Consumer Electronics Market Size Report, Trends & Industry Overview 2030

The consumer electronics market size is anticipated to grow from US$ 739.7 billion in 2022 to US$ 1,249.4 billion by 2030; it is anticipated to expand at a CAGR of 6.8% from 2022 to 2030.

Analyst Perspective:

The consumer electronics market comprehends a wide range of electronic devices used for entertainment, communication, and productivity. The market is characterized by rapid innovation and technological advancements, as well as a constant demand for new and improved products. The future of the consumer electronics market is bright. The market is anticipated to grow gradually in the coming years, driven by expanding demand from consumers and the continued development of new and innovative products. However, companies will need to be able to overcome the challenges of rapid technological change, increasing competition, and protecting intellectual property in order to succeed in this competitive market.

Market Overview:

Consumer electronics are electronic devices that are designed for daily use by individuals. These devices are used for entertainment, communication, and productivity purposes. The consumer electronics market contains products such as laptops, smartphones, tablets, televisions, cameras, and gaming consoles, among others. The growing demand for smart devices compels the market, the growing popularity of e-commerce platforms, and the increasing adoption of IoT technology. The increase in disposable income and the growing middle-class population in developing countries are also contributing to the development of the consumer electronics market. The market is substantially competitive, with numerous players operating in the market. Some of the key players in the market include Samsung Electronics Co. Ltd., Apple Inc., LG Electronics Inc., Sony Corporation, and Panasonic Corporation, among others. The Consumer Electronics market is expected to grow at a steady pace in the coming years, driven by the growing demand for smart devices and the growing popularity of e-commerce platforms.

Furthermore, the increasing consumption of digital content, such as video streaming, music streaming, and social media, has driven the demand for devices like large-screen TVs, sound systems, and headphones. The increasing adoption of IoT devices and smart home solutions has fueled demand for consumer electronics that can connect to and control various aspects of daily life. The pandemic has led to a decline in the demand for consumer electronics, with the market experiencing a negative growth rate in 2020. The pandemic has interrupted the supply chain and manufacturing processes, leading to a shortage of components and a delay in product launches. The closure of retail stores and the implementation of social distancing measures have also affected the sales of consumer electronics. However, the pandemic has also led to an increase in the demand for certain consumer electronics products. With people spending more time at home, there has been a surge in the demand for laptops, tablets, and other devices that enable remote work and learning. The demand for gaming consoles and streaming services has also increased as people look for entertainment options at home. In conclusion, the COVID-19 pandemic has had a mixed impact on the consumer electronics market. While the pandemic has led to a decline in the demand for certain products, it has also created new opportunities for growth in other segments of the market.

Strategic Insights

Market Driver:

Rising Demand for Connected Devices

Connected devices refer to electronic devices that connect to the internet or other devices and communicate with each other. These devices include smartphones, tablets, laptops, smart home devices, and wearables, among others. The increasing adoption of IoT technology has led to the development of more connected devices, which has fueled demand for consumer electronics that can connect to and control various aspects of daily life.

The demand for connected devices is driven by several factors, including the increasing need for convenience, the increasing approval of smart homes, and the growing adoption of mobile devices. Connected devices offer users greater convenience by allowing them to control various aspects of their lives from a single device. Smart home devices, in particular, have become increasingly prevalent in recent years, as they allow users to control their home appliances and other devices from their smartphones or other connected devices. The increasing adoption of IoT technology has led to the development of more connected devices, which has fueled demand for consumer electronics that can connect to and control various aspects of daily life.

Segmentation and Scope:

The "Consumer Electronics Market" is segmented based on product type, end-use, distribution channel, and geography. Based on product type, the market is segmented into electronic devices, home appliances, and personal care & grooming. Based on end-use, the market is bifurcated into residential and commercial. Based on the distribution channel, the market is bifurcated into online and offline. Based on geography, it is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Segmental Analysis:

Based on the distribution channel, the market is bifurcated into online and offline. The offline segment holds the largest market share during the forecast period owing to specialty electronic shops helping the buyers understand the features of the product in person. The online segment is expected to grow at a faster pace due to the increasing penetration of e-commerce platforms and the growth in online shopping. The offline segment refers to the traditional brick-and-mortar stores where consumers can physically visit and purchase products. These stores offer consumers the opportunity to see, touch, and review the products before making a purchase. Specialty electronic shops are an example of offline stores that provide a wide range of consumer electronics products. The online segment refers to e-commerce platforms where consumers can purchase products online. Online shopping offers consumers the accessibility to shopping from anywhere and at any time. E-commerce platforms such as Amazon, Flipkart, and Alibaba are examples of online platforms that offer a wide range of consumer electronics products.

Regional Analysis:

In 2022, the Asia Pacific region dominated the consumer electronics market and accounted for the largest revenue share. The growth of the consumer electronics industry in the region can be attributed to government initiatives and supportive policies that promote the adoption of digital technology, provide subsidies for manufacturing, and encourage domestic production. These measures have stimulated the local market and attracted multinational companies to invest and establish their regional manufacturing facilities. The growing suburbanization and rising disposable income in the region are driving the usage of consumer electronics in high and middle-income households. The development of new regional manufacturers and the adoption of low-pricing strategies by several manufacturers will drive regional growth.

Furthermore, the rising technological awareness among the youth population regarding upcoming electronics is fueling the demand in this market. The mounting demand for consumer electronics and support from local governments are promoting prominent market leaders to launch new products in this region. For instance, Samsung stated its plans to set up its TV production plant in India by December 2020 under the 'Make in India' initiative. The company also invested USD 670 million in its smartphone display manufacturing facility to increase production and expand the manufacturing plant.

Key Player Analysis:

The consumer electronics market analysis consists of players such as Samsung Group, LG Electronics Inc., Sony Corp., Panasonic, Koninklijke Philips N.V., Whirlpool Corp., AB Electrolux, Apple Inc., HP Inc., Huawei Technologies Co., Ltd., Dell Inc., Toshiba Corporation, Haier Group, Xiaomi Corporation, The Liebherr Group, and Google LLC. are among the key consumer electronics market players profiled in the report.

Recent Developments: 

Companies in the market highly adopt inorganic and organic strategies such as mergers and acquisitions. A few recent key consumer electronics market developments are listed below: 

• In November 2023, Samsung Electronics has been the leader in the commercial display market for 14 consecutive years with its innovative products. This year, the company has once again set the standard for displays with the release of The Wall for Virtual Production (IVC Model). This ultra-large MICRO LED-based display is customized for virtual content production. It has been praised for its unmatched color capabilities, pristine high definition, and black seal technology for ultra-black levels. The Wall for Virtual Production was unveiled at Infocomm 2023, the largest audiovisual tradeshow in North America, and the International Broadcasting Convention (IBC) 2023, a premier exhibition for broadcasting and media in Europe.
• In May 2023, Sony Electronics Inc. has recently released the Xperia 1V smartphone, which is equipped with advanced and innovative technology. The device features a newly developed stacked CMOS image sensor with a two-layer transistor pixel, which enables the user to capture impressive portraits with accurate color day and night. The sensor is nearly twice as large as the previous model, and it provides improved low-light performance with minimal noise. The Xperia 1V is packed with Sony's cutting-edge technology, meeting the high-level needs of creators while, at the same time, supporting future makers who want to shoot or deliver their content with pride. The device also features an 85-125mm optical zoom lens that enables bright portraits with little distortion.
• In December 2022, LG Electronics has recently launched a new line of home appliances called LG ThinQ UP. This line includes refrigerators, dryers, ovens, washers, and dishwashers, all of which are equipped with smart and intelligent features that cater to the growing needs of consumers. The appliances are designed to adapt to the distinctive needs and changing lifestyles of each customer, providing more value to users over time. LG ThinQ UP appliances can integrate new features throughout their life, making them an innovative solution that serves unprecedented customer value and differentiated user experiences.

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