Consumer Electronics

Consumer Electronics Market Research Reports

"Navigating Growth: Deep Dive into the Consumer Electronics Sector (2024 Market Size: USD 1.2 trillion)"!

Consumer Electronics Industry Overview

Advancements in technology and evolving consumer preferences continue to propel the consumer electronics market's dynamic growth and innovation. According to cognitive market research, the global consumer electronics market size was USD 1.1 trillion in 2023 and will be USD 1.2 trillion in 2024, with a compound annual growth rate (CAGR) of 4.5%. By 2031, the market size will be USD 1.7 trillion, at a CAGR of 4.50%. Smartphones continue to be a fundamental component of the consumer electronics industry. Global smartphone shipments exceeded 1.3 billion units in 2023. Emerging markets, such as India and Southeast Asia, are experiencing robust development despite the saturation of the market in developed regions. The demand for 5G-enabled smartphones has been significantly increased by the introduction of 5G technology, with more than 600 million units sold in 2023 and will increase to 800 million in 2024.

The wearable technology segment, which encompasses fitness monitors and smartwatches, is experiencing continued expansion. Wearable devices were valued at USD 60 billion in 2023 and will reach USD 75 billion in 2024, with health-conscious consumers and advancements in biometric sensors being the primary drivers. The smart home market is experiencing significant growth, with a value of USD 90 billion in 2023 and will increase to USD 110 billion in 2024. Amazon and Google are among the companies that are spearheading the development of smart speakers, security cameras, and thermostats. The demand for digital TVs and high-definition televisions remains robust. Two hundred twenty million units of global TVs were shipped in 2023, with a substantial increase in the number of 4K and 8K models. This development is also being influenced by streaming devices and services, which is indicative of the growing consumer preference for on-demand content.

Another critical segment is the gaming industry, which includes mobile gaming, PCs, and consoles. The global gaming market size was USD 200 billion in 2023 and will be USD 220 billion in 2024. The expansion is primarily driven by the emergence of cloud gaming platforms and the release of next-generation consoles. AI and the Internet of Things (IoT) are transforming consumer electronics. Autonomous devices, smart home integrations, and AI-powered personal assistants are becoming increasingly common. The rapid adoption of intelligent technologies is underscored by the 20% compound annual growth rate (CAGR) of global AI in the consumer electronics market from 2023 to 2024.

Top Countries Contributing in Consumer Electronics Market

United States (2024 Market Size: USD 315 billion)

The United States consumer electronics market share is 25% and its market size was USD 300 billion in 2023 and will be USD 315 billion by the end of 2024, indicating a consistent growth rate of 5%. Home entertainment, mobile devices, and gaming are among the primary sectors in the United States that rely on consumer electronics. Wearable technology and smart home devices make substantial contributions to these sectors. The home entertainment market, which encompasses televisions and audio systems, is a significant segment fueled by a significant demand for high-definition and digital TVs. The mobile devices market remains robust, with smartphone shipments surpassing 150 million units in 2023 and will expand by 5% in 2024 as a result of advancements in 5G technology. The gaming market is also robust, with an market value of USD 50 billion in 2023, which will increase to USD 55 billion in 2024. Another substantial segment is wearable technology, which will increase by 10% in 2024 and will contribute USD 15 billion in 2023. This includes fitness monitors and smartwatches. The prevalence of smart home devices, such as security cameras, thermostats, and smart speakers, is on the rise, with market revenues USD 20 billion in 2023 and will increase to USD 24 billion in 2024.

China (2024 Market Size: USD 270 billion)

According to cognitive market research, the China's consumer electronics market holds a revenue share of 22% of the total revenue generated and its market size was USD 250 billion in 2023 and will be USD 270 billion in 2024, with a growth rate of 8%. China is a close competitor to the United States. The primary sectors in China that utilize consumer electronics are computing devices, residential appliances, and mobile devices. In 2023, smartphone shipments exceeded 300 million units, and they will increase by 7% in 2024. This growth is primarily attributable to the pervasive adoption of 5G technology. The mobile devices market is particularly robust. Another critical segment of the market is home appliances, including laundry machines and smart refrigerators, which make substantial contributions to its value. The computing devices market, which encompasses laptops and tablets, also maintains a significant portion of the market as a result of the growing demand for online education tools and remote work. Furthermore, China is a significant contributor to the global supply chain, with a multitude of manufacturing centers located throughout the country contributing to the production of consumer electronics. The country's consumer electronics exports were valued at USD 200 billion in 2023 and will increase by 10% in 2024.

Japan (2024 Market Size: USD 105 billion)

The Japan consumer electronics market share is 9% and its market size was USD 100 billion in 2023, and will be USD 105 billion in 2024, indicating a modest growth rate of 3%. Home entertainment, automotive electronics, and robotics are the primary sectors in Japan that employ consumer electronics. The home entertainment industry is significant, with a high demand for cutting-edge gaming consoles, audio systems, and televisions. Japan's robust automotive industry is a significant factor in the growth of the automotive electronics market, which incorporates state-of-the-art electronics for in-car entertainment, navigation systems, and driver assistance technologies. Japan's leadership in robotics technology has made a substantial contribution to both industrial and consumer robotics, making robotics another critical sector. The export of consumer electronics from Japan was valued at USD 80 billion in 2023, and will increase by 5% in 2024. The gaming industry in Japan is expected to continue to thrive, with a market value of USD 20 billion in 2023 and will be USD 22 billion in 2024. This growth is being driven by both console and mobile gaming.

South Korea (2024 Market Size: USD 90 billion)

As per cognitive market research, the consumer electronics market in South Korea is USD 90 billion, representing a growth rate of 6%. In 2023, the market size was USD 85 billion. South Korea holds a revenue share of 8% of the global consumer electronics market. Mobile devices, residential appliances, and display technologies comprise the primary sectors that implement consumer electronics in South Korea. Samsung and LG are among the most prominent companies in the mobile devices sector, which is particularly robust. In 2023, the number of smartphones shipped in South Korea exceeded 60 million units, and will increase by 5% in 2024. Home appliances, such as smart refrigerators, laundry machines, and air conditioners, are another critical segment that significantly contributes to the market's value. South Korea is a global leader in the manufacturing of display technologies, including OLED and QLED screens. South Korea's consumer electronics exports were valued at USD 70 billion in 2023, and analysts anticipate a 7% increase in 2024. South Korea's gaming market remains robust, with a market value of USD 15 billion in 2023 and will increase to USD 16.5 billion in 2024. This growth is fueled by both mobile and console gaming.

Germany (2024 Market Size: USD 75 billion)

The Germany's consumer electronics market share is 7% and its market size was USD 70 billion in 2023, and will be USD 75 billion in 2024, representing a growth rate of 7%. Home appliances, automotive electronics, and healthcare technology are among the primary sectors in Germany that employ consumer electronics. The home appliances market is significant, with a high demand for smart refrigerators, laundry machines, and kitchen appliances. The automotive electronics market is also substantial, as it is fueled by the robust automotive industry in Germany. This industry incorporates state-of-the-art electronics for in-car entertainment, navigation systems, and driver assistance technologies. Another critical sector is healthcare technology, which encompasses diagnostic tools and wearable health devices. The demand for remote health monitoring and telemedicine is on the rise. Germany exported consumer electronics worth USD 60 billion in 2023, and will increase by 6% in 2024. The German gaming industry is expected to continue to thrive, with a market value of USD 10 billion in 2023 and will increase to USD 11 billion in 2024. Both mobile and console gaming trends fuel this growth.

India (2024 Market Size: USD 68 billion)

The consumer electronics market in India was valued at USD 60 billion in 2023, and will be USD 68 billion in 2024, representing a growth rate of 13%. India holds a 6% of the global consumer electronics market. Mobile devices, residential appliances, and personal computing are among the primary sectors in India that employ consumer electronics. The mobile device industry is particularly robust, with smartphone shipments surpassing 170 million units in 2023 and will increase by 10% in 2024, primarily due to the growing popularity of 5G technology. Home appliances, such as smart refrigerators, laundry machines, and air conditioners, are another critical segment that significantly contributes to the market's value. The demand for online education tools and remote work is also a significant factor in the growth of personal computing, which includes laptops and tablets. India's consumer electronics exports were valued at USD 50 billion in 2023, and will be a 15% increase in 2024. The gaming industry in India is expected to continue to thrive, with a market value of USD 5 billion in 2023 and will increase to USD 6 billion in 2024. This growth is being driven by both console and mobile gaming.

Taiwan (2024 Market Size: USD 60 billion)

As per cognitive market research, In 2023, the Taiwan consumer electronics market size was USD 55 billion and will be USD 60 billion in 2024, representing a growth rate of 9%. Taiwan holds a 5% of the global consumer electronics industry. In Taiwan, semiconductor manufacturing, display technologies, and mobile devices are among the most significant sectors that employ consumer electronics. Taiwan is a global champion in semiconductor production, and its semiconductor manufacturing market is particularly robust. Taiwan is a key producer of display panels, and display technologies, including LCD and OLED screens, are also significant. Smartphones and tablets are in high demand, making the mobile devices market another critical sector. Taiwan's consumer electronics exports were valued at USD 45 billion in 2023, and will increase by 8% in 2024. The gaming industry in Taiwan will continue to thrive, with a market value of USD 4 billion in 2023 and will increase to USD 4.5 billion in 2024. This growth is being driven by both console and mobile gaming.

United Kingdom (2024 Market Size: USD 54 billion)

The U. K. consumer electronics market share is 5% and its market size was USD 50 billion in 2023, and will be USD 54 billion in 2024, representing a growth rate of 8%. Home entertainment, mobile devices, and smart home devices are among the primary sectors in the United Kingdom that employ consumer electronics. The home entertainment industry is significant, with a high demand for cutting-edge gaming consoles, audio systems, and televisions. The mobile devices market remains robust, with smartphone shipments surpassing 35 million units in 2023 and will expand by 4% in 2024. The prevalence of smart home devices, such as security cameras, thermostats, and smart speakers, is on the rise, with market revenues surpassing USD 10 billion in 2023 and will increase to USD 12 billion in 2024. The UK's consumer electronics exports were valued at USD 40 billion in 2023, and will increase 6% in 2024. The UK gaming industry will continue to thrive, with a market value of USD 8 billion in 2023 and will increase to USD 9 billion in 2024. This growth is being driven by both console and mobile gaming.

France (2024 Market Size: USD 48 billion)

The France consumer electronics market size was USD 45 billion in 2023, and will be USD 48 billion in 2024, indicating a growth rate of 7%. France holds a 4% of the global consumer electronics market. Home appliances, mobile devices, and healthcare technology are among the primary sectors in France that employ consumer electronics. The home appliances market is significant, with a high demand for smart refrigerators, laundry machines, and kitchen appliances. Smartphone shipments exceeded 25 million units in 2023, and will increase by 5% in 2024. Consequently, the mobile devices market remains robust. Another critical sector is healthcare technology, which encompasses diagnostic tools and wearable health devices. The demand for remote health monitoring and telemedicine is on the rise. The export of consumer electronics from France was valued at USD 35 billion in 2023, and it will increase by 5% in 2024. The gaming industry in France is expected to continue to thrive, with a market value of USD 6 billion in 2023 and will increase to USD 6.5 billion in 2024.

Canada (2024 Market Size: USD 43 billion)

The Canada consumer electronics market size is USD 40 billion in 2023, and will be USD 43 billion in 2024, representing a growth rate of 7%. Canada holds a 3% of the global consumer electronics industry. Home entertainment, mobile devices, and smart home devices are the primary sectors in Canada that employ consumer electronics. The home entertainment industry is significant, with a high demand for cutting-edge gaming consoles, audio systems, and televisions. Smartphone shipments exceeded 20 million units in 2023, and will increase by 4% in 2024. Consequently, the mobile devices market remains robust. Smart home devices, such as security cameras, thermostats, and smart speakers, are experiencing a surge in popularity, with market revenues surpassing USD 8 billion in 2023 and will be USD 9 billion in 2024. Canada's consumer electronics exports were valued at USD 30 billion in 2023, and will be a 6% increase in 2024. The Canadian gaming industry will continue to thrive, with a market value of USD 5 billion in 2023 and will be 5.5 billion in 2024. This growth is fueled by both mobile and console gaming.

PESTEL Analysis of Consumer Electronics Market

Political

Political factors, including government policies, trade regulations, and political stability, have a substantial impact on the consumer electronics market. Government policies, such as regulations on import and export tariffs, can significantly influence the market. For example, the implementation of higher tariffs on electronic products may result in an increase in production costs and an impact on pricing strategies. Trade relations between major economies, such as the United States and China, are particularly important due to the fact that these countries are the primary producers and consumers of electronic products. Supply chains can be disrupted by trade disputes or protectionist policies, resulting in increased costs and delays in product availability. The market's seamless operation is contingent upon political stability in manufacturing centers. The global supply chain for electronics is significantly influenced by countries such as China, South Korea, and Taiwan. Supply chain disruptions in these regions can have a significant impact on global production and distribution as a result of political unrest or instability. Additionally, the industry's innovations are safeguarded by intellectual property laws and enforcement. Countries with rigorous intellectual property laws foster innovation and investment in new technologies, whereas ineffective enforcement can result in a rise in counterfeit products and a decrease in revenue.

Economical

The consumer electronics market is significantly influenced by economic factors, which affect everything from consumer purchasing power to production costs. Consumer expenditure is significantly affected by economic growth and stability. During periods of economic prosperity, the demand for electronic products, including smartphones, laptops, and home entertainment systems, increases as disposable income increases. In contrast, consumer expenditure on non-essential items, such as electronics, tends to decrease during economic downturns. Inflation and currency exchange rates are also significant factors. High inflation can result in an increase in production costs, which may be passed on to consumers through higher prices, potentially reducing demand. Fluctuations influence the cost of importing raw materials and exporting finished products in currency exchange rates. For example, a strong local currency results in lower import prices but higher export prices, whereas a feeble currency has the opposite effect. Interest rates influence consumer borrowing and expenditures. Lower interest rates make financing substantial purchases, such as high-end electronics, more accessible to consumers, thereby increasing sales.

Social

The consumer electronics market is significantly influenced by social factors, which affect trends, consumer behavior, and product demand. Demographic shifts are indispensable. The demand for health-related electronics, including smart home devices and wearable health monitors optimized for senior care, may rise as a result of the aging population in developed countries. In contrast, the demand for gaming consoles, smartphones, and entertainment devices may be stimulated by a younger demographic. The market is substantially affected by consumer preferences and lifestyles. A lifestyle that prioritizes connectivity and convenience is the driving force behind the increasing prevalence of mobile and wireless technology. The escalating prevalence of wireless earbuds, tablets, and smartphones is indicative of this trend. The demand for laptops, webcams, and other home office equipment has increased as a result of the COVID-19 pandemic, which has accelerated the rise of remote work and online education. Market dynamics are influenced by the cultural attitudes toward technology adoption that differ by region. In technologically advanced regions, consumers are more inclined to employ the most recent advancements, which in turn stimulates the demand for innovative products. Conversely, regions with lesser technological adoption rates may experience a slower rate of growth in the demand for advanced electronics. Social trends, such as environmental awareness, are impacting the market.

Technological

Innovation, product development, and market competitiveness are all facilitated by technological advancements, which are the foundation of the consumer electronics market. The rapid advancements in technology generate new opportunities and challenges for companies within the industry. Artificial intelligence (AI), the Internet of Things (IoT), 5G technology, and advancements in battery and display technologies are among the most significant technological trends. AI and machine learning are transforming consumer electronics by facilitating the development of more intuitive and intelligent devices. Voice recognition, personalized recommendations, and automated functions are among the AI-driven features that improve the user experience in products such as smart speakers, smartphones, and home automation systems. In order to satisfy consumer expectations for intelligent devices and preserve a competitive advantage, organizations are making substantial investments in AI research and development. The Internet of Things (IoT) is revolutionizing the manner in which electronic devices communicate with one another and with consumers. A seamless and interconnected ecosystem is being established by the proliferation of IoT devices, including smart home appliances, wearable fitness monitors, and connected vehicles.

Environmental

Environmental factors are increasingly influencing the consumer electronics market as both consumers and companies become more aware of the environmental impact and sustainability. The industry is being compelled to adopt more environmentally favorable practices and products as a result of the substantial environmental implications of the production, use, and disposal of electronic devices. Hazardous materials are frequently employed in the production of electronic devices, which results in substantial greenhouse gas emissions. Companies are being compelled to reduce their carbon footprint, minimize the use of harmful substances, and implement cleaner production methods. Manufacturers are being compelled to adhere to environmental standards and responsibly manage electronic waste as a result of regulations such as the European Union's Restriction of Hazardous Substances Directive (RoHS) and Waste Electrical and Electronic Equipment Directive (WEEE). The significance of sustainable product design is increasing. Companies are emphasizing the development of energy-efficient devices that consume less power, thereby minimizing their environmental impact during operation.

Legal

Legal factors significantly influence the consumer electronics market, as companies must effectively navigate a complex landscape of regulations and standards in order to operate. It is imperative to adhere to international, national, and local laws in order to safeguard intellectual property, maintain market access, and avoid legal penalties. Intellectual property (IP) protection is a critical legal consideration in the consumer electronics market. Copyrights, trademarks, and patents are essential for protecting branding and innovations. Robust intellectual property laws are essential to prevent unauthorized use and counterfeiting, and companies invest significantly in research and development to create new technologies. A company's capacity to innovate and contend can be significantly impacted by the expense and time required to resolve legal disputes regarding intellectual property. Investment in emerging technologies is stimulated by robust intellectual property enforcement, which guarantees that innovators can capitalize on their innovations. Another substantial legal factor is consumer protection laws. Protection of consumers from injury is guaranteed by these laws, which guarantee that products adhere to safety and quality standards.

Key players of Consumer Electronics Market

Apple Inc.

Apple Inc. continues to be a dominant force in the consumer electronics industry, with a reported revenue of USD 394 billion in 2023 and will generate USD 420 billion by the end of 2024. In 2023, the company's R&D expenditure was USD 27 billion, which is indicative of its dedication to innovation and this figure will rise to USD 30 billion in 2024. Smartphones, tablets, personal computers, wearables, and services comprise Apple's principal business segments. Apple's signature product, the iPhone, generates nearly 50% of its revenue. The iPad and Mac segments are also substantial, accounting for 10% and 20% of the total revenue, respectively. Another critical segment includes services such as Apple Music and Apple TV+, as well as wearables like the Apple Watch and AirPods, which collectively account for 20% of the company's revenue. Apple's market share in the global consumer electronics market is 15%. Brand loyalty, continuous innovation, and high-quality products are the primary factors contributing to the company's robust market presence. Apple is a leader in the smartphone market, with the iPhone's global market share of 25%.

Samsung Electronics Co., Ltd.

In 2023, Samsung Electronics reported a revenue of USD 244 billion, and will generate USD 260 billion by the end of 2024. The company is a global leader in the consumer electronics market. In 2023, the company's R&D expenditures were USD 18 billion, and will rise to USD 20 billion in 2024. Mobile communications, consumer electronics, and device solutions comprise Samsung's principal business segments. The company's total revenue is 40% of which is generated by the mobile communications segment, which encompasses smartphones and tablets. Around 30% of the revenue is generated by the consumer electronics segment, which encompasses televisions, residential appliances, and audio-visual devices. The device solutions segment, which includes semiconductors and display panels, is also substantial, contributing 30% of the revenue. Samsung holds a 17% of the global consumer electronics market. The company's robust supply chain, innovative technologies, and extensive product line are the primary factors contributing to its strong market presence. Samsung is a prominent competitor in the smartphone market, with a global market share of 20%.

Sony Corporation

Sony Corporation is a significant participant in the consumer electronics market, with a reported revenue of USD 90 billion in 2023 and will generate USD 95 billion by the end of 2024. In 2023, the company's R&D expenditure was USD 6 billion, and this figure will rise to USD 6.5 billion in 2024. Gaming, home amusement, and mobile communications comprise Sony's principal business segments. The PlayStation brand is the company's most significant gaming segment, accounting for 30% of its total revenue. Around 25% of the revenue is generated by the home entertainment segment, which encompasses audio-visual devices and televisions. The mobile communications segment, which encompasses smartphones, is lower but still substantial, accounting for 10% of the revenue. Sony holds a substantial portion of the global consumer electronics market, which is 8%. Innovative products and a robust brand reputation are the primary factors contributing to the company's robust market presence. Sony's PlayStation occupies a dominant position in the gaming industry, with a global market share of 50%.

LG Electronics Inc.

LG Electronics is a significant actor in the consumer electronics market, with a reported revenue of USD 63 billion in 2023 and will generate USD 68 billion by the end of 2024. The company's R&D expenditures were USD 4 billion in 2023 and will rise to USD 4.5 billion in 2024. Home appliances, home entertainment, and mobile communications comprise LG's principal business segments. The household appliances segment, which encompasses refrigerators, washing machines, and air conditioners, is the most significant, accounting for 35% of the company's total revenue. Around 30% of the revenue is generated by the home entertainment segment, which encompasses televisions and audio-visual devices. The mobile communications segment, which encompasses smartphones, is lower but still substantial, accounting for 10% of the revenue. LG holds a substantial portion of the global consumer electronics market, with 6%. Innovative products and a robust brand reputation are the primary factors contributing to the company's robust market presence. LG occupies 15% of the global television market, with a particular emphasis on OLED technology.

Huawei Technologies Co., Ltd.

In 2023, Huawei Technologies reported a revenue of USD 100 billion, and will be USD 110 billion by the end of 2024. The company is a substantial player in the consumer electronics market. In 2023, the company's R&D expenditure was USD 20 billion, and this figure will rise to USD 22 billion in 2024. Mobile devices, networking equipment, and consumer electronics comprise Huawei's principal business segments. The company's total revenue is 50% of which is generated by the mobile devices segment, which encompasses smartphones and tablets. Around 20% of the revenue is generated by the consumer electronics segment, which encompasses smart home devices and wearables. The networking equipment segment, which encompasses routers and telecommunications infrastructure, is also substantial, contributing 30% of the revenue. Huawei holds a 7% of the global consumer electronics market. Innovative products and a robust brand reputation are the primary factors contributing to the company's robust market presence. Huawei is a prominent competitor in the smartphone market, with a global market share of 10%.

Recent developments in Consumer Electronics Market

May 2023: Ekka Electronics disclosed a substantial investment of USD 121.1 million in May 2023 to construct a manufacturing facility in Noida, India. The organization's objective is to manufacture a diverse array of consumer electronics, such as wearables, smartwatches, washing machines, and true wireless stereo (TWS) devices. Additionally, the organization intends to augment this capacity to 800,000 to 900,000 units per month within the next three years. (Source: https://timesofindia.indiatimes.com/ekka-electronics-to-invest-rs-1000-crore-in-3-years-to-set-up-new-facility-in-noida/articleshow/99966345.cms)
April 2023: The OnePlus Pad, OnePlus's signature tablet, was introduced in April 2023. The design sensibilities of the OnePlus Pad are characterized by functionality and elegance, which are the brand's signature. OnePlus endeavors to provide a distinctive, rapid, and seamless user experience that establishes new industry standards and provides users with the most viable options by integrating their self-developed Star Orbit metal craft and precise aluminum alloy CNC cutting techniques, thereby introducing new vitality and opportunities to the market.

Conclusion

With substantial growth seen in 2023 and anticipated in 2024, the consumer electronics market is an industry that is both dynamic and growing at a rapid pace. The global consumer electronics market size was USD 1.1 trillion in 2023 and will be USD 1.2 trillion in 2024, with a compound annual growth rate od 4.5%. By 2031, the market size will be USD 1.7 trillion, at a CAGR of 4.50%. The ever-increasing demand for cutting-edge technologies by consumers is fueling this expansion. A small number of companies—including Apple, Samsung, Sony, LG, and Huawei—control the vast majority of the market. With worldwide shipments surpassing 1.4 billion units in 2023 and will rise by 5% in 2024, the smartphone category continues to be a vital part of the business. The introduction of 5G technology has greatly improved device connectivity and performance. Another fast-growing sector is the market for smart home gadgets, which is expected to see sales of USD 100 billion in 2023 and USD 120 billion in 2024. Home automation systems, smart speakers, and thermostats are quickly becoming standard issues.

Revenues from wearable technology, such as fitness trackers and smartwatches, reached USD 35 billion in 2023 and will be USD 40 billion in 2024, indicating a further surge in consumer interest in tracking health and fitness. The gaming market is booming, too. In 2023, it was worth USD 150 billion, and in 2024, it will be USD 165 billion, thanks to improvements in console and mobile gaming.

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