Austin, Oct. 22, 2024 (GLOBE NEWSWIRE) -- Market Size & Growth Outlook:
According to the S&S Insider, “The Consumer Electronics Market Size was valued at USD 956.12 Billion in 2023 and expected to reach to USD 1775.27 Billion by 2032, growing at a CAGR of 7.14% during 2024-2032.”
Smart Technologies and IoT Drive Consumer Electronics Growth as Demand for Connected Devices and 5G Expands
The rapid advancement in smart technologies and Internet of Things (IoT) devices has been a major driver of the consumer electronics market. Consumers are increasingly seeking smart devices that offer convenience, connectivity, and energy efficiency. This trend spans across product categories such as smart TVs, smartphones, wearable devices, and home automation systems. The growing demand for smart homes and connected ecosystems has also pushed companies to innovate, offering devices that seamlessly integrate into users' daily lives. Moreover, the increasing penetration of 5G technology and the rise of virtual and augmented reality devices are further propelling market growth.
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Leading Market Players with their Product Listed in this Report are:
- Apple Inc. (iPhone, MacBook)
- Samsung Electronics (Galaxy Smartphones, QLED TVs)
- Sony Corporation (PlayStation, Bravia TVs)
- LG Electronics (OLED TVs, InstaView Refrigerators)
- Panasonic Corporation (Lumix Cameras, Viera TVs)
- Microsoft Corporation (Xbox, Surface Laptops)
- Huawei Technologies (MateBook, P Series Smartphones)
- Xiaomi Corporation (Mi Smartphones, Mi Smart Bands)
- Dell Technologies (XPS Laptops, Alienware Gaming PCs)
- Lenovo Group (ThinkPad Laptops, Yoga Tablets)
- HP Inc. (Spectre Laptops, DeskJet Printers)
- ASUS (ROG Gaming Laptops, ZenFone Smartphones)
- Acer Inc. (Predator Gaming PCs, Aspire Laptops)
- Philips Electronics (Hue Smart Lighting, Sonicare Electric Toothbrushes)
- Toshiba Corporation (Canvio External Hard Drives, Satellite Laptops)
- Nikon Corporation (D850 Cameras, Z Series Mirrorless Cameras)
- Canon Inc. (EOS Cameras, PIXMA Printers)
- Bose Corporation (QuietComfort Headphones, SoundLink Speakers)
- Sharp Corporation (Aquos TVs, Healsio Superheated Steam Oven)
- Vizio Inc. (SmartCast TVs, V-Series Sound Bars)
Consumer Electronics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 956.12 Billion |
| Market Size by 2032 | USD 1775.27 Billion |
| CAGR | CAGR of 7.14% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Smartphones, Tablets, Desktops, Laptops/Notebooks, Digital Cameras, Hard Disk Drives, E-readers) • By Sales Channel (Offline, Online) |
| Key Drivers | • Rising income and urbanization drive growth in consumer electronics demand globally. • The rise of smart homes, transforming consumer electronics through IoT integration. |
Surging Demand for Smart Devices and 5G-Driven Innovations Propel Consumer Electronics Market Growth
The consumer electronics market is rapidly evolving, driven by technological advancements and shifting consumer preferences, particularly towards smart devices. The growing demand for IoT and AI-integrated products, such as smart home gadgets, is a key driver, with 65% of Americans now owning at least one smart device, up from 51% in 2023. Additionally, 37% of Americans plan to purchase smart home technology this year, a 68% increase from 2023, while 82% of renters express interest in smart devices. The expansion of 5G technology is also fueling growth, enabling faster connectivity for high-bandwidth applications like AR and VR. Leading companies, including Apple, Samsung, and Sony, are continually innovating with products like foldable smartphones and AI-powered home appliances.
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Smartphones and Offline Retail Driving Forces Behind the 2023 Consumer Electronics Market
Smartphones dominated the consumer electronics market in 2023, holding a 49% market share due to their widespread use and multifunctionality. Their ability to provide communication, entertainment, productivity, and digital services in one device has driven global adoption. The growing demand is further fueled by increasing internet usage, advancements in 5G technology, and smartphone innovations like AI-powered cameras and facial recognition. Leading brands such as Apple’s iPhone, Samsung’s Galaxy series, and Xiaomi’s Redmi series continuously launch cutting-edge products, keeping pace with consumer preferences and technological advancements, further boosting market growth.
In 2023, the offline sales channel dominated the consumer electronics market with a 58% market share. This traditional distribution method includes brick-and-mortar retailers, tech stores, and showrooms, allowing customers to interact with products firsthand before purchase. The ability to physically experience products, receive personalized assistance, and enjoy immediate transactions enhances the appeal of in-store shopping. Retail giants like Best Buy and Walmart leverage their extensive physical presence to offer a wide range of consumer electronics, ensuring customers have access to the latest devices and technologies.
Asia-Pacific Leads the Consumer Electronics Market as Latin America Grows Rapidly
The Asia-Pacific region led the consumer electronics market in 2023 with a notable 49% market share. Countries such as China, Japan, and South Korea are at the forefront of technological innovation, manufacturing, and consumption of electronic products. Rapid urbanization, increasing disposable incomes, and a heightened interest in smart devices are driving demand in this region. Prominent companies like Samsung and Sony have established strong manufacturing and research capabilities in APAC, consistently launching advanced products such as smartphones, smart TVs, and wearable technology.
Meanwhile, Latin America is poised to become the fastest-growing market, with a projected CAGR of 7.59% from 2024 to 2032, driven by a burgeoning middle class and greater adoption of digital technology. Brazil and Mexico are witnessing rising demand for electronic goods, particularly smartphones and smart home devices. The region's youthful population is eager to embrace new technologies, further supported by the expansion of e-commerce platforms that enhance product accessibility. Companies like LG and Motorola are capitalizing on this growth by introducing products tailored to local preferences, including affordable smartphones and energy-efficient appliances.
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Recent Development
- In September 2024, Apple launched the iPhone 16 series, enhancing camera technology, processing power, and battery life for better user experience.
- In August 2024, Samsung introduced the Galaxy Z Fold 5, featuring improved durability, enhanced multitasking, and a refined design for tech enthusiasts and professionals.
- In March 2023, Sony released the PlayStation VR2, a next-gen virtual reality headset for PS5, offering better graphics, ergonomics, and a wider field of view for gaming.
- In November 2023, Amazon unveiled the 5th generation Echo smart speaker, featuring improved sound quality and integrated smart home controls for a stronger smart home presence.
- In October 2023, GoPro launched the Hero 12 Black action camera, boasting improved stabilization, higher resolution, and advanced shooting modes for outdoor adventurers.
Table of Contents - Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Consumer Electronics Production Volumes, by Region (2023)
5.2 Consumer Electronics Design Trends (Historic and Future)
5.3 Consumer Electronics Capacity Utilization (2023)
5.4 Supply Chain Metrics
6. Competitive Landscape
7. Consumer Electronics Market Segmentation, by Product
8. Consumer Electronics Market Segmentation, by Sales Channel
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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