Global Consumer Electronics Market – Industry Trends and Forecast to 2029

Global Consumer Electronics Market, By Product Type (Consumer Electronic Devices, Wearable Devices, Smart Home Devices), Application (Personal, Professional), Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Multi-brand Stores, Online Retailers, Wholesalers and Distributors, Others) – Industry Trends and Forecast to 2029.

Global Consumer Electronics Market Analysis and Size

As a result of several new technological breakthroughs, the smartphone business has altered considerably in recent years. Furthermore, economies such as India and China have made significant contributions to smartphone sales. This is due to technological advancements such as 4G and 5G, increased use of electronic gadgets, and increased acceptance of the internet of things (IoT). This is projected to aid the market growth over forecasted period.

• The consumer electronics market was valued at USD 701.95 billion in 2021 and is expected to reach USD 1014.57 billion by 2029, registering a CAGR of 4.50% in 2022-2029. The "personal" accounts for the largest application segment in the consumer electronics market within the forecasted period owing to growing spending capacity on discretionary products due to rising income. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and consumer behavior.

Global Consumer Electronics Market Definition

Consumer electronics refers to all electronic devices that are intended for use in daily life. Semiconductor technology is used to power most electronic gadgets. These gadgets make communication, in-home/office appliances, and entertainment possible. Digital and information technologies are used in the bulk of the items. Consumer electronics encompasses a wide range of electronic gadgets that serve one or more purposes in the home or for a specific person.

Report Scope and Market Segmentation

Consumer Electronics Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Consumer Inclination Towards Consumer electronics 

One of the primary drivers expected to fuel the consumer electronics market growth rate is the high adoption of smart TVs, smart wearables, smartphones, and tablets, which is connected with an increase in the deployment of bring your own device (BYOD).

The another major element driving the market's growth is the rising adaption of consumer goods such as smartphones, automated home appliances owing to the growing trend of smartphones. Additionally, factors such as rapid surge in urbanization, better internet access, and higher income levels are estimated to bolster the market's overall growth. Furthermore, the increase in disposable income and the increase in purchasing power among the consumers fuel the market growth. The development of semiconductor industry also cushions the market's growth within the forecasted period. The availability of a variety of flavors also acts as a market driver.

Opportunities

• Increased Investments and Developments

The technology proliferation and emergence of 3G and 4G technologies and other innovations are estimated to generate lucrative opportunities for the market, which will further expand the consumer electronics market's growth rate in the future. Additionally, the rise in penetration of the internet of things and the increased investments by market players for research and development for the new consumer electronic products with enhanced features will also offer numerous growth opportunities.

Restraints/Challenges Global Consumer Electronics Market

• Reduced Penetration

On the flip side, the reduced market penetration in underdeveloped countries due to a shortage of energy and slow economic conditions, is projected to obstruct market growth.

• Short lifecycles and Counterfeit Products

The product lifecycles are basically short and counterfeit products are readily available, posing substantial barriers to market growth. These factors are projected to be challenge for the consumer electronics market over the forecast period.

• Changing Technological Landscape

Consumers are being enticed to adopt new gadgets that incorporate cutting-edge technology due to the continuously changing technological landscape. This has resulted in a dramatic reduction in consumer electronics product lifecycles, further limiting market growth.

This consumer electronics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the consumer electronics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Covid-19 Impact on Consumer Electronics Market

The consumer electronics market was immensely impacted by the outbreak of COVID-19. At the beginning, the lockdown harmed production across the globe as there was emergence of various challenges such as halt of various manufacturing and supply operations, stifling business growth, suspended activities among others and the industry's worldwide supply chain was severely impacted, limiting the industry's expansion. Sony, LG, Samsung, and Apple all halted production in many countries to comply with regulatory rules and stem the spread of the virus.

However, during the first quarter of 2021, the electronics industry recovered steam. Work-from-home policies and e-learning trends are two more elements driving industry growth during COVID-19. The increased demand for laptops, cellphones and tablets due to e-learning and remote working habits has increased production. The consumer electronics market is available in-store and online, the in-store segment saw some losses owing to closure and directions not to move outside to mitigate the COVID19 effect, but, the online market seeing increased growth. Therefore, the market is estimated to grow at a substantial pace post COVID-19.

Recent Developments

• In August 2021, Noise, an Indian brand, has partnered with Optiemus Electronics Limited (OEL) to provide custom-made electronic goods for Indian consumers. For the time being, OEL will be producing hearable products for Noise. Manufacturing at two OEL advanced facilities in Noida is slated to begin soon. Because both of the companies involved are situated in India, the move aims to improve manufacturing capacity and create jobs in the country.
• In August 201, Blaupunkt, a German audio video consumer electronics business, has partnered with Indian TV manufacturer Super Plastronics Pvt Ltd to launch a fresh new 4k resolution 50-inch Android Smart TV model (SPPL). Blaupunkt is hoping to take advantage of the Indian market's potential, as its previous series have gotten a lot of positive feedback.

Global Consumer Electronics Market Scope

The consumer electronics market is segmented on the basis of product type, application and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Consumer Electronic Devices
• Wearable Devices
• Smart Home Devices

On the basis of product type, the consumer electronics market is segmented into consumer electronic devices, wearable devices and smart home devices.

Application

• Personal
• Professional

On the basis of application, the consumer electronics market is segmented into personal and professional. The personal segment is projected to show largest market share owing to the growing spending capacity on discretionary products due to rising income.

Distribution Channel

• Hypermarkets/Supermarkets
• Specialty Stores
• Multi-brand Stores
• Online Retailers
• Wholesalers and Distributors
• Others

On the basis of distribution channel, the consumer electronics market is segmented into hypermarkets/supermarkets, specialty stores, multi-brand stores, online retailers, wholesalers and distributors and others.

Consumer Electronics Market Regional Analysis/Insights

The consumer electronics market is analyzed and market size insights and trends are provided by country, product type, application and distribution channel as referenced above.

The countries covered in the consumer electronics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the consumer electronics market because of the high demand for smartphones from emerging countries such as India and China and the strong presence of major consumer electronic goods manufacturers in countries such as Japan, China, and Taiwan .

North America is expected to witness significant growth during the forecast period of 2022 to 2029 due to the region's high disposable income and easy availability of low-cost consumer electronic products.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Consumer Electronics Market Share Analysis

The consumer electronics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to consumer electronics market.

Some of the major players operating in the consumer electronics market are

• Samsung (South Korea)
• LG Electronics (South Korea)
• Sony Corporation (Japan)
• Panasonic Corporation (Japan)
• Koninklijke Philips N.V. (Netherlands)
• Whirlpool Corporation (U.S.)
• Electroluxgroup (Sweden)
• Apple Inc. (U.S.)
• HP Development Company, L.P. (U.S.)
• Huawei Technologies Co., Ltd. (China)
• Teledyne (U.S.)
• Allied Vision Technologies GmbH (Germany)
• Texas Instruments Incorporated (U.S.)
• Intel Corporation (U.S.)
• Baumer (Germany)
• JAI (Denmark)
• MediaTek, Inc. (Taiwan)

Research Methodology : Global Consumer Electronics Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-consumer-electronics-market