Consumer Electronics Market Size, Share & Trends Analysis Report By Product (Smartphones, Tablets, Desktops, Laptops, Digital Cameras, Hard Disk Drives, E-readers), By Sales Channel (Offline, Online), By Region, And Segment Forecasts, 2023 - 2030

Consumer Electronics Market Size, Share & Trends Analysis Report By Product (Smartphones, Tablets, Desktops, Laptops, Digital Cameras, Hard Disk Drives, E-readers), By Sales Channel (Offline, Online), By Region, And Segment Forecasts, 2023 - 2030

Consumer Electronics Market Growth & Trends

The global consumer electronics market size is expected to reach USD 1,782.60 billion by 2030, registering a CAGR of 6.6% during the forecast period, according to a new report by Grand View Research, Inc. Recent technological advancements have led to the miniaturization of smart devices, and are expected to be key factor driving the consumer electronics industry. High investment, availability of cost effective devices due to mass production, and a range of diverse applications are also expected to be the key growth drivers.

Consumers are narrowing their technology interest to devices that offer multiple functions. Single-function products such as portable music players, digital cameras, etc. have witnessed considerable decline owing to the advent of multi-function devices. For example, there has been a considerable rise in smartphone ownership in 2013, while ownership of digital cameras has declined. End users have become more platform-agnostic as they are open to experimenting with different platforms such as Windows, Android and iOS, which is also expected to catapult consumer electronics market demand over the forecast period.

Increasing penetration of BYOD has presented growth avenues. Long-battery life, processors and large screens along with other value-added features is also expected to favorably impact personal electronics market growth over the next few years. Consumer electronics manufacturers focus on gaining a level of insight into service adoption on smartphones and related pricing strategies to target end users.

Consumer Electronics Market Report Highlights

• The smartphones segment captured the largest revenue share and is estimated to register the fastest growth over the forecast period, which may be attributed to increased emphasis on devices integrating several advanced features such as audio, GPS and high-end cameras. Emerging concepts such as pervasive computing along with several communication technologies, including 4G/5G LTE are also expected to drive demand.
• The tablets segment is estimated to significantly grow over the forecast period. Introducing new innovative and smarter tablets with extensive input capabilities offers growth opportunities for the market.
• Digital camera market sales may witness a decline over the next few years. Consumer preference for devices such as smartphones that offer multi-functionality is expected to hinder the digital camera market.
• Asia Pacific consumer electronics market captured sizable volume share, which can be primarily attributed to high demand in China and India as well as considerable product penetration in the region.

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