The global consumer electronics market was valued at US$1,687.023 billion in 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.

Growing demand for communication electronics

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.

Increased investments will propel market expansion

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, and 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 the 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 choked while using multiple apps at the same time.

Market Developments

• In April 2021 - Apple announced intentions to increase its investments in the United States by more than $430 billion and create 20,000 new jobs over the next five years. Apple has increased its contribution by 20% over the next five years, bolstering American innovation and generating economic advantages in every state.
• In May 2022 - In the next five years, the Samsung Group will invest $356 billion to drive growth in advanced technologies. The investments will help Samsung promote long-term development in crucial areas.

Product Offerings

• iPhone 14 Pro – This is a mobile device offered by Apple Inc. It comes in four different colors, deep purple, gold, black, and silver. It comes with a ceramic shield and surgical-grade stainless steel. It has an all-day battery life delivering 4x resolution along with a 48-megapixel camera and other features.
• BRAVIA XR FULL ARRAY LED – This is a smart TV offered by Sony Corporation. It has a cognitive processor XR to enhance the texture and depth of images. It can convert audio up to 5.1.2ch surround sound which creates a 3D sound experience.

Consumer Electronics Market Scope:

Segmentation

The global consumer electronics market is segmented by type and geography.

• By Device Type
  • Mobile Phones
  • Laptops and Personal Computers
  • Appliances
  • Televisions
  • Wearable
  • Gaming Consoles
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • Spain
    • United Kingdom
    • Italy
    • France
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Taiwan
    • Others