Global Consumer Electronics Market Size & Analysis

New York, March 20, 2023 (GLOBE NEWSWIRE) -- The Global Consumer Electronics Market report by Reports Insights reveals that the market experienced a value of USD 740.79 Billion in 2022 and is expected to record a market size of more than USD 1063.39 Billion by 2030, exhibiting a CAGR of 4.62%.

Global Consumer Electronics Market By Product Type (Home Appliances, Smart Devices, Handheld Devices, and Others), Application (Personal and Professional), Sales channel (Online and Offline), and By Region, Forecast Period 2023 – 2030.

Recent Developments

• In December 2022, LG Electronics launched UltraGear OLED gaming monitor with anti-glare and low reflection (AGLR) panel to offer distraction free gaming. The gaming monitor allows the user to play games for longer time with less eye discomfort.

List of Major Global Consumer Electronics Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, Product utilization, business strategies, and the launch of new Products. The following are major market players operating in the market environment —

• • Sony Corporation  
  • Samsung Group  
  • Panasonic  
  • LG Electronics Inc.
  • Whirlpool Corporation
  • AB Electrolux
  • HP Inc.
  • Apple Inc.
  • Huawei Technologies
  • Koninklijke Philips N.V.

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The consumer electronics are the electronic devices used by the individuals in daily life. The electronic devices comprise of household appliances including refrigerator, television, washing machine, air conditioner, and other along with smart wearable devices as well as handheld devices such as laptop, computer, tablets, and other. The devices are used for commercial as well as non-commercial purpose owing to the multi functionalities offered by consumer electronics sector.

Advancement of technologies is driving the growth of consumer electronics market. Rising popularity for compact sized wearable devices including earbuds, smartwatches, smart glasses, and others is promoting the growth of consumer electronics market. Additionally, rising work from home trend is increasing the adoption of computing devices resulting to drive the growth of consumer electronics market.

Moreover, companies are focusing and development of technologies to implement advanced features, resulting to increase the growth of consumer electronics market. The increasing demand of wide screen television is driving the growth of consumer electronics for better visualization. Additionally, rising popularity for smart home appliances is propelling the demand of consumer electronics market. Thus, increasing investment in R&D activities by the major market players and rising demand for smart household appliances is driving the growth of consumer electronics market.

Consumer Electronics Market Scope Snapshot:-

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Key Market Highlights

• The Global Consumer Electronics Market size is estimated to exceed USD 1063.39 billion by 2030 and grow at a CAGR of 4.62% during the forecast period (2023-2030).
• Globally, Consumer Electronics are divided based on the Product Type into Home Appliances, Smart Devices, Handheld Devices, and Others.
• In the context of Application, the market is separated Personal and Professional.
• On the basis of Sales Channel, the market is categorized into Online and Offline.
• The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
• North America and Asia Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in consumer electronics.

Global Consumer Electronics Market Segmentation Details:

Based on Product Type, home appliances segment accounted for major market share of consumer electronics market due to rising popularity for smart household devices including television, washing machine, refrigerator, and others. The rising adoption of advanced technologies is promoting the growth of home appliances in consumer electronics market.

Based on Application, personal segment is expected to grow during the forecast period owing to rising adoption of advanced technologies and increasing use of electronic devices for daily life. Additionally, rising popularity for smart wearable devices is boosting the growth of personal segment in consumer electronics market. Thus, the increasing demand for household devices is driving the growth of personal consumer electronics market.

Based on Sales Channel, online segment is projected to grow during the forecast period due to rising adoption of online shopping platforms for greater convenience. Additionally, increasing internet penetration id boosting the growth of online platform in consumer electronics market.

Based on region, Asia Pacific region is expected to grow during forecast period owing to existence of key market players including Sony, Panasonic, LG, and others. Additionally, increasing popularity for smart home appliances to provide better convenience is driving the growth of consumer electronic market in Asia Pacific region. Additionally, rising adoption of smart wearable devices is promoting the growth of consumer electronics market.

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Global Consumer Electronics Market Segmentation: 

• By Product Type
  • Home appliances
  • Smart devices
  • Handheld devices
  • Others
• By Application
  • Personal
  • Professional
• By Sales Channel
  • Online
  • Offline

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