Consumer Electronics

Consumer Electronics

The consumer electronics market is expected to register a CAGR of approx. 7% over the period of 2023-2030. Electronics devices are highly penetrated products among a wide range of technical consumer goods in households. On one side, television sets with wider screen sizes are receiving popularity, whereas, on the other side, the miniaturization of electrical components is on the rise. The main focus of manufacturers is on developing high-performing and convenient-to-use devices owing to the increasing consumer demand for electronics goods. The growing demand for consumer electronics market can be attributed to the increase in the number of demands from households, changing lifestyles of individuals and others have become increasingly attractive to investors owing to the technology-driven innovations contributing to market penetration. For instance, in August 2022, Samsung launched its new AI-powered washing machine that will enable the user to customize clothes washing styles. This is expected to increase the company’s portfolio of advanced home appliances. Furthermore, the surging investments by the top market players in the research and development and innovation are resulting in the new product launches with latest and innovative features. For example, Philips invested more than US$ 500 million in the first quarter of 2021 towards the research and development purpose.

• Based on the product type, the consumer electronics market is segmented into electronics devices and home appliances. Electronics devices further segmented into television, computer, digital camera & camcorders and others. Home appliances further segmented into refrigerator, washing machine, air conditioner and others. The electronics segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe due to various factors such as higher household penetration of TVs, computers, tablets and laptops.
• Based on the distribution channel, the market is fragmented into online and offline. The offline segment grabbed a considerable market share and it is expected to grow at a significant CAGR during the forecast period due to various factors such as the presence of huge number of consumer electronic stores, small retail stores, supermarkets, and specialty electronic stores made the offline segment the most preferred distribution channel for the customers.
• For a better understanding of the market adoption of the consumer electronics market, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the consumer electronics market industry the high disposable income of the consumers, huge demand for the luxury and premium products, high standard of living, higher adoption of the latest technologies, and the presence of the top players in the region are some of the prominent factors that has driven the North America consumer electronics markets influencing consumers to opt for consumer electronic products and their overall accessories.
• Some of the major players operating in market are Samsung Electronics Co Ltd; LG Electronics, Inc.; Sony Group Corp; Mitsubishi Electric Corp; Panasonic Holdings Corp; Hitachi, Ltd.; Electrolux AB Class B; Sennheiser Electronic GmbH & Co. KG; Zte Ord Shs A; Lenovo Group Ltd among others. Several M&A’s along with partnerships have been undertaken by these players.