The global consumer electronics market was valued at US$1,687.023 billion in the year 2020 and is estimated to reach a market size of US$2,301.964 billion in 2027 at a compound annual growth rate of 4.54%.
The market growth is attributed to the growing demand for electronic devices such as laptops, smartphones, televisions, wearable gaming consoles, etc., Consumer electronics demand is expected to rise due to rising disposable income and increased consumer awareness of a variety of advanced technological devices in developing economies. . Additionally, the rising adoption of smart devices and rapid technological innovations in the electronics industry is further projected to boost the overall market growth during the forecast period.
One of the prime reasons supporting the growth of the market is the growing demand for electronic devices and appliances. Rapidly growing populations and increasing urbanization are creating a massive demand for advanced consumer electronic devices. Many leading consumer electronics players are making investments in their research and development activities to introduce new devices to meet the increased demand for advanced electrical devices, which is anticipated to have a positive impact on the market’s growth. Key players are making significant developments by integrating advanced technologies like AI and machine learning into their products. Companies are investing heavily in technologies like the Internet of Things, artificial intelligence, and machine learning. For instance, Samsung Electronics has launched the first AI and 5G based Galaxy smartphones to strengthen its position in the high-end smartphone market. Panasonic Corporation has announced the launch of its LZ2000 OLED TV which has new gaming features such as a Game Control Board, automatic NVIDIA GPU detection, and the TV has advanced sensors that can detect the ambient room temperature. The sensor works together with the HCX Pro AI processor to adjust tone and deliver a more comfortable nighttime viewing experience.
Smartphones are expected to be the major contributor to the growth of the consumer electronics market. In a report published by Ericsson, it was estimated that the number of smartphone subscriptions globally surpasses 5 billion and is projected to grow by several hundred million during the forecast period. Countries such as China, the United States, Germany, and India have the highest number of smartphone users. Growing demand for smartphones from developing countries like India and Indonesia, where smartphones are rapidly penetrating the rural areas where the government is pushing for a digital and mobile economy, is expected to drive the overall market growth in the coming years. For instance, the Digital India, program launched by the government of India is focused on transforming the country into a digitally empowered society. This kind of initiative taken by the government is anticipated to increase the sales of smartphones and have a positive impact on the overall market growth. Moreover, increasing innovations and development by key market players will act as a major driver for market growth. For instance, Vivo Communication Technology Co. Ltd., has launched the powerful Vivo Y72 superior smartphone, priced at INR 20,990 in India. The smartphone offers 8GB+4GB RAM which ensures the smooth running of the phone by preventing it from getting chokedwhile using multiple apps at the same time.
The COVID-19 pandemic has impacted market growth to some extent. COVID-19 Pandemic has impacted the sales of consumer electronic products and disrupted the supply chain that supports the manufacturing of consumer electronics. Many countries across the globe have experienced significant financial hardship, which acts as a major restraining factor for the consumer electronics industry. Although the sales of notebooks and computers increased in the early days of the pandemic because of the remote working culture.
|Market size value in 2020||US$1,687.023 billion|
|Market size value in 2027||US$2,301.964 billion|
|Growth Rate||CAGR of 4.54% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Device Type, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||AB Electrolux, Apple Inc, SAMSUNG, LG Electronics, Sony Corporation, Dell, Microsoft, Hitachi Ltd., Koninklijke Philips N.V., HP Development Company, L.P.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global consumer electronics market?
A1. Consumer Electronics Market was valued at US$1,687.023 billion in the year 2020.
Q2. What will be the consumer electronics market size by 2027?
A2. The global consumer electronics market is estimated to reach a market size of US$2,301.964 billion by 2027.
Q3. What are the growth prospects for the consumer electronics market?
A3. The consumer electronics market is projected to grow at a CAGR of 4.54% over the forecast period.
Q4. What factors are anticipated to drive the consumer electronics market growth?
A4. One of the prime reasons supporting the consumer electronics market growth is the growing demand for electronic devices and appliances.
Q5. How is the global consumer electronics market segmented?
A5. The consumer electronics market has been segmented by device type and geography.
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. CONSUMER ELECTRONICS MARKET BY DEVICE TYPE
5.1. Mobile Phones
5.2. Laptops and Personal Computers
5.6. Gaming Consoles
6. CONSUMER ELECTRONICS MARKET BY GEOGRAPHY
6.1. North America
6.1.1. United States
6.2. South America
6.3.3. United Kingdom
6.4. The Middle East and Africa
6.4.1. Saudi Arabia
6.5. Asia Pacific
6.5.3. South Korea
7. COMPETITIVE ENVIRONMENT AND ANALYSIS
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. COMPANY PROFILES
8.1. AB Electrolux
8.2. Apple Inc
8.4. LG Electronics
8.5. Sony Corporation
8.8. Hitachi Ltd.
8.9. Koninklijke Philips N.V.
8.10. HP Development Company, L.P.
Koninklijke Philips N.V.
HP Development Company, L.P.
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