Consumer Electronics Market Size Worth USD 2,020.9 Billion by 2032-Report by DataHorizzon Research

Fort Collins, Colorado, Sept. 06, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Consumer Electronics Market Size, Share, Growth, Statistics Analysis Report, By Product Type (Smartphone, Laptop/ Computer, Television, Washing Machine, Refrigerator, Wearable Technology, And Others), By Distribution Channel, By Region, And Segment Forecasts, 2023- 2032."

According to DataHorizzon Research, The consumer electronics market was valued at USD 987.6 Billion in 2022 and is expected to reach USD 2,020.9 Billion by 2032 with a CAGR of 7.5%. The market growth is projected to be higher owing to the wider adoption use of mobile phones by billions of consumers globally, equipped with advanced microelectronics, software, and telecommunication services, which has propelled the development of new technologies. The paradigm shift draws the focus of innovation from information to consumer technology with the emergence of the Internet of Things.

The world of consumer goods has seen a massive shift towards e-commerce and digital marketplaces. It's no secret that online shopping has become a game-changer for consumers. With the introduction of Artificial Intelligence future, companies are integrating these cutting-edge technologies into their products to create innovative, incredibly convenient consumer electronics.

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Report Snapshot:

Segmentation Overview:

The consumer electronics market has been segmented based on product type, distribution channel, and region. Customers have been herding to offline channels to purchase electronic products due to the convenience of immediate possession, and the guidance of specialized salespersons makes offline channels the go-to choice for most customers. Thus, the offline market has emerged as a top-notch distribution channel due to the skyrocketing demand for consumer electronics.

Asia Pacific dominates the consumer electronic market due to elevated production capacity and the availability of skilled labor at lower costs, advanced technology, and increased investments. North America holds the second-largest position in the consumer electronics market.

Key Developments in the Consumer Electronics Market:

• In August 2023, Sony Semiconductor Solutions Corporation (SSS) launched the ECX344A, a high-definition 1.3-type OLED Microdisplay with 4K resolution*1. It is designed to enhance the experience of VR/AR head-mounted displays, providing an immersive reality experience.

• In May 2023, At IEEE ISCAS, Yoky Matsuoka, Managing Executive Officer of Panasonic Holdings, emphasized the importance of responsible and ethical AI. Her approach, "For Humans, By Humans, With Humans," prioritizes consumers' well-being and ensures the protection of human well-being and community.

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Consumer Electronics Market Report Highlights:

• The consumer electronics market share is anticipated to reach a CAGR of 8.4% by 2032. With the rapid advancements in technology, it's now easier for users to enjoy the convenience of electronics while being environmentally conscious.

• Due to higher investment, easy and affordable electronics clubbed with artificial intelligence, and the internet, the consumer electronic market has witnessed an excellent rise.

• Many consumers seek convenient options such as online shopping, fast delivery, free shipping, or easy access to physical stores. The electronics industry will continue to evolve with the advancement of new technologies, and consumer demand will play a key role. Brands that can adapt quickly to these changing trends will have a better chance of staying ahead of the competition.

• Based on product type, smartphones with advanced computing capabilities and connectivity dominate the global market and have revolutionized the industry with user-friendly features.

• Based on the distribution channel, the offline market holds a huge market share as it allows customers to inspect device features in person. Buyers can compare and choose from various brands, which leads to more foot traffic in physical stores.
  

• Based on region, Asia Pacific is dominating the market due to rapid industrialization, government policies, affordable production inputs, and cheap labor. 

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Consumer Electronics Market Segmentation:

Consumer Electronics Market, By Product Type (2023-2032) 

• Smartphone
• Laptop/ Computer
• Television
• Washing Machine
• Refrigerator
• Wearable Technology
• Others

Consumer Electronics Market, By Distribution Channel (2023-2032)

• Online
• Offline

Consumer Electronics Market, By Region (2023-2032)

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa

Major Players in the Consumer Electronics Market:

• Samsung
• LG Electronics
• Sony Corporation
• Panasonic Corporation
• Philips
• Apple Inc.
• Toshiba
• Intel
• General Electric
• Dell 

About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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