The Consumer Electronics Market is projected to be valued at USD 3,296.66 million in 2023. The report anticipates a valuatio of USD 5,820.65 million by 2033. Consumer electronics sales are expected to record a CAGR of 5.80% during the forecast period.
Consumer Electronics Market Trends and Highlights
| Attributes | Key Insights |
|---|---|
| Consumer Electronics Market Estimated Size in 2023 | USD 3,296.66 million |
| Projected Market Value in 2033 | USD 5,820.65 million |
| Value-based CAGR from 2023 to 2033 | 5.80% |
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The consumer electronics industry is quite dynamic in nature as trends come and go at a faster pace. The market players have consistently found different ways to innovate with new functionalities and features in the past years.
The availability of devices stimulating the automation of daily chores drastically changed consumers’ preferences from general single-purpose electronic products to multi-functional smart devices. Consumer electronics manufacturing companies flourished on the surge in demand for various wearable, smart home, and other consumer electronic devices.
The rise in requirement for smart accessories, smart home devices, and others coupled with the increase in environmental awareness, is encouraging the adoption of energy-efficient products that guarantee more performance efficiency in cost-effective ways. The global consumer electronics market to expand at a CAGR of 5.80% through 2033.
| Market Value in 2022 | USD 3,137.25 million |
|---|---|
| Market Value in 2023 | USD 3,296.66 million |
Principal Consultant
| The United States | 4.10% |
|---|---|
| Germany | 2.80% |
| The United Kingdom | 3.40% |
| India | 8.10% |
| China | 8.30% |
The United States is the world’s second-largest consumer electronics market and is set to remain in that position throughout the forecast period. The adoption of connected smart technologies like home appliances, wearable devices, and other electronics has significantly facilitated growth in the regional demand for consumer electronics products. The United States to account for a CAGR of 4.10% by the end of 2023
High disposable incomes, a tech-savvy population, and a strong demand for the latest gadgets drive the consumer electronics markets in the country. Smartphones, laptops, and smart home devices have a significant market share. There's a growing interest in 5G technology, smart speakers, and streaming service. Sustainability and eco-friendly products are gaining traction.
The United States invests more in software and AI research. Technological giants such as Google, Microsoft, and IBM are investing huge amounts in futuristic AI technology. Lastly, advanced sensory technology is also likely to transform consumer electronic devices during the forecast period.
Realizing innovation as a key growth factor, regional associations organize trade shows and expos. For instance, CTA (Consumer Technology Association), an association representing the United States consumer technology industry, annually organizes CES (Consumer Electronics Show), a global annual trade show to promote and step up innovation in technology to transform consumers’ experience of electronic products.
China has a massive consumer electronics market driven by a large population with increasing disposable incomes. The smartphone market is highly competitive, with domestic brands like Huawei, Xiaomi, and Oppo leading the way. China is to account for a CAGR of 8.30% by the end of 2023
China is a key manufacturing hub for consumer electronics, including smartphones, tablets, and wearables. There is a growing demand for IoT devices, smart home solutions, and 5G technology. The rise in spending by this generation, coupled with the increase in trade activities related to consumer electronics, is spurring the growth in China.
The affluent upper-middle class in China is likely to open new sales opportunities for the well-established brands currently operating in the industry, which tends to work in favor of consumer electronic equipment manufacturers in China.
The busy lifestyle adopted by United Kingdom citizens has compelled them to get inclined toward a digital life. The proliferation of smart technologies has significantly facilitated a specular shift from a general to a digital lifestyle in the United Kingdom, driving the market demand. United Kingdom is to account for a CAGR of 3.40% by the end of 2023
Due to the busy lifestyle, automation for doing daily jobs is highly preferred by Britons. As stated by the Government of the United Kingdom, the electronics industry in the United Kingdom comprises more than 12,000 companies and is growing exponentially. This is an indicator that points to a rise in revenue for consumer electronics manufacturers in the near future
The growing demand for the latest and most innovative consumer electronics, including smartphones, laptops, and smart home devices, is driving the market growth in Germany. Germany is to account for a CAGR of 2.80% by the end of 2023
A high standard of living and a strong economy, with a significant portion of the population having relatively high disposable income, has led to robust demand for consumer electronics products in Germany.
Players are focused on enhancing their business operations by making significant investments in Germany. The companies operating in the consumer electronics industry are investing or collaborating with the other players in their core business or parallel business categories to promote research and development.
In India, millennials are one of the largest demographic groups and chief wage earners as well. Millennials have grown up with technology while representing the new era of talent, which expects everything to be under control and at their fingertips. India is to account for a CAGR of 8.10% by the end of 2023
This is one of the major factors that has helped redefine consumer consumption and buying patterns in India. As stated by the ICEA, if India extends its ambition beyond making in India for India to making mobile handsets and components in India for the world, it could manufacture around 1,250 million handsets across various segments by 2025, firing up an industry worth around USD 230 billion.
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| Category | Market Share |
|---|---|
| Multi-brand Stores | 28.20% |
| Consumer Electronic Devices | 88.0% |
Sales through specialty stores and multi-brand stores still account for a notable share of the industry. The penetration of specialty stores and multi-brand electronic stores is high in developing regions like Asia Pacific, the Middle East, and Africa. Multi-brand sales are expected to register a significant share of 88.0% during the forecast period.
The adoption and penetration of consumer electronic devices such as smartphones, televisions, personal computers, camcorders, cameras, and others are high in volume and value terms. Smartphone devices have rapidly gained millennial attention.
Integration of AI and IoT is expected to make it even bigger in the forecast period. The segment is expected to account for a share of 28.20% during the forecast period.
The key players in the global consumer electronics market are looking to consolidate their position post-pandemic. Innovation and understanding of evolving consumer sentiment remain key focus areas for market players.
Industry 4.0 and its elements are likely to play a crucial role in consumer electronics manufacturing. Considering the target users, the consumer electronics industry continues to spend heavily on social media advertising & marketing.
Some key market developments are provided as follows:
| Attributes | Details |
|---|---|
| Estimated Market Size in 2023 | USD 3,296.66 million |
| Projected Market Valuation in 2033 | USD 5,820.65 million |
| Value-based CAGR 2023 to 2033 | 5.80% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value in USD million |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Market Segments Covered | Product, Sales Channel, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Samsung Electronics Co. Ltd.; LG Electronics Co. Ltd.; Apple, Inc.; Hitachi Ltd.; Koninklijke Philips N.V.; Sony Corporation; Hewlett Packard Inc.; Toshiba Corporation; Panasonic Corporation |
The consumer electronics market is expected to reach USD 3,296.66 million in 2023.
The consumer electronics market is set to expand by a CAGR of 5.80% by 2033.
The consumer electronics market is forecast to reach USD 5,820.65 million by 2033.
A significant share of profits will likely come from the Industry in East Asia.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Consumer Electronic Devices 5.2. Wearable Devices 5.3. Smart Home Devices 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 6.1. Hypermarkets/Supermarkets 6.2. Specialty Stores 6.3. Multi-brand Stores 6.4. Online Retailers 6.5. Wholesalers & Distributors 6.6. Other Sales Channel 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Samsung Electronics Co. Ltd. 17.2. LG Electronics Co. Ltd. 17.3. Apple, Inc. 17.4. Hitachi Ltd. 17.5. Koninklijke Philips N.V. 17.6. Sony Corporation 17.7. Hewlett Packard Inc. 17.8. Toshiba Corporation 17.9. Panasonic Corporation 18. Assumptions & Acronyms Used 19. Research Methodology
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Consumer Electronics Market
