The global consumer electronics market size was valued at USD 773.40 billion in 2023 and is projected to grow from USD 815.16 billion in 2024 to USD 1,467.94 billion by 2032, growing at a CAGR of 7.63% during 2024-2032. Asia Pacific dominated the consumer electronics market with a market share of 37.98% in 2023.
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List of Key Players Mentioned in the Report:
Samsung Group (South Korea)
LG Electronics Inc. (South Korea)
Sony Corp. (Japan)
Panasonic (Japan)
Koninklijke Philips N.V. (Netherlands)
Whirlpool Corp. (U.S.)
AB Electrolux (Sweden)
Apple Inc. (U.S.)
HP Inc. (U.S.)
Huawei Technologies Co., Ltd. (China)
Report Coverage:
This report provides an in-depth analysis of the pivotal trends shaping the global consumer electronics market throughout the forecast period. It delves into the major factors driving industry growth and offers insights derived from thorough research and analysis of industry trends and the strategic steps taken by prominent players.
Segmentation:
Electronic Devices Segment to Gain Traction Due to Rising Household Penetration
The consumer electronics market is segmented by product type into home appliances and electronic devices. The electronic devices segment is anticipated to grow substantially over the forecast period, driven by the continuous launch of innovative products designed for specific applications.
Offline Segment to Experience Significant Growth Due to Enhanced Purchase Convenience
The market is segmented by distribution channel into online and offline. The offline segment is expected to witness appreciable growth throughout the forecast period, driven by the convenience of in-person comparisons and selections from a wide array of brands.
Geographical Segmentation:
The consumer electronics market is segmented geographically into Asia Pacific, North America, Europe, South America, and the Middle East & Africa.
Drivers and Restraints:
Industry Growth Driven by Expanding Residential Sector
The growth of the consumer electronics market is significantly driven by the increasing integration of smart devices in households. Companies are focusing on launching products that cater to modern household requirements. However, industry growth may be hindered in less-developed regions due to limited access to electricity.
Regional Insights:
Asia Pacific to Lead Due to the Presence of Major Companies
The Asia Pacific region is expected to record substantial market growth during the analysis period, propelled by the strong presence of major companies like Sony, Samsung, LG, and Panasonic in countries such as South Korea, China, and Japan. North America is also anticipated to show considerable growth, driven by the rising demand for wearables, speakers, and monitors.
Competitive Landscape:
Key Companies Form Collaborations to Expand Their Reach
Major companies in the consumer electronics market are engaging in partnerships and collaborations to strengthen their market positions and expand their geographical presence. These initiatives include mergers, partnerships, and other strategic agreements.
Key Industry Development:
In January 2023, HP Inc. announced new solutions and products at CES 2023, designed to enhance hybrid experiences and help people thrive in the digital era.
Information Source: https://www.fortunebusinessinsights.com/consumer-electronics-market-104693