DUBAI, United Arab Emirates, Jan. 15, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights, the global consumer electronics market is expected to expand its roots at a CAGR of 5.8% during the forecast period. The market is anticipated to cross a market share of US$ 5.8 trillion by 2033 while it holds a revenue of US$ 3.3 trillion in 2023.
- With the changing lifestyle, end users look for adding more convenience and ease into their lives. Advanced technology supports the idea and provides enhanced solutions according to it, fueling the sales of consumer electronics worldwide.
- Consumer electronic appliances involve a wide range of products such as TV, Computers, and smartphones. Furthermore, products are acquired for more personal use rather than commercial applications, expanding the consumer electronics market size.
- Concepts like machine learning, 5G internet, and artificial intelligence have made the market players recondition their technology and weaponize it with better service.
-Elevated living style and increased per capita income have fueled the demand for advanced consumer electronics. Furthermore, the integrated chips have supported AI technology in easing the workings.
- New smartphone technologies have penetrated other consumer electronic appliances such as interactive screens, televisions, and computers. This is followed by the vendors promoting efficient consumption and sustainable product designs.
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Key Points
- The Chinese market is the biggest and the fastest market for consumer electronics and is expected to cross a value of US$ 717.1 Bn by 2033. The regional market is expected to thrive at an elevated 11.6% between 2023 and 2033.
- The US market for consumer electronics thrives at a CAGR of 2.9% during the forecast period. The market is likely to reach a value of US$ 705.6 Bn by 2033.
- The multi-brand store's segment is likely to thrive in the sales channel category as it provides more dimensions to the retailer while diversifying the options for the end users. It is expected to thrive at a CAGR of 4.2% during the forecast period.
- The consumer electronic devices segment tops the product type tally with a CAGR of 5.2% between 2023 and 2033 while it thrived at a lower CAGR of 3.6% during the previous forecast period.
Competitive Landscape
The competitors focus on providing the latest technology from around the world with the most adjustable design that saves electricity while providing a modern loo for appliances. Key players in the consumer electronics market are Samsung Electronics Co. Ltd., LG Electronics Co. Ltd, Apple Inc, Hitachi Ltd, Koninklijke Philips N.V., Sony Corporation, Hewlett Packard, Inc, Toshiba Corporation, and Panasonic Corporation.
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Key Segments
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
Sales Channel:
- Hypermarkets/Supermarkets
- Specialty Stores
- Multi-brand Stores
- Online Retailers
- Wholesalers & Distributors
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
For instance:
- In 2022, Samsung Electronics co. Ltd has introduced a wide range of new consumer electronic devices such as foldable phones, refrigerators with invertor technology, and Neo QLED 8K/4K TVs & AVs.
- In 2022, LG Electronics launched a new range of washing technology that involves front-loading washing machines, top-loading washing machines, dryers, and semi-automatic washing machines.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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