Dublin, Nov. 12, 2024 (GLOBE NEWSWIRE) -- The "Consumer Electronics Market: Analysis By Product (Telephony, Computing, TV, Radio, and Multimedia, TV Peripheral Devices and Drones), By Application (Personal and Professional), By Distribution Channel, By Region Size and Trends - Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global consumer electronics market value in 2023 stood at US$1.03 trillion, and is likely to reach US$1.57 trillion by 2029. The global consumer electronics market is projected to grow at a CAGR of 7.37% during the forecast period of 2024-2029.
Consumer electronics refers to a broad category of electronic devices and gadgets that are designed and manufactured for personal use by consumers. These products, including smartphones, computers, televisions, audio systems, gaming consoles, wearable devices, and home appliances, cater to communication, entertainment, productivity, and convenience needs. They incorporate advanced technologies like wireless connectivity, touchscreens, and artificial intelligence.
In recent years, the demand for consumer electronics has been growing, driven by the emergence of 5G networks and rise in Internet of Things. A new trend displays manufacturers opting for sustainable practices into their business to meet consumer expectations. As the consumer preferences changes, the consumer electronics market is expected to deepen its offering in specific niche. New marketing techniques and advanced innovations along with rise in social commerce would further boost the consumer electronics market in the forthcoming years.
Also, the growing trend towards a connected and intelligent home has led to the introduction of new smart devices to the market and continues to drive market growth. Although the consumer electronics market has already matured, it is anticipated that the adoption of new technologies would support volume growth.
Asia Pacific holds the largest share of the global consumer electronics market. The Southeast Asia region is home to some of the strongest economies in the world. They have been leading the technological change worldwide for more than two decades. China, India, Japan and South Korea are the exclusive contributors to the manufacturing and supply of consumer electronics globally.
China is the world's leading producer of computers, mobile phones, and other consumer electronics, and has become a major supplier of components for the world's electronics industry. Japan is famous for being the home of many of the big names in the global consumer electronics market such as Toshiba, Panasonic, Sony, Nikon and Hitachi. On the other hand, the Indian consumer electronics industry is very optimistic and has desire to adopt new technology and manufacture locally under Make-in-India. All these factors open up greater opportunities for consumer electronics market to flourish.
The European consumer electronics market is characterized by strong research and development infrastructure, robust governmental support, and significant industry applications. Furthermore, UK has a strong tradition of innovation and research in electronics, engineering and manufacturing, which gives it a competitive edge in developing new products and technologies.
Market Segmentation Analysis:
By Product: Based on the product, the global consumer electronics market can be segmented into five segments: Telephony, Computing, TV, Radio, and Multimedia, TV Peripheral Devices and Drones.
In 2023, Telephony segment dominated the consumer electronics market, owing to the adoption of various technologies and services. Additionally, the deployment of 5G networks promises to revolutionize telephony by offering faster data speeds, reduced latency, and improved call quality, especially for mobile communication. During the forecasted period of 2024-2029, TV peripheral devices is the fastest growing segment.
The growth of the market is driven by several factors, including technological advances in TV resolution, the rising popularity of OTT content in smart TV, and the growing prominence of online sales. The rise of streaming services like Netflix, Amazon Prime Video, Hulu, and Disney+ is fueling the demand for streaming devices. Therefore, the market for TV peripheral devices would foresee immense growth in the upcoming years.
By Application: The report provides the consumer electronics market analysis based on the application: Personal and Professional.
Personal application segment has the largest share and is expected to be the fastest-growing segment in the forecasted period. Consumer electronics have become an integral part of modern personal life, catering to communication, entertainment, productivity, health, and various other needs. Even for professional application, smartphones, tablets, and laptops are essential tools for professionals to stay connected and communicate with colleagues, clients, and partners.
By Distribution Channel: The report provides the consumer electronics market analysis based on the distribution channel: Offline and Online.
In 2023, offline segment dominated the consumer electronics market as consumers often prefer in-store shopping for electronics because it allows them to physically inspect products, test features, and receive personalized assistance from sales staff. Additionally, brick-and-mortar stores often offer immediate availability, allowing for quicker purchases compared to online delivery times. Retailers also boost foot traffic through in-store promotions and exclusive deals.
Though, during the forecasted period of 2024-2029, online segment is the fastest growing segment due to the increasing adoption of e-commerce platforms and the convenience they offer. The rise of digital payment solutions, better logistics, and faster delivery options have made online shopping more accessible and appealing. Moreover, the growing penetration of smartphones and internet access, especially in emerging markets, is further driving the shift towards online purchases.
Impact Analysis of COVID-19 and Way Forward:
The coronavirus (COVID-19) pandemic had a wide-ranging impact on sales of consumer electronics. The economic impact of the pandemic has resulted in reduced consumer spending, especially on non-essential items. This has led to a temporary decline in sales of certain consumer electronics products, particularly high-priced items such as premium laptops and smartphones.
With people spending more time at home, there has been greater emphasis on home entertainment, fitness, and personal productivity. After solid growth in consumer electronics demand, fueled by remote work and increased time spent at home, the market has now entered a normalization phase, intensified by the deterioration of the macroeconomic environment.
Post-COVID Companies have focused on improving devices' performance, connectivity, and features to meet the changing needs of consumers. The rollout of 5G networks has gained momentum post-COVID, offering faster speeds, lower latency, and improved connectivity.
Competitive Landscape and Recent Developments:
The global consumer electronics market is consolidated as top four players held almost 75% market share. After decades of strong growth, the consumer electronics market has reached a more mature stage, with cycles of growth dictated by new products, innovation, and consumer spending. Logically, the sector is now undergoing a consolidation phase, with leading players looking to grow earnings by generating economies of scale.
Some of the strategies among key players in the market are new launches and expansion. For instance, Samsung unveiled the 2023 line-up of Odyssey G9 OLED Gaming Monitors powered by Neo Quantum Processor Pro.
Market Dynamics
Growth Drivers
- Growing Demand for Smartphones
- Rising Disposable Income
- E-Commerce Expansion
- Rising Popularity of Wearables
- Adoption of Artificial Intelligence
- Growth in Residential Sector
- Favorable Government Initiatives
- Increasing Use of Smart Speakers
Challenges
- Counterfeit Products
- Low Penetration in Less Developed Countries
Market Trends
- Emergence of 5G Networks
- Rise of Internet of Things (IoT)
- Increasing Popularity of Social Commerce
- Advancement in AR/VR
- Sustainability
- E-Mobility
The key players in the global consumer electronics are:
- Apple Inc.
- Panasonic Corporation
- Microsoft Corp.
- Samsung Electronics Co., Ltd.
- LG Corporation
- Dell Technologies Inc.
- Huawei Investment & Holding Co. Ltd.
- Toshiba Corporation
- Hitachi, Ltd.
- Hewlett Packard Enterprise
- Canon Inc.
- Koninklijke Philips NV
- Sony Corporation
For more information about this report visit https://www.researchandmarkets.com/r/8uaza7
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