Global Consumer Electronics Market – Industry Trends and Forecast to 2030

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 2030.

Consumer Electronics Market Analysis and Size

The essential factors contributing to the growth of the global consumer electronics market in the forecast period of 2023 to 2030 include the rising adaption of consumer goods such as smartphones, automated home appliances. Also, the acceleration in urbanization, better internet access, and higher income levels is significantly contributing to the market’s growth. Urban populations demand advanced devices for convenience, entertainment, and productivity, while improved connectivity enables greater access to digital services.

Data Bridge Market Research analyses that the global consumer electronics market which was USD 729.61 billion in 2022, is expected to reach USD 993.92 billion by 2030, growing at a CAGR of 3.94% during the forecast period of 2023 to 2030. In 2023, “consumer electronic devices segment” will dominate the market due to the increase in disposable income and the increase in purchasing power among the consumers. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour.

Consumer Electronics Market Scope and Segmentation

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.

Global Consumer Electronics Market Dynamics

Drivers

• Acceleration in Urbanization

The acceleration in urbanization, improved internet access, and rising income levels drive the global consumer electronics market by creating a larger, more connected consumer base with increased purchasing power. Urban populations demand advanced devices for convenience, entertainment, and productivity, while improved connectivity enables greater access to digital services. Higher income levels further boost consumer spending on electronic gadgets and contribute to market growth, fostering innovation and competition in the industry.

• Rising Adaption of Consumer Goods

The increasing adoption of consumer goods like smartphones and automated home appliances acts as a driver in the global consumer electronics market by fueling demand for interconnected and smart devices. Consumers seek convenience, efficiency, and enhanced lifestyles, leading to higher sales of these products. This trend stimulates innovation, competition, and market growth as manufacturers strive to meet evolving consumer preferences and incorporate advanced technologies, further solidifying the consumer electronics sector's prominence.

Opportunity

• Increased Investments and Developments

Increased investments and developments present significant opportunities in the global consumer electronics market. Companies and governments investing in research, development, and infrastructure can drive technological advancements, reduce production costs, and improve product quality. This, in turn, fosters innovation and allows businesses to offer cutting-edge products, enhancing their competitiveness. Furthermore, these investments can expand market reach, particularly in emerging economies, unlocking new consumer segments and growth potential in the ever-evolving consumer electronics industry.

Restraints/Challenges

• Short Lifecycles and Counterfeit Products

Short lifecycles and counterfeit products pose restraints in the global consumer electronics market. Rapid technological advancements lead to shorter product lifecycles, making it challenging for manufacturers to recoup investments. Counterfeit products not only erode brand trust but also affect revenues. Additionally, they can compromise user safety and security. To counter these restraints, companies must focus on innovation, quality control, and anti-counterfeiting measures to maintain a competitive edge and protect consumer interests.

• Reduced Market Penetration in Underdeveloped Countries

However, reduced market penetration in underdeveloped countries presents a challenge in the global consumer electronics market. Limited access to infrastructure, lower disposable incomes, and less developed retail networks hinder the adoption of consumer electronics. This leaves significant untapped potential, but companies must address affordability, adapt to local needs, and invest in infrastructure development to expand their market presence in these regions, overcoming the challenge of reduced market penetration and tapping into emerging consumer segments.

Recent Developments

• In December 2022, LG Electronics launched UltraGear OLED gaming monitor with anti-glare and low reflection (AGLR) panel to offer distraction free gaming. The gaming monitor allows the user to play games for longer time with less eye discomfort
• 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

Global Consumer Electronics Market Scope  

The global consumer electronics market is segmented on the basis of product type, application and distribution channel. The growth amongst these segments will help you analyse 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

Application

• Personal
• Professional

Distribution Channel

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

Global Consumer Electronics Market Regional Analysis/Insights

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

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

Asia-Pacific is expected to dominate the global consumer electronics market due to 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 grow with highest growth rate during the forecast period of 2023 to 2030 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 regulations 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 Global Consumer Electronics Market Share Analysis

The global 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 global consumer electronics market.

Some of the major players operating in the global 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)