Consumer Electronics Market was valued at USD 1,160 Billion in 2022 and is projected to reach USD 1,700 Billion by 2030, growing at a CAGR of 5.1% from 2024 to 2030.
The consumer electronics market is undergoing a transformative phase marked by significant shifts in consumer preferences technological advancements and strategic industry moves. This article delves into the pivotal trends and developments that are shaping the landscape in 2024.
In 2024 the consumer electronics industry is experiencing a notable trend towards premiumization. Consumers are increasingly opting for high end feature rich products that offer enhanced convenience connectivity and energy efficiency. This shift is evident across various segments:
Televisions: There's a growing demand for large screen 4K LEDs particularly those with screen sizes of 51 inches and above.
Home Appliances: Products like inverter air conditioners high capacity washing machines and double door frost free refrigerators exceeding 300 liters are gaining popularity.
Smartphones: The preference for premium and 5G enabled smartphones is on the rise reflecting consumers' desire for advanced features and better performance.
This inclination towards premium products is fueled by factors such as rising disposable incomes urbanization and exposure to global trends. Industry leaders including LG Electronics and Sony India have acknowledged this trend and are aligning their product offerings accordingly. For instance LG Electronics India has observed an increased demand for energy efficient products and larger sized televisions while Sony India identifies the premium television category 55 inches and above as a key growth driver.
Despite a stagnation in unit sales volume the consumer electronics market has witnessed value growth. In the first nine months of 2024 sales through retail stores remained flat in terms of volume but increased by 10% in value. This growth is attributed to the higher sales of premium products and a consumer shift towards connected feature rich appliances and smartphones. The festive season further bolstered this trend with consumers timing their purchases to benefit from promotions and special offers.
Notably large retail channels have played a significant role contributing 37% to India's overall technology and durables market. Smaller cities have also driven growth backed by rising incomes and increasing internet penetration. For example Tier 3 cities experienced a 9% year on year value growth indicating a broad based expansion beyond metropolitan areas.
The competitive dynamics within the consumer electronics market are evolving with companies adopting new strategies to enhance their market positions:
Best Buy's Marketplace Launch: In a bid to compete more effectively with e commerce giants like Amazon and Walmart Best Buy is set to launch a new digital platform called Best Buy Marketplace. This platform will feature a wider array of products including electronics and wellness accessories offered by vetted third party sellers. The initiative aims to leverage Best Buy's substantial customer base and partnerships to attract sellers and provide consumers with a diverse product selection.
Currys' Dividend Reinstatement: Following a successful holiday shopping season marked by a surge in sales of drones AI driven laptops and "super size" TVs Currys has announced plans to resume dividend payments. The company expects pre tax profits between £145 million and £155 million for the financial year surpassing forecasts. This positive outlook is driven by a 2% rise in group sales bolstered by strong performance in the UK Ireland and a recovering Nordic market.
Artificial Intelligence AI continues to be a significant driver of innovation in the consumer electronics sector. Companies are integrating AI to enhance product functionality and user experience:
TSMC's Optimism in AI Demand: Taiwan Semiconductor Manufacturing Company TSMC the world's largest contract chipmaker reported record net sales and attributes future growth prospects to increasing AI demand particularly in smartphones. TSMC's high performance computing division which includes AI and 5G chips drove 53% of revenue indicating a robust demand for AI related technologies.
Huawei's AI Features Boost Sales: In China Huawei has surpassed Apple in smartphone sales benefiting from advanced AI features not available to Apple in the region. This development underscores the competitive advantage that AI integration can provide in product offerings.
Despite the positive trends the industry faces certain challenges:
Regulatory Changes Impacting EV Market: The revocation of a 2021 executive order aimed at promoting electric vehicles EVs in the U.S. may temporarily reduce demand for critical minerals like lithium. However analysts believe the global transition to EVs will continue driven by substantial growth in markets outside the U.S. particularly in China. This situation highlights the interconnectedness of consumer electronics and broader technological ecosystems.
Market Share Shifts in China: Apple's loss of its top position in China's smartphone market to local brands Vivo and Huawei reflects the intense competition and the importance of catering to regional consumer preferences. Huawei's success is partly attributed to patriotic buying and the inclusion of advanced AI features emphasizing the need for companies to adapt to local market dynamics.
The consumer electronics market in 2024 is characterized by a clear shift towards premium feature rich products driven by evolving consumer preferences and technological advancements. Companies are responding with strategic initiatives and product innovations to capture this growing demand. While challenges persist particularly in adapting to regulatory changes and regional market dynamics the overall outlook remains positive. The industry's ability to innovate and align with consumer expectations will be crucial in sustaining growth and competitiveness in the evolving landscape.
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Apple
Hewlett Packard
Hitachi
LG Electronics
Philips
Samsung Electronics
Sony
Toshiba
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Consumer Electronics Market
Commercial
Personal
Based on Types the Market is categorized into Below types that held the largest Consumer Electronics market share In 2023.
TV
Audio Video Devices
Telecom Equipment
Computer
Other
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Consumer Electronics Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Consumer Electronics Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Consumer Electronics Market, By Type
6. Global Consumer Electronics Market, By Application
7. Global Consumer Electronics Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Consumer Electronics Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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