The consumer electronics industry is expected to reach a valuation of USD 3,296.66 million in 2023, with projections indicating it will grow to USD 5,820.65 million by 2033. Sales in this sector are anticipated to expand at a CAGR of 5.80% over the forecast period.
As lifestyles evolve, consumers increasingly seek convenience and ease in their daily routines. Advanced technologies are driving this shift, offering enhanced solutions that fuel the global growth of the consumer electronics market.
Consumer electronics encompass a broad range of products, including televisions, computers, and smartphones. These items are now predominantly purchased for personal use rather than for commercial purposes, contributing to the expanding size of the consumer electronics market.
Innovations such as machine learning, 5G connectivity, and artificial intelligence have prompted market players to adapt and refine their technologies, enabling them to deliver improved services and stay competitive.
Rising living standards and higher per capita income have significantly boosted the demand for advanced consumer electronics. Additionally, integrated chips have played a crucial role in supporting AI technology, making devices more efficient and user-friendly.
Advancements in smartphone technology have also influenced other consumer electronics, such as interactive screens, televisions, and computers. Meanwhile, vendors are increasingly focused on promoting efficient energy consumption and designing more sustainable products.
Regional Insights
- United States: Growing demand for smart home devices, 5G technology, and AI advancements will drive the U.S. consumer electronics market, with a CAGR of 4.10% by the end of 2023.
- China: With a highly competitive smartphone market and increasing disposable income, China’s consumer electronics industry is expected to grow at a CAGR of 8.30% by 2023.
- United Kingdom: The United Kingdom’s shift to a digital lifestyle, coupled with automation and strong industry growth, is expected to boost the consumer electronics market with a CAGR of 3.40% by 2023.
- Germany: Germany’s demand for innovative consumer electronics like smartphones and smart home devices is expected to grow at a CAGR of 2.80% by 2023, driven by high living standards and strong economic conditions.
- India: India’s tech-savvy millennials, coupled with government initiatives, will drive a surge in consumer electronics demand, with a projected CAGR of 8.10% by 2023.
Key Players
- Samsung Electronics Co. Ltd.
- LG Electronics Co. Ltd.
- Apple, Inc.
- Hitachi Ltd.
- Koninklijke Philips N.V.
- Sony Corporation
- Hewlett Packard Inc.
- Toshiba Corporation
- Panasonic Corporation
Key market developments are provided as follows-
- Samsung Electronics has established numerous Samsung research Global AI centers across different regions like America, Russia, Canada, United Kingdom, and others in order to increase their sales footprint.
- The South Korean electronics company LG Electronics Co. Ltd. announced the launch of 8K OLED models, NanoCell TVs, and OLED GX Gallery TVs in September 2020
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Key Segments
By Product:
- Consumer Electronic Devices
- Digital Camcorder/DVR and Camera
- Smart Phones/Feature Phones & Tablets
- Smart TV
- Printers/ Set Top Box
- Personal Computers & Gaming Consoles
- Wearable Devices
- Smart Accessories
- Other Wearable Devices
- Smart Home Devices
- Securities & HVAC Systems
- Smart Kitchen Appliances
By Sales Channel:
- Hypermarkets/Supermarkets
- Specialty Stores
- Multi-brand Stores
- Online Retailers
- Wholesalers & Distributors
- Other Sales Channel
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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