Ottawa, March 28, 2022 (GLOBE NEWSWIRE) – The global size of the consumer electronics market was accounted for at $ 724.48 billion in 2021. The growing demand for various household products and electronic devices for personal and professional use is driving demand for consumer electronics around the world. Rising disposable income, increased demand for luxury products, technological developments and improved living standards are some of the important factors driving the growth of the global consumer electronics market.
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Furthermore, the miniaturization of electronic devices is rapidly gaining ground among consumers around the world. Furthermore, manufacturers are focusing on the development of comfortable and easy-to-use electronic devices and are investing heavily in research and development for the introduction of new and innovative features in their products. For example, in August 2020, Samsung introduced its new AI-powered washing machine that helps the user customize washing cycles. The presence of numerous manufacturers and the easy availability of all brands is a leading factor driving market sales.
|Scope of the report||Details|
|Market size||$ 1.13 trillion by 2030|
|CAGR||5.1% from 2022 to 2030|
|The largest market share||North America|
|Fastest growing region||APAC|
|Companies covered||Apple Inc., Canon Inc., AB Electrolux, Dell Inc., Samsung Electronics Co., Ltd., Hitachi Ltd., Panasonic Corporation, Sony Corporation, Sennheiser Electronics, Koninklijke Philips NV, Lenovo Inc., Robert Bosch GmbH, Hewlett- Packard Company, Oneplus|
Highlights of the report
- Based on the product, the smartphone segment dominated the global consumer electronics market. This is attributed to the increased acceptance of the product and the introduction of numerous innovative features into smartphone overtime. The presence of multi-functions in smartphones has greatly increased the demand for smartphones among consumers for personal and professional use.
- Based on distribution, online is estimated to be the most opportunistic segment. The growing penetration of e-commerce, the increase in internet access, the increase in the urban population and the growing adoption of smartphones are the main factors driving the growth of the online distribution segment. According to the ITU, around 4 billion people had access to the internet in 2019 and this number is growing rapidly around the world.
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North America dominated the global consumer electronics market in 2020. This is simply attributed to various factors such as the high disposable income, the huge demand for high-end products, the increased adoption rate of the latest technologies. , the presence of several leading electronics manufacturers, and the high standards of living. The latest advances in various electronic products are expected to drive the growth of the North American consumer electronics market in the coming years.
Asia Pacific is the fastest growing market. The presence of a large customer base, the increase in disposable income, the growing penetration of e-commerce and the low-cost availability of various electronic gadgets. Countries such as China and Taiwan specialize in manufacturing a number of low-cost consumer electronics products. Asia Pacific is the manufacturing hub of the globe. The presence of skilled labor at advantageous rates and the easy availability of raw materials attracts FDI. Rapid industrialization has played a significant role in the growth of the market. Additionally, rising credit card penetration is expected to drive demand for and sales of consumer electronics products in Asia Pacific during the forecast period.
Growing demand for household appliances
The demand for advanced appliances is growing at a significant pace. The increase in consumer spending on modular kitchens and household products is significantly boosting market growth. Furthermore, the easy availability of the desired products through e-commerce is an important factor that should drive the growth of the market during the forecast period.
Shortages of semiconductors
The world is currently seeing a huge shortage of semiconductors. Semiconductors are the main components of almost all electronic devices around the world. The huge gap between semiconductor supply and demand can result in high semiconductor prices and even lead to production cuts from major manufacturers. Therefore, the worldwide shortage of semiconductors is a major hindrance.
Introduction of the latest technologies
The proliferation of digital technologies has encouraged the integration of the latest technologies such as artificial intelligence, cloud computing, Wi-Fi, augmented reality and virtual reality into a wider range of consumer electronics. These advances should offer huge growth opportunities for market players.
Lack of electrification
There is a lack of electricity in rural areas of developing and underdeveloped countries. Therefore, the lack of electrification is limiting the adoption of advanced consumer electronics which could hinder market growth.
- Laptop and notebook
- Digital cameras
- Washing machine
- Air conditioners
By distribution channel
- Near Field Communication (NFC)
- Secure Magnetic Transmission (MST)
- Artificial intelligence
- VR (virtual reality) technology.
- PCL generation technology
- North America
- Latin America
- Middle East and Africa (MEA)
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