The global consumer electronics market size was valued at USD 773.40 billion in 2023 and is projected to grow to USD 1,239.40 billion by 2030, exhibiting a CAGR of 6.97% during the forecast period.
Information Source:
Top Key Companies Covered in the Consumer Electronics Market:
- 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:
The report gives a comprehensive analysis of the pivotal trends propelling the global business landscape throughout the forecast period. It also provides an insight into the major factors impelling the industry expansion over the ensuing years. These data have been provided after in-depth research and analysis of the market trends and the steps undertaken by prominent industry participants.
Segmentation:
Electronic Devices Segment to Gain Traction Impelled by Soaring Household Penetration
By product type, the market for consumer electronics is subdivided into home appliances and electronic devices. The electronic devices segment is estimated to grow at a substantial pace over the estimated period. The expansion is driven by the rising launch of new products designed for specific applications.
Offline Segment to Depict Substantial Upsurge Owing to Rising Purchase Convenience
Based on distribution channels, the market is fragmented into online and offline. The offline segment is anticipated to register appreciable expansion throughout the projected period. The rise is impelled by the purchase convenience of comparing and choosing from a wide range of brands in person.
Based on geography, the market for consumer electronics is fragmented into Asia Pacific, North America, Europe, South America, and the Middle East & Africa.
Regional Insights:
Asia Pacific to Emerge as a Key Region Owing to Presence of Major Players
Asia Pacific consumer electronics market share is poised to record substantial expansion over the analysis period. The expansion is driven by the strong presence of major companies such as Sony, Samsung, LG, and Panasonic in countries such as Korea, China, and Japan. The North American market is anticipated to depict appreciable growth throughout the forecast period. The surge is impelled by the escalating demand for wearables, speakers, and monitors.
Key Industry Development:
January 2023 – HP Inc., announced new solutions and products at CES 2023. These products were designed to recharge hybrid experiences allowing people to thrive in the digital era.
