New York, United States, Aug. 13, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, The global consumer electronics market size was valued at USD 776.5 billion in 2023. It is projected to reach USD 1,334.2 billion by 2032, growing at a CAGR of 6.2% during the forecast period (2024–2032).
There is recent trend of combining the various functionalities of more than one product into a single product and reducing size of final product with ease of functionalities. For instance, old cathode ray tube (CRT) TVs are now replaced by flat panel TVs that become smarter with ability of web surfing, video live streaming, and downloading options. Moreover, Ultra High Definition 4K TVs that are available in low prices and maximum functionalities are gaining momentum and driven by middle-class population. Additionally, online distribution channel, different discounts & offers, and transparency in product pricing has becoming prevalent trend by society.
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The global consumer electronic market is segmented into product type and end users. On the basis of product type, the market is segmented into handheld devices, televisions, personal computers, cameras, audio/video devices, gaming consoles, personal care products, others. The handheld devices are expected to hold the major share of the market owing to its low prices with better and maximum functionalities as compared to other electronically operated devices. China has the highest number in usage of handheld devices used by highest population. According to Statista, China is generating highest revenue in consumer electronics market with value of Euros 1537.5 billion.
On the basis of the end users, the market is segmented into residential and commercial. Commercial end-users are the major share of the consumer electronic market as the majority of the businesses are rely on consumer electronics provided by the prominent key players.
Regional Landscape
On the basis of region, the global consumer electronic market is segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
Asia Pacific holds the largest share of the global consumer electronic market followed by North America. Asia Pacific's consumer electronic market is majorly driven by demand and large number of consumer base for smartphones and household appliances, the presence of prominent key players, and growing disposable income in economically developing countries such as China, India, Japan, and South Korea. According to IBEF (India Brand Equity Foundation), during financial year 2015, consumer electronics has the highest share of 29.7% in total production of electronic goods in India.
North America is sub-segmented into the U.S., Canada, and Mexico. The U.S. is the major contributor to the regional market; whereas, Mexico is expecting a healthy growth in the future. Furthermore, presence of huge untapped opportunities and continuously improving healthcare infrastructure in Mexico region are likely to boost the market growth.
Europe is anticipated to show a sustainable growth rate in the consumer electronics market over the forecast period–2026. This is mainly attributed to daily usage of higher dependency on technology-based products for daily activities and increased economic conditions.
However, LAMEA are expecting a healthy growth during the forecast period 2024–2032. Rapid proliferation of consumer electronics market in the LAMEA region is propelled by various factors such as strong economic growth, and robust consumer demand especially in the countries UAE and Saudi Arabia.
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Competitive Players
- Apple Inc.
- Canon Inc.
- Dell Inc.
- Electrolux AB
- Haier Group
- Hitachi Ltd.
- HP Development Company
- Huawei Technologies Co. Ltd.
- Intel Corporation
- Koninklijke Philips N.V.
- LG Electronics Inc.
- Nikon Corporation
- Panasonic Corporation
- Samsung
- Sony Corporation
- The Liebherr Group
- Toshiba Corporation
- Whirlpool Corporation
- Xiaomi Corporation
- Others
Recent Developments
- October 2022, the new line of 2022 MICROWAVE OVENS from LG Electronics, the top consumer durable brand in India, features upscale designs, clever features, and the newest technology. The all-new LG Charcoal Microwave line provides a healthier cooking method while maintaining the genuine smoky flavor.
- October 2022, even if they don't own an Apple Watch, iPhone users will be able to subscribe to and benefit from Apple Fitness+, the acclaimed fitness and wellness service created to be accessible to all. In many countries where the service is offered, Fitness+ will be fully integrated into the Fitness app and available in the middle tab starting with iOS 16.1.
Segmentation
- By Product Type
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- Electronic Devices
- Television
- Computer
- Digital Camera & Camcorders
- Others (Audio & Video Products, Set-Top-Box, etc.)
- Home Appliances
- Electronic Devices
-
-
- Refrigerator
- Washing Machine
- Air Conditioner
- Others
-
- By Applications
-
- Communication Devices
- Entertainment and Multimedia
- Computing and Productivity
- Health and Fitness
- Home Automation and Security
- Education and E-Learning
- Others
- By Distribution Channel
- Hypermarkets/Supermarkets
- Specialty Stores
- Multi-brand Stores
- Online Retailers
- Wholesalers and Distributors
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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