WASHINGTON, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Global Consumer Electronics Market was valued at $ 728.1 Billion in 2021 and is expected to reach $ 964.6 Billion by 2028, registering a CAGR of 4.8% during the forecast period of 2022-2028.
Vantage Market Research added a recently released new research report on Consumer Electronics Market by Deployment Type, Component, Organization Size, Vertical, and Forecast providing updates and information related to industry coverage, current market competitive status, and market outlook. This Consumer Electronics Market report emphasizes key market dynamics of the Consumer Electronics industry and covers historic data, present market trends, upcoming technologies, and the technical progress in the related industry. Consumer Electronics Market research report proves to be a precious source of information with which businesses can achieve a telescopic view of the current market trends, consumer demands and preferences, market situations, opportunities, and market status. To build this Consumer Electronics report, a detailed market analysis has been performed with inputs from industry experts. All the data, figures, and information are backed up by well-recognized analysis tools which include SWOT analysis and Porter’s Five Forces analysis.
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List of Prominent Players in the Consumer Electronics Market:
- Apple Inc.
- Canon Inc.
- Dell Inc.
- Samsung Electronics Co. Ltd.
- Panasonic Corporation
- Sony Corporation
- Koninklijke Philips N.V.
- Lenovo Inc.
- Hewlett-Packard Company
- One plus
- AB Electrolux
- LG Corporation
- Google Inc.
- Microsoft Corporation
- Hitachi Ltd.
- Robert Bosch GmbH
- Sennheiser Electronics
- Siemens AG Logitech International S.A.
- Oppo
- ZTE Corporation
Market Dynamics:
Drivers:
Increasing Usage of Smartphones in Daily Routine
Nowadays, every human being is using consumer electronics items in their day-to-day lifestyle. Hence, consumer electronic items have gained to be one of the inevitable parts of the living style. Thus, it is hard to imagine a world without consumer goods. The majorly used consumer items in daily routine are smartphones, TVs, computers, laptops, tablets, wearable devices, digital cameras, gaming consoles and VR & AR devices. These days, smartphones have larger demand than other items as every single person have smartphone in their pocket. Thus, increasing use of smartphone across globe is anticipated to drive the Consumer Electronics Market growth over projected time period. For instance, retail sales of smartphones in the United States are projected to total around 73 billion U.S. dollars in 2021.
Rise in Usage of Advanced Technologies in New Product Development
In arrears to the increasing demand of consumer goods in daily lifestyle, several market players started investing heavily in order to launch new product in the market. With this regard, the use of advanced technology, and increasing Research and Development (R&D) spending for better technology is anticipated to further propel the growth of Consumer Electronics Market in upcoming years. For instance, many top leading players used micro-LED technology into televisions for high-resolution density. Top market leaders such as, LG, Samsung, Sony, and others have introduced micro-LED TVs for commercial and residential uses. Thus, increase in use of advance technologies in the development of new product is expected to fuel the growth of Consumer Electronics Market in coming years.
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Segmentation of the Global Consumer Electronics Market:
- Product
- Audio & Video Equipment
- Major Household Appliance
- Small Household Appliance
- Digital Photo Equipment
- Application
- Personal
- Professional
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The Report on Consumer Electronics Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
Asia Pacific Holds Largest Market Share
Asia Pacific accounted to have significant growth for Consumer Electronics Market in 2021, owing to the increasing demand for electronics items such as, speakers, monitors and wearable devices. The increasing gaming trend increases the demand for gaming consoles, video games and gaming monitor, which further propels the growth of Consumer Electronics Market in this region. According to Consumer Technology Association, U.S. population spent USD 528 on technology-based items that includes game console, video games, laptops, TV, Wearable etc.
Asia Pacific is predicted to have maximum growth for Consumer Electronics Market during forecast period. This growth is accounted to the large presence of leading players such as, Samsung, Sony, LG, Panasonic and many others in this region. In addition, increasing disposable income and increase in population has supported the high utilization of home appliances, which in turn, propels the growth of Consumer Electronics Market in this region.
Recent Developments:
April 2022: Toshiba Electronic Devices & Storage Corporation has started mass production of 21 new microcontrollers in the M3H group as new products in the TXZ+™ Family Advanced Class, manufactured in a 40nm process.
April 2022: LG Electronics launched a new line-up of AI-powered Home Appliances and Air Conditioners for the Indian market.
March 2022: Samsung Electronics and Orange announced a series of new initiatives that expand their long-term strategic partnership to enhance Samsung Galaxy user experiences across Europe.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Consumer Electronics market Forecast Report (2022-2028).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 728.1 Billion |
| Revenue Forecast by 2028 | USD 964.6 Billion |
| CAGR | 4.8% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Apple Inc., Canon Inc., Dell Inc., Samsung Electronics Co. Ltd., Panasonic Corporation, Sony Corporation, Koninklijke Philips N.V., Lenovo Inc., Hewlett-Packard Company, Oneplus, AB Electrolux, LG Corporation, Google Inc., Microsoft Corporation, Hitachi Ltd., Robert Bosch GmbH, Sennheiser Electronics, Siemens AG Logitech International S.A., Oppo, ZTE Corporation |
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