Consumer Electronics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Consumer Electronics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors Of Consumer Electronics Market

The consumer electronics market size was valued at USD 773.40 billion in 2023, and the market is now projected to grow from USD 815.16 billion in 2024 to USD 1,467.94 billion by 2032, exhibiting a CAGR of 7.63% during the forecast period of 2024-2032.

The COVID-19 pandemic created significant opportunities on the consumer electronics market growth as curbing coronavirus outbreak was prioritized. The Coronavirus pandemic upset the worldwide inventory chains, causing fabricating delays, part deficiencies, and calculated difficulties for consumer electronics manufacturers. Plant terminations, lockdown measures, and limitations on global exchange disturbed the creation and appropriation of hardware items, prompting supply deficiencies and postpones in item dispatches. Notwithstanding, with the progress to remote work and online realizing, there was an expanded interest for specific shopper gadgets items, like PCs, tablets, and webcams. The requirement for work space arrangements and far off specialized instruments drove the deals of gadgets that work with remote work and virtual learning conditions. For example, according to the Q2 2020 consequences of LG Hardware, the rate portion of screens in complete income expanded to 23% in Q2 2020 from 17% in Q1 2020, that of note pad and tablets expanded to 29% in Q2 2020 from 20% in Q1 2020.

The consumer electronics market share globally has been contributed due to the developing private area. The pay level of the total populace is rising, which permits them to spend more on lodging and outfit their homes with forthcoming mechanical merchandise. Moreover, the developing pattern of the consideration of savvy gadgets in the family would additionally extend the market size. The presentation of creative family items in the market is probably going to support item utilization.

Furthermore, there’s been a notable trend of developing research and development. The rising trend of having associated homes is supporting the entrance of shrewd appliances worldwide. Developing Research and development exercises will establish the groundwork for the market's development later on and supportability in the customer gadgets industry. Makers have been consistently enhancing and sending off supportable electronic merchandise, and taking care of the rising interest for eco-friendly items to remain in front of contenders. Subsequently, tools outfitted with voice help, Bluetooth, and Wi-Fi availability are being taken on because of the greater accommodation in utilization. Players are putting forth attempts to remember various elements for their gadgets to draw in purchasers.

Comprehensive Consumer Electronics Market

Electronic gadgets are one of the profoundly entered items among an extensive variety of specialized customer merchandise in families. On one side, TVs with more extensive screen size are getting notoriety, though, on the opposite side, the scaling down of electrical parts is on the ascent. Organizations are zeroing in on growing high performing and advantageous to-utilize gadgets attributable to the rising interest. Consequently, the approach of innovation and digitalization is probably going to push the interest for electronic things and domestic/household appliances.

The Asia Pacific market esteem remained at USD 293.74 billion of every 2023. The area is supposed to overwhelm the worldwide market attributable to the powerful presence of unmistakable players like Sony, Samsung, Panasonic, and LG, in nations like Korea, China, and Japan. Likewise, western nations portray a taking off interest for Asian buyer gadgets items, which has additionally helped the market development.

The top players in the market play a crucial role in the consumer electronics market assuring industrial prospectus growth and setting market standards. These players include, Samsung Group (South Korea), LG Electronics Inc. (South Korea), Sony Corp. (Japan), Panasonic (Japan), and Koninklijke Philips N.V. (Netherlands) these market players provide a level-playing competitive landscape.

In May 2023, Sony Gadgets Inc. sent off the 'Xperia 1V' cell phone, fit with cutting edge and state of the art innovation, alongside a CMOS picture sensor with two-layer transistor pixel.

Segmentation Table

Consumer Electronics Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 7.63% from 2024-2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Type, End-User, and Region

By Type Electronic Devices

Television

Computer

Digital Camera & Camcorders

Others (Audio & Video Products, Set-Top-Box, etc.)

Home Appliances

Refrigerator

Washing Machine

Air Conditioner

Others

By End-User

Offline

Online

By Region North America (By Type, End-User, and Country)

- U.S. (By Type and End-User)

- Canada (By Type and End-User)

Europe (By Type, End-User, and Country/Sub-region)

- U.K. (By Type and End-User)

- Germany (By Type and End-User)

- France (By Type and End-User)

- Italy (By Type and End-User)

- Spain (By Type and End-User)

- Rest of Europe (By Type and End-User)

Asia Pacific (By Type, End-User, and Country/Sub-region)

- China (By Type and End-User)

- Japan (By Type and End-User)

- India (By Type and End-User)

- Australia (By Type and End-User)

- Rest of Asia Pacific (By Type and End-User)

Latin America (By Type, End-User, and Country/Sub-region)

- Brazil (By Type and End-User)

- Mexico (By Type and End-User)

- Rest of Latin America (By Type and End-User)

Middle East & Africa (By Type, End-User, and Country/ Sub-region)

- GCC (By Type and End-User)

- South Africa (By Type and End-User)

- Rest of Middle East & Africa (By Type and End-User)


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