Consumer Electronics Market to be Worth $1257.4 Billion by 2031

Consumer Electronics Market by Product Type (Smartphones & Tablets, Smart Wearables, Laptop & Desktop, Lightning Systems, Digital Cameras), Distribution Channel (Online, Offline), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Consumer Electronics Market by Product Type (Smartphones & Tablets, Smart Wearables, Laptop & Desktop, Lightning Systems, Digital Cameras), Distribution Channel (Online, Offline), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the global consumer electronics market is projected to reach $1257.4 billion by 2031, at a CAGR of 3.9% from 2024–2031. The growth of the consumer electronics market is driven by increasing government initiatives to promote connected devices, the rapid growth of the e-commerce industry, acceleration in urbanization and rising disposable income, and technological advancements in electronic devices. However, short-lifecycle counterfeit products and consumer reluctance to adopt technology restrain the growth of this market.

Furthermore, the increasing adoption of smart devices and increasing integration of artificial intelligence (AI) and machine learning (ML) are expected to generate growth opportunities for the stakeholders in this market. However, the high manufacturing cost and market penetration in underdeveloped countries are major challenges impacting the growth of the consumer electronics market.

The global consumer electronics market is segmented by product type (smartphones & tablets, laptop & desktop, visual products (television, projectors, LED screens, set-top box, and other visual products), audio products (smart speakers, home theatres, sound bars, radio & multimedia, other audio products), refrigerator, lighting systems, digital cameras, smart wearables (smart watches, smart audibles, smart eyewear, etc.), home healthcare products (BP monitors, glucose monitor, etc.), security & surveillance systems (camera, video doorbells, alarms, other security & surveillance systems), gaming console, and other product types), distribution channel (online (e-commerce websites, company-owned websites), offline (departmental stores, specialty stores, other offline channels)). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on product type, the global consumer electronics market is segmented into smartphones & tablets, laptop & desktop, visual products, audio products, refrigerator, lighting systems, digital cameras, smart wearables, home healthcare products, security & surveillance systems, gaming console, and other product types. In 2024, the smartphones & tablets segment is expected to account for the largest share of ~54% of the global consumer electronics market. The large market share of this segment is attributed to the increased availability of affordable data plans, increasing sales of smartphones, and increasing features in smartphones such as camera quality, larger and sharper displays, faster processors, improved battery life, and fingerprint scanners and facial recognition. Constant innovations in smartphones allow users access to a wide range of applications and services, such as web browsing, email, and social media, as well as multimedia playback and streaming, offering growth opportunities for the market. Also, smartphones have become much more affordable in recent years. For instance, in February 2024, Baidu, Inc. (China) partnered with Lenovo (China) to offer its generative artificial intelligence (AI) technology for Lenovo's smartphones to provide various services, such as chatbots and real-time translation.

However, the smart wearables segment is projected to register the highest CAGR during the forecast period. The segment's growth is attributed to the increasing sales of smartwatches, increasing investments by major players in the development of head-mounted devices, advancements in wireless technologies, and an increase in consumer preference for smart wearable devices such as fitness devices, watches, and eyewear. These devices help to collect and analyze real-time personal data that informs consumers about their health and offers a better-connected lifestyle. For instance, in July 2023, Noise (India) launched the Luna Ring, a smart ring to provide insights regarding consumer health, such as heart rate, sleep patterns, movements, and other activities. Also, the integration of AR/VR technology in gaming devices supports the growth of smart wearable devices.

Based on distribution channels, the global consumer electronics market is segmented into online and offline. In 2024, the offline segment is expected to account for the larger share of ~71% of the global consumer electronics market. The large market share of this segment is attributed to the increasing offline sales of consumer electronics as it provides demo stations for trying out products, thus, engaging experience for customers. Also, offline stores offer the advantage of immediate takeaway of products. It allows customers to walk out with their purchase right away, eliminating waiting times for deliveries.

However, the online segment is projected to register the highest CAGR of 8% during the forecast period. The segment's growth is attributed to the rapid growth of the e-commerce industry, the availability of online stores 24/7, and the availability of a larger selection of electronics products. Online stores offer various advantages, such as easy comparison of features, prices, and customer reviews across different retailers, helping consumers find the best deal. Also, many online retailers offer exclusive discounts, coupons, and flash sales that can significantly reduce the cost of electronics.

Based on geography, the consumer electronics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of ~60% of the global consumer electronics market. The market growth in Asia-Pacific is driven by the presence of key market players in the region, growing populations of tech-savvy individuals, increasing disposable incomes of the urban population, and technological advancements in entertainment products in the form of digital set-top boxes, smart home theatre, and media players. Urbanization across the region is creating a demand for electronic products to improve urban lifestyles, such as smartphones, laptops, and smart home devices. Government bodies are actively promoting e-commerce growth, making it easier and more affordable for consumers to purchase electronics online. Also, smartphone penetration rates are exceptionally high in many Asian countries, further supporting the market growth in the region. Moreover, this region is also projected to register the highest CAGR of 6% during the forecast period.

Key Players

The key players operating in the global consumer electronics market are Samsung Electronics Co., Ltd. (South Korea), Hitachi, Ltd. (Japan), Apple Inc. (U.S.), Sony Corporation (Japan), Panasonic Corporation (Japan), Fujitsu Limited (Japan), Dell Inc. (U.S.), Toshiba Corporation (Japan), LG Electronics Inc. (South Korea), Haier Inc. (China), HP Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Intel Corporation (U.S.), Amazon.com, Inc. (U.S.), Google LLC (U.S.), Whirlpool Corporation (U.S.), Lenovo (China), and Robert Bosch GmbH (Germany).

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Key Questions Answered in the Report:

What are the high-growth market segments in terms of the product type and distribution channel?
What is the historical market size for the global consumer electronics market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global consumer electronics market?
Who are the major players in the global consumer electronics market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global consumer electronics market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global consumer electronics market, and how do they compete with other players?

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