The Consumer Electronics Market is expected to reach $1257.4 billion by 2031, at a CAGR of 3.9% from 2024 to 2031. The growth of this market is attributed to the increasing government initiatives to promote connected devices, rapid growth of the e-commerce industry, acceleration in urbanization & rising disposable income, and technological advancements in electronic devices. Moreover, the increasing adoption of smart devices and increasing integration of artificial intelligence (AI) and machine learning (ML) are expected to offer growth opportunities for the players operating in this market.
With the rapid growth in the global population, the availability of advanced consumer electronics devices, and the increasing inclination of consumers towards online shopping, the demand for electronic goods in e-commerce platforms has grown rapidly over the past few decades. Consumer electronic products in e-commerce include refrigerators, smartphones, digital cameras and accessories, digital camcorders and accessories, e-readers, and audio products, among others. The demand for consumer electronics products like smartphones, smart home devices, and wearable devices is surging in online purchases.
E-commerce offers buyers various advantages to buy electronic products easily:
E-commerce platforms such as Amazon and Flipkart constantly offer sales, discounts, and other exclusive deals on consumer electronic products to increase their sales. Therefore, several companies in the e-commerce sector are using advanced technologies to create personalized customer experiences based on interests and past purchases, enhance visual search, and offer personalized product recommendations to increase conversion rates for electronic products. All these factors are driving growth for consumer electronics products in the e-commerce industry.
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Technological advancements in consumer electronic products are helping to make them smaller and smarter. AI, ML, sensors, and IoT are being integrated into electronic devices to make them smarter and more user-friendly and enhance consumer experience. AI-enabled devices such as Siri and Google Assistant offer various features, such as facial recognition for unlocking phones, voice assistants, and smart cameras that automatically adjust settings for better user experience.
Some of the recent developments in this market space are as follows:
Such developments and the constant innovations in the consumer electronics industry, which enhance consumers' daily lives, further support the growth of the consumer electronics market during the forecast period.
5G technology application is more comprehensive in the fields of mobile phones, wearables, and household appliances. Consumers face connectivity challenges and high latency rates as all electronic devices are connected simultaneously, creating a huge burden on the network and causing slower response time. 5G’s low latency feature helps minimize connected devices' response time to exchange real-time information seamlessly. 5G technology allows electronic devices to monitor and control smart devices' functions and helps minimize manual work. In smart home devices, smart security cameras are used to monitor activity, record footage, live camera feeds, and receive alerts for security purposes. The 5G network helps to increase the speed of connections.
With 5G becoming the new standard, consumers are increasingly looking for smartphones that are compatible with 5G technology. 5G opens doors for innovative mobile applications that weren't possible with 4G limitations. Compared to 4G, 5G allows users to download movies in seconds, stream high-resolution content without buffering, and experience lag-free gaming. These faster speeds make smartphones with 5G capability much more appealing, especially for users who heavily rely on their phones for entertainment and mobile gaming.
Smartphone manufacturers and organizations are actively promoting their 5G-enabled devices. For instance, in March 2024, Samsung Electronics Co., Ltd. (South Korea) launched Galaxy A55 5G mobile phones with AI camera features. The devices offer multiple features, including Gorilla Glass Victus plus protection, camera features enhanced by AI, and a tamper-resistant security solution. Such developments and the widespread adoption of 5G in consumer electronic devices further support the market growth.
AR/VR technologies are integrated into special devices, such as headsets, glasses, and smartphones, to display the content and track the user's movements and gestures. Augmented reality (AR) is the integration of digital information with the user's environment in real time, enhanced with computer-generated visual elements, sounds, and other stimuli. Virtual reality is a simulated 3D environment that enables users to explore and interact with virtual surroundings. AR combines 3D graphics with real-time environments and provides a multidimensional space for consumers. VR includes physical activities and gaming devices that make the game seem more realistic.
Integration of AR/VR in gaming devices:
Some of the recent developments in this market space are as follows:
Such developments are supporting the growth of the consumer electronics market during the forecast period.
The integration of advanced technologies such as IoT, AI, and ML in smart devices offers growth opportunities for the consumer electronic industry. Consumers are focusing on using smart devices such as smart speakers, smart security cameras, smart lighting systems, smart wearables, smart locks and doorbells, and smart smoke detectors to achieve a better experience.
The trend toward smart, interconnected devices is likely to expand into new areas and create more innovative and integrated experiences for users. Smart devices offer features such as voice control, automation, and remote access that allow users to manage their devices and tasks more easily. Additionally, the rising adoption of home automation and smart homes gained traction with consumers, who are adopting smart devices for home automation and security.
Organizations are constantly offering smart devices to enhance the consumer experience. Some of the recent developments in this market space are as follows:
Such developments further offer growth opportunities for the consumer electronics market during the forecast period.
Based on product type, the global consumer electronics market is segmented into smartphones & tablets, laptop & desktop, visual products, audio products, refrigerator, lightning systems, digital cameras, smart wearables, home healthcare products, 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 channel, 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.
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.
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the 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).
In July 2023, Koninklijke Philips N.V. (Netherlands) expanded into home safety products with the launch of three smart security cameras and a new Home Safety app to reduce false alarms, provide accurate alerts, and allow users to view, record, and respond to security events from anywhere.
In May 2023, Samsung India Electronics Private Limited (India) launched the Crystal 4K iSmart UHD TV with a built-in IoT hub for various features such as calm onboarding, an IoT sensor for brightness adjustment, and video calling with a SlimFit camera to deliver an immersive home entertainment experience.
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Particulars |
Details |
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Number of Pages |
250 |
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Format |
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Forecast Period |
2024–2031 |
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Base Year |
2023 |
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CAGR (Value) |
3.9% |
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Market Size (Value) |
USD 1257.4 Billion by 2031 |
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Segments Covered |
By Product Type
By Distribution Channel
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Countries Covered |
North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Poland, Sweden, Denmark, Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Australia & New Zealand, Indonesia, Singapore, Rest of Asia-Pacific), Latin America (Mexico, Brazil, Rest of Latin America), and the Middle East & Africa (UAE, Israel, Rest of Middle East & Africa) |
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Key Companies |
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) |
The consumer electronics market study focuses on market assessment and opportunity analysis through the sales of consumer electronics across different regions and countries across different market segmentations. This study is also focused on competitive analysis for consumer electronics based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies.
The global consumer electronics market is projected to reach $1257.4 billion by 2031, at a CAGR of 3.9% during the forecast period.
In 2024, the smartphones & tablets segment is expected to account for the largest share of ~54% of the consumer electronics market.
Based on distribution channel, the online segment is projected to register the highest CAGR of 8% during the forecast period.
The growth of this market is attributed to the increasing government initiatives to promote connected devices, rapid growth of the e-commerce industry, acceleration in urbanization & rising disposable income, and technological advancements in electronic devices. Moreover, the increasing adoption of smart devices and increasing integration of artificial intelligence (AI) and machine learning (ML) are expected to offer growth opportunities for the players operating in this market.
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).
Asia-Pacific is projected to register the highest CAGR of 6% during the forecast period.
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
Published Date: May-2024
Published Date: Jun-2023
Published Date: Feb-2023
Published Date: Sep-2019
