Global Consumer Electronics
Market Report
2024
The Global Consumer Electronics market size is USD 742.6 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 7.20% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Consumer Electronics market size is USD 742.6 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 7.20% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Consumer Electronics Market Sales Revenue 2023 | $ 742.6 Billion |
Global Consumer Electronics Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7.2% |
North America Consumer Electronics Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6% |
Asia Pacific Consumer Electronics Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8% |
South America Consumer Electronics Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7.3% |
Middle East and Africa Consumer Electronics Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7.4% |
Market Split by Type |
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Market Split by Application |
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Market Split by Product |
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Market Split by Distribution Channel |
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Market Split by Technology |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Consumer Electronics Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The worldwide consumer electronics market has grown rapidly due to the demand for more diverse home devices. Manufacturers are giving a bigger boost to providing premium experiences to consumers by spending considerably on integrating various digital technologies into consumer electronic items. The trend of miniaturizing electronics is gathering steam in countries worldwide. Lightweight and easily transportable electronics are becoming increasingly popular. As a result, the worldwide consumer electronics business is expanding thanks to the widespread use of increasingly small electric components.
The managed consumer electronics market is expected to increase in the next years due to factors such as growing disposable incomes, improved access to finance, and altered consumer behaviors, all contribute to an uptick in household demand. Demand in this market is expected to rise because of factors, including government and business investment and deliberate import cost cuts.
For instance, Canon Inc. has announced the upcoming availability of the FPA-5550iX i-line stepper1, a semiconductor lithography system with a broad exposure field of 50 x 50 mm and a high resolution of 0.5 micrometers2 for front-end operations.
The global market for consumer electronics is expanding because the growth of the IoT, AI, and 5G connectivity, among other breakthroughs and technological advancements, have been major forces propelling the consumer electronics industry. Products with cutting-edge specs and nifty new additions sell well. Therefore, consumer electronics sales are anticipated to increase during the anticipated period.
For instance, the market leader in consumer electronics in India, Samsung, released its newest portable solid-state drive (SSD), the T9. It has storage capacities of up to 4 terabytes, offering the reliability and convenience its users want while providing lightning-fast data transfers and enough space for their data.
In addition, the number of Internet-enabled gadgets has been rising incredibly for years, and this trend is only expected to accelerate. Increases in disposable income across the globe have stimulated greater demand for consumer electronics. High-end smartphones, tablets, laptops, and other consumer electronic devices are becoming increasingly popular as people have more disposable income.
The market for consumer electronics is expanding because a major factor propelling the consumer electronics market is the rising desire for "smart" devices like smart TVs, smart home appliances, and wearable electronics. Consumers' expectations for linked and intelligent devices have risen due to the smart technology revolution. As a result, sales of consumer electronics are expected to rise during the forecast time frame.
Electrolux Group's subscription service for refurbished products is now available to consumers in Sweden, giving them an option that helps them reduce their carbon footprint while furnishing their homes.
Additionally, the growth of online shopping has had a major impact on the consumer electronics industry by increasing consumers' access to products from various brands and producers. Online consumer electronics purchases have increased due to the convenience of online purchasing and tempting discounts and offers.
The highly regulated electronics market may hamper growth in the consumer electronics sector. It includes norms for production, security, efficiency, and ecology. The commodities are produced and distributed by national and regional laws, rules, and certification requirements. The electronic products must also abide by the rules and regulations of the country or region where they will be sold. As concern for the environment grows in more regions of the world, governments are putting more of a regulatory emphasis on developing products that use less energy in their operation. Another challenge that companies in this sector confront is figuring out how to have their electrical products certified as energy efficient. Suppliers often need help to comply with such a stringent regulatory framework. This factor hampered the consumer electronics global market during the forecast period.
During the COVID-19 pandemic the COVID-19 epidemic has had a major effect on the market for consumer electronics. There was a severe shortage of components because factories stopped production and the interruption of supply chains. The market shrank due to increased counterfeiting, transportation delays, consumer behavior, and environmental concerns. The epidemic has caused component shipment delays of at least three weeks for consumer electronics manufacturers. In addition, the sales of consumer gadgets were significantly impacted by online marketplaces during the global epidemic. As more and more people rely on digital and electronic items for personal and professional needs, this trend is projected to have a major impact on the market's development over the next several years.
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The consumer electronics market is very competitive and diverse. Some dominant corporations will use a combination of partnership, merger, and acquisition strategies to keep their position in the market. Both well-established and up-and-coming businesses are competing aggressively for a larger slice of the consumer electronics industry. In addition, key companies use a wide range of growth initiatives, including new product launches, collaborations, joint ventures, and mergers, to take advantage of the current market conditions.
Top Companies Market Share in Consumer Electronics Industry: (In no particular order of Rank)
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According to Cognitive Market Research, Asia-Pacific dominated the market in 2023 and is predicted to show the fastest CAGR of 7.20% because of the speed of modernization. Huge foreign direct investments are being drawn to the region thanks to the government initiatives of nations like China and India. Because of the low cost of labor and materials in this area, many of the world's leading corporations are setting up factories here. It's becoming increasingly common for electronic product factories in China and India. Growth in the consumer electronics industry in Asia and the Pacific is anticipated to be spurred by increased disposable income, the region's large youth population, and rising living standards, contributing to the demand for consumer electronics increased during the forecast period.
The North American region accounted for the market's fastest share because of the growing popularity of consumer electronics. The consumer electronics market in North America has been propelled by several factors, including the region's high standard of living, high disposable income of consumers, high adoption of the latest technologies, and the presence of the top players in the region. In addition, the rising interest in high-tech household products and technical breakthroughs in new AI facilities is anticipated to fuel industry expansion in the region.
The current report Scope analyzes Consumer Electronics Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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According to Cognitive Market Research, North America ranks second in size. The compound annual growth rate forecast is 6.00% because the development of innovative devices like smartphones, computers, video game consoles, and home theater systems has contributed to the continued growth and development of the consumer electronics business during the forecast period. Moreover, in the North American area, e-commerce website consumer electronics are presumed to have the fastest growth in the coming years because e-commerce has made it possible for businesses to sell to customers all over the world, and online marketplaces now provide consumers with access to a considerably a more options of products and services than ever before. This market sector is anticipated to develop fastest throughout the forecast period. In conclusion, According to Cognitive Market Research, rapid industrialization and the dominance of dominant market players have helped propel the region to the forefront of the global consumer electronics industry demand during this region's forecast period.
According to Cognitive Market Research, in 2023, Europe accounted for more than 6.2% of the global revenue because it is the primary driver of the region's growth demand for smartphones, tablets, laptops, smart home devices, and other connected technology, as well as strict regulatory standards and environmental regulations. In addition, personal devices are predicted to expand rapidly in the European market in the following years because personalized consumer electronics increase user involvement, enhance the quality of user experience, and forge closer connections with consumers by better meeting their specific tastes and needs. In conclusion, the consumer electronics market in the European region with developing countries such as Germany, France, Italy, Spain, Russia, and the Rest of the European countries will witness healthy growth during the forecast period.
According to Cognitive Market Research, Asia Pacific dominated the market in 2023. The market in Asia Pacific is expected to increase at a CAGR of 8.00% percent over the next several years. This can be attributed to several factors, such as fast technological development and innovation in consumer electronics, the creation of state-of-the-art technologies, and the growth of the semiconductor manufacturing and electronic components industries. Increases in disposable income and the expansion of the middle class have also contributed to a boom in consumer spending on electronics in emerging economies like China, India, and Southeast Asia. Moreover, in the Asia-Pacific region, the smartphone category is presumed to witness the most significant growth in the coming years because smartphones are a crucial part of modern life, allowing people worldwide to stay in touch with one another, get work done, and have fun. In conclusion, increasing personal disposable income in China, India, and other South Asian nations has stimulated the demand for home appliances in the Asia-Pacific region, which fuels the industry's growth during the forecast period.
According to Cognitive Market Research, South America dominated the market in 2023. Consumer Electronics sales in South America are anticipated to rise gradually, with a CAGR of 7.3% over the coming years. The region has emerged as a major innovation center in the e-commerce industry, with more and more people purchasing gadgets and other goods online. Furthermore, the Latin American market is expected to increase in the following years because, by providing a unified and interconnected digital experience that improves ease of use and productivity, smart consumer devices have fundamentally changed how people interact with technology overall market smart type category growth. As a whole, the expanding economies of Latin America, because of the rapid use of smart devices and industrialization of consumer electronics, is beneficial because it gives more opportunities in this region, which is, in turn, overall healthy growth over the next few years.
According to Cognitive Market Research, the Middle East and Africa dominated the market in 2023. They accounted for a rising CAGR of 7.4% due to increased consumer spending and disposable income, more demand for consumer electronics, and persistent infrastructure-building programs, which are all results of rapid economic expansion and urbanization that support the growth of the consumer electronics market in the region. Moreover, artificial intelligence in the consumer electronics category will expand in the coming years because artificial intelligence (AI) integration in consumer electronics continues to stimulate innovation, improve user experiences, and increase electronic devices' capabilities, all of which contribute to the growth of a smarter, more connected digital environment. In conclusion, According to Cognitive Market Research, the increasing access to advanced technology in the area suggests a need for innovation and connectivity availability. The number of factories producing consumer electronics in the MENA region is expected to expand rapidly during the next few years.
Global Consumer Electronics Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Consumer Electronics Industry growth. Consumer Electronics market has been segmented with the help of its Type, Application Product, and others. Consumer Electronics market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, Market share is expected to be highest in the smart sector because smart consumer electronics have revolutionized how people engage with technology, making it possible to have a unified digital experience across several devices that improves productivity, ease of use, and quality of life. It is expected to boost development in the market sector.
According to Cognitive Market Research, this conventional is the most common type of consumer electronics because they were crucial in the development of the consumer electronics industry and have aided in the advancement of technology. Rising infrastructure will likely raise global demand for consumer electronics over the forecast period.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Consumer Electronics Industry. Request a Free Sample PDF!
According to Cognitive Market Research, The personal sector is anticipated to account for most of the market because the personal electronics market caters to customers based on their tastes, interests, and daily requirements, which is expected to boost development in the market segment.
The professionals are the most widely used application in consumer electronics because tailoring solutions and developing niche technologies to match the unique needs of organizations helps them streamline processes, boost productivity, and reach their organizational goals. These factors grow demand in consumer electronics during the forecast periods.
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According to Cognitive Market Research, smartphones are the most extensive consumer electronics market contributors because smartphones enable a wide range of services, from instantaneous communication to online entertainment to mobile payments and instantaneous data access. This increases demand worldwide during the forecast period.
The consumer electronics laptops & notebooks rank as the second most popular segment because laptops and notebooks make it easy to get things done or have fun no matter where you happen to be. They are compact and lightweight, allowing users to take their processing power anywhere. Furthermore, maintaining and updating drivers regularly is crucial to a laptop or notebook's continued optimal performance over time.
According to Cognitive Market Research, online is the most popular consumer electronics market offering because major online distribution channels include e-commerce websites like Amazon, eBay, and other regional or specialized online marketplaces. These marketplaces stock wares from various vendors, letting shoppers check out what's available, read customer reviews, and make educated purchases. It helps drive up customer demand worldwide during the forecast period.
The hypermarkets & supermarkets are the second-most popular distribution channel because supermarkets and hypermarkets stock a wide variety of consumer electronics, including TVs, stereos, home appliances, desktop PCs, laptops, tablets, smartphones, and their peripherals. Popular and well-known brands coexist in their aisles, providing a range of options to ensure a product is purchased according to their tastes and budgets. The global consumer demand is expected to increase due to the rising facilities during the predicted period.
According to Cognitive Market Research, artificial intelligence is the most extensively used technology in consumer electronics because AI is used to improve safety features in consumer electronics, and it is also used to power productivity capabilities embedded into devices like smartphones and tablets. It raises the global demand for consumer electronics over the forecast period.
The near-field communication is the second most popular technology in consumer electronics. Improved customer connectivity, efficiency, and interaction are benefits of near-field communication (NFC) technology in consumer devices.
Senior Research Analyst at Cognitive Market Research
ResearchGate Profile: https://www.researchgate.net/profile/Kalyani-Raje
An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.
With a work experience of over 10+ years in the market research and strategy development. I have worked with diverse industries, including FMCG, IT, Telecom, Automotive, Electronics and many others. I also work closely with other departments such as sales, product development, and marketing to understand customer needs and preferences, and develop strategies to meet those needs.
I am committed to staying ahead in the rapidly evolving field of research and analysis. This involves regularly attending conferences, participating in webinars, and pursuing additional certifications to enhance my skill set. I played a crucial role in conducting market research and competitive analysis. I have a proven track record of distilling complex datasets into clear, concise reports that have guided key business initiatives. Collaborating closely with multidisciplinary teams, I contributed to the development of innovative solutions grounded in thorough research and analysis.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Consumer Electronics Market is witnessing significant growth in the near future.
In 2023, the Conventional segment accounted for noticeable share of global Consumer Electronics Market and is projected to experience significant growth in the near future.
The Personal segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Apple Inc , Dell Inc and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Consumer Electronics are divided based on the Product Type into Home Appliances, Smart Devices, Handheld Devices, and Others. In the context of Application, the market is separated Personal and Professional. The top market players are focusing on innovation and advancement in their products to dominate the market.
Disclaimer:
Type | Conventional, Smart |
Application | Personal, Professional |
Product | Smartphones, Desktops, Tablets, Laptops & Notebooks, Digital Cameras, eReaders, HDD, Television, Refrigerators, Washing machine, Air Conditioners, Others |
Distribution Channel | Online, E-Commerce Websites, Company-Owned Websites, Offline, Hypermarkets & Supermarkets, Departmental Stores, Specialty Stores |
Technology | Near Field Communication (NFC), Magnetic Secure Transmission (MST), Artificial Intelligence, VR (Virtual Reality) Technology, Generation PCL Technology, Others |
List of Competitors | Apple Inc, Canon Inc, Dell Inc, Samsung Group, Panasonic Holdings Corporation, Sony Group Corporation, Koninklijke Philips N.V. (Philips), Lenovo Group Limited, The Hewlett-Packard Company (HP Inc), Oneplus, Electrolux AB, LG Corporation (Lucky-Goldstar), Google LLC, Microsoft Corporation, Hitachi Ltd, Robert Bosch GmbH (Bosch), Sennheiser Electronic GmbH & Co KG, Siemens AG, Logitech International S.A., OPPO, ZTE Corporation, Others |
This chapter will help you gain GLOBAL Market Analysis of Consumer Electronics. Further deep in this chapter, you will be able to review Global Consumer Electronics Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by Product Analysis 2019 -2031
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Chapter 13 Market Split by Distribution Channel Analysis 2019 -2031
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Chapter 14 Market Split by Technology Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Consumer Electronics market
Chapter 15 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Conventional have a significant impact on Consumer Electronics market? |
What are the key factors affecting the Conventional and Smart of Consumer Electronics Market? |
What is the CAGR/Growth Rate of Personal during the forecast period? |
By type, which segment accounted for largest share of the global Consumer Electronics Market? |
Which region is expected to dominate the global Consumer Electronics Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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