Ottawa, March 28, 2022 (GLOBE NEWSWIRE) -- The global consumer electronics market size was accounted at US$ 724.48 billion in 2021. The surging demand for the various home improvement products and electronic devices for the personal and professional use is driving the demand for the consumer electronics across the globe. The rising disposable income, higher demand for the luxury products, technological developments, and improvement in the standard of living are some of the prominent factors that drive the growth of the global consumer electronics market.
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Furthermore, the miniaturization of the electronic devices is gaining rapid traction among the consumers across the globe. Furthermore, the manufacturers are focusing on the development of convenient and easy to use electronic devices and are investing heavily on the research and development for the introduction of new and innovative features in their products. For instance, in August 2020, Samsung introduced its new AI-based washing machine that helps the user to customize washing cycles. The presence of the numerous manufacturers and the easy availability of all the brands is a prominent factor that drives the sales of the market.
| Report Scope | Details |
| Market Size | USD 1.13 trillion by 2030 |
| CAGR | 5.1% from 2022 to 2030 |
| Largest Market Share | North America |
| Fastest Growing Region | APAC |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Companies Covered | Apple Inc., Canon Inc., AB Electrolux, Dell Inc., Samsung Electronics Co., Ltd., Hitachi Ltd., Panasonic Corporation, Sony Corporation, Sennheiser Electronics, Koninklijke Philips N.V., Lenovo Inc., Robert Bosch GmbH, Hewlett-Packard Company, Oneplus |
Report Highlights
- Based on the product, the smartphone segment dominated the global consumer electronics market. This is attributed to the increased product acceptance and the introduction of numerous innovative features in the smartphones overtime. The presence of multi-functions in the smartphones has significantly boosted the demand for the smartphones among the consumers for personal as well as professional use.
- Based on the distribution, the online is estimated to be the most opportunistic segment. The surging penetration of the e-commerce, rising access to internet, growing urban population, and rising adoption of smartphones are the major factors that drives the growth of the online distribution segment. According to the ITU, around 4 billion people had access to the internet in 2019 and this number is rapidly growing across the globe.
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Regional Snapshot
North America dominated the global consumer electronics market in 2020. This is simply attributed to the various factors such as high disposable income, huge demand for the high-end products, increased adoption rate of the latest technologies, presence of several leading manufacturers of the electronics, and the high standards of living. The latest advancements in the various electronic products is expected to drive the growth of the North America consumer electronics market in the forthcoming years.
Asia Pacific is the fastest-growing market. The presence of huge customer base, rising disposable income, rising penetration of the e-commerce, and cheap availability of various electronic gadgets. The countries like China and Taiwan specializes in the production of numerous consumer electronics at low cost. Asia Pacific is the manufacturing hub of the globe. The presence of skilled labors at cheap rates and easy availability of raw materials attracts FDIs. The rapid industrialization has played a significant role in the market growth. Moreover, the increasing penetration of the credit cards is expected to drive the demand and sale of the consumer electronic products in Asia Pacific during the forecast period.
Market Dynamics
Driver
Growing demand for the home appliances
The demand for the advanced home appliances is growing at a significant rate. The rising consumer expenditure in the modular kitchens and home improvement products is significantly propelling the market growth. Moreover, the easy availability of the desired products through the e-commerce is a major factor that is expected to drive the market growth during the forecast period.
Restraint
Shortages of semiconductors
The globe is currently witnessing a huge shortage of semiconductors. Semiconductors are the major components of almost all the electronic devices across the globe. The huge gap between the demand and supply of the semiconductors may result in the high prices of the semiconductors and also leading to the production cuts of the major manufacturers. Therefore, the shortages of semiconductor across the globe is a major hindering factor.
Opportunity
Introduction of latest technologies
The proliferation of digital technologies has encouraged the integration of the latest technologies such as AI, cloud computing, Wi-Fi, augmented realty, and virtual reality in a wider range of consumer electronics. These advancements are expected to offer huge growth opportunities to the market players.
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Challenge
Lack of electrification
There is a lack of electricity in the rural areas of the developing and underdeveloped countries. Therefore, the lack of electrification is restricting the adoption of the advanced consumer electronic products that may hinder the market growth.
Market Segmentation
By Product
- Smartphones
- Desktops
- Tablets
- Laptops & Notebooks
- Digital Cameras
- eReaders
- HDD
- Television
- Refrigerators
- Washing machine
- Air Conditioners
- Others
By Distribution Channel
- Online
- Offline
By Application
- Personal
- Professional
By Technology
- Near Field Communication (NFC)
- Magnetic Secure Transmission (MST)
- Artificial Intelligence
- VR (Virtual Reality) Technology
- Generation PCL Technology
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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