The Global Consumer Electronics Market Size was valued at USD 720 billion in 2021 and the worldwide consumer electronics market size is expected to reach USD 1000.90 billion by 2030, According to a research report published by Spherical Insights & Consulting.
The Global Consumer Electronics Market Size to grow from USD 720 billion in 2021 to USD 1000.90 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5% during the forecast period. Growth in the global market for consumer electronics can be attributed to an increase in demand from households, changing lifestyles of individuals, easier access to credit, and rising disposable incomes. Companies are focusing on developing high-performing and convenient-to-use devices owing to the increasing consumer demand. The advent of technology and digitalization is further likely to push the demand for electronic items and domestic appliances. Asia Pacific is witnessing strong economic growth and high demand due to rapid industrialization, favorable government policies in the region like China, India Malaysia is attracting huge FDIs in the Asia.
Consumer electronics are defined as all electronic gadgets with a practical application in daily life. Semiconductor technology is the main type of technology used to power electronic devices. These devices are used for communication, entertainment, and office and home conveniences. The vast bulk of the items make use of digital and information technology. A wide range of electronic items that fulfil one or more tasks in the home or for a specific user are referred to as “consumer electronics.” The term originally referred to electrical equipment installed or utilised just within a home or other structure. However, they now come with portable computing and mobile devices, like a tablet or a phone, that you can carry outside the house. The development of semiconductor technology, which evolved as a result of technical development, is the main force behind the market’s expansion. The industry is also predicted to grow as a result of consumers’ increased use of consumer goods like smartphones and automated home appliances. The smartphone will dominate the global consumer electronics market, according to predictions. Increased sales of this device are being driven by innovative features created by various smartphone makers. The key drivers of demand are anticipated to be innovation, the introduction of 3G and 4G technologies, and technological improvements. The market share of the consumer electronics sector is increasing as a result of numerous companies creating new features in this space. As countries went on lockdown during the outbreak, online sales increased. Consumer electronics demonstrated the same phenomenon. Consumer electronics and home appliances were two of the online sales sectors that expanded the quickest globally. It is anticipated that weak economic conditions and a lack of energy will limit industry growth in developing countries.
The Personal Application segment is anticipated to witness the fastest market growth over the forecast period.
Based on application, the global consumer electronics market is segmented in personal and professional. Over the projection period, the personal application segment is anticipated to experience the quickest market growth. Urbanization, improved internet access, and higher pay are all predicted to promote growth. Demand for personal consumer electronics including Bluetooth speakers, earbuds, smartphones, and smart wearables is increasing as prices are falling.
The Offline segment holds the largest market share over the forecast period.
On the basis of distribution channel, the global consumer electronics market is segmented into offline, online. Due to the fact that specialty electronic stores assist customers in understanding the features of the product in person, the offline segment of the market is expected to hold the biggest market share over the projection period. Customers will find it easier to compare the goods to those of other brands thanks to this.
Asia Pacific holds the largest market share over the forecast period.
The Asia Pacific region will have the biggest market share overall over the projection period. The Asia Pacific area is seeing rapid industrialization and robust economic expansion. Because of the welcoming government policies in countries like China and India, there is a significant FDI influx into the region. The main companies are establishing their manufacturing facilities as a result of the accessible and reasonably priced production-related inputs in this region. The production of electrical devices is increasingly concentrated in China and India. In addition, two of the top producers of consumer electronics worldwide are Taiwan and South Korea.