market.
Professional segment involve the use of electronic devices including computers, laptops, and others. The professional segment is anticipating to showcase steady growth in consumer electronics market.

By Sales Channel

The Sales Channel segment is bifurcated into Online and Offline.
Offline segment accounted largest revenue share for consumer electronics market. The offline electronics shops allow the customers to understand the product features and enable to compare the product within aide range of brands and product portfolios.
Online segment is projected to grow during forecast period due to greater convenience offered by the online shopping platforms. Additionally, rising use of e-commerce website is driving the growth of online consumer electronics market. Moreover increasing internet penetration is boosting the growth of online segment in consumer electronics market. The major market players have strengthened the presence in the market through online platform. Thus, the convenience offered to the customer is boosting the growth of online consumer electronics market.

By Region

North America accounted major market share in the year 2022 for consumer electronics market due to rising demand for wearable devices, speakers, and others. Additionally, increasing trend towards video games, gaming monitoring, and consoles is booting the growth of consumer electronics market in North America region.



Asia Pacific region is expected to grow during forecast period owing to presence of key market player including Samsung, Sony, Panasonic, LG, and others in countries such as Japan, Korea, and China. Additionally rising demand for electronic devices and home appliances is driving the growth of consumer electronics market in Asia Pacific region. Moreover, rising adoption of smart wearable devices including smartphones, earbuds, smartwatches, and others is promoting the growth of consumer electronics market in Asia Pacific region.

Consumer Electronics Market Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the Global Consumer Electronics Market. Key players in the market include-

• Sony Corporation
• Samsung Group
• Panasonic
• LG Electronics Inc.
• Whirlpool Corporation
• AB Electrolux
• HP Inc.
• Apple Inc.
• Huawei Technologies
• Koninklijke Philips N.V.

Recent Developments:

• In May 2022, Samsung launched AI EcoBubble washing machine, a fully automatic front load washing machine with large capacity model. The AI wash operate by using sensors for laundry weight and decide optimum amount of water, detergent and rinsing time.