Consumer Electronics Market

Market Size & Share (2024-2033)

As of 2022, the global demand for the market valued at US$ 724,968.9 Mn and is forecasted to have a sales revenue of US$ 1,255,694.4 Mn by the end of 2033. The market is predicted to progress at a CAGR of 5.2% from 2024-2033.

Consumer electronics (CE) refers to any electronic device designed to be purchased and used on a regular basis by end users or consumers. A broad category of consumer electronics that includes TVs, VCRs, radios, hi-fi stereo, home theatre, handheld and software-based games, smartphones, tablets, smartwatches, and internet-connected appliances. consumer electronics are a type of electronic, computing, and communication device that is widely used.

The significance of consumer electronics is that they make our lives easier. Consumer electronics devices, such as personal computers and smartphones, television sets and audio equipment, and even cutting-edge smart home appliances, are essential, if not indispensable, components of everyday life. Continued technological innovation and increasing innovation among consumers are key factors in the continued growth of consumer electronics demand, as well as the positive future economic outlook for consumer electronics device manufacturers.

Consumer electronics has resulted in a surge in demand for consumer electronics for remote working and home entertainment. The growing popularity of smart and technological devices has resulted in a significant increase in demand across regions. Consumer demand is also being fueled by new product launches and innovative products. Consumer spending is increasing as a result of increased disposable income and rising living standards. All of these factors have benefited the consumer electronics industry significantly.

Rising demand for electronic devices and increased availability of technology, and technological advancements resulting in a lower threshold for using them are all factors contributing to this increase.

In terms of the regional market landscape, the market in North America held a dominant market share of 31.9% in the global landscape in 2022 and is expected to retain its dominant position throughout the forecast period. Meanwhile, demand for Consumer electronics in Europe region holds a 16.8% value share in global market in 2022.

Will a Rising Preference for The Smart Home Support the Adoption of Audio & Video Equipment?

“The consumer electronics market is dominated by audio and video equipment.”

The proliferation of smartphones and the growing preference for smart homes will boost demand for audio and video equipment. Consumers can control their home appliances using voice assistants such as Google Home, Siri, and Alexa. The integration of consumer electronics such as speakers and earphones with voice assistance equipment will boost market prospects.

• In May 2023, Google is developing new technology to enhance voice assistant features such as Google may store user audio recordings on the device and use them to improve its voice recognition technology.
• In Oct 2023, Stats Perform, a sports technology company, partnered with AI specialist Veritone to provide intelligently generated audio to its industrial customers, which include rights holders, content creators, and bookmakers.

Is the U.S. Consumer Electronics Market a Remunerative One?

“Investments in Advance electronic Devices is Development to Create New Opportunities”

The U.S. is the most lucrative market for consumer electronics in the North American region and is expected to maintain this position across the forecast period as well.

Demand for consumer electronics in this country can be ascribed to the integration of advanced technologies, and growing demand for advanced devices and electronic components. The current busy schedule of US citizens has compelled them to lean toward a digital existence. The proliferation of smart technologies has played a significant role in facilitating a specific shift in the United States from a general to a digital lifestyle. Aside from that, due to our busy lifestyles, automation for daily tasks is highly preferred. This is an indication that revenue for consumer electronics manufacturers will rise in the near future.

Recognizing the importance of innovation in driving growth, regional associations are actively organizing trade shows and expos. For example, CTA (Consumer Technology Association), an association that represents the consumer technology industry in the United States, annually organizes CES (Consumer Electronics Show), a global annual trade show to promote and accelerate technological innovation in order to transform consumers' experiences with electronic products.

In 2022, the U.S. consumer electronics companies helped the country to account for a dominant share of 20.4% in the global marketplace.

How Will Consumer Electronics Market Demand Fare in China?

“Growing Advanced Technology and making lives easier Expected to Provide Attractive Business Scope”

China is a major producer of electronic components and raw materials. China had a significant impact on the electronic product supply chain. Due to increased usage convenience, appliances equipped with voice assistance, Bluetooth, and WI-Fi connectivity are being adopted in China.

Players are attempting to attract customers by including a variety of features in their devices. As a result, technological advancement and a preference for smart devices are likely to fuel the growth of the consumer electronic market.

The China market is estimated to expand at an impressive 16.1% CAGR over the next ten years.

Which Countries in Europe have the high global Markets for Consumer Electronics Market?

“Germany & United Kingdom to be Opportune Regional Markets”

Adoption and penetration of consumer electronic devices such as smartphones, televisions, personal computers, camcorders and cameras, and others are high in terms of both volume and value. Players are concentrating their efforts in Germany to improve their business operations. Companies in the consumer electronics industry are investing in or collaborating with other players in their core business or parallel business categories to promote R&D.

Demand for consumer electronics in Germany is anticipated to be 12.2% global market share.

Category-wise Insights

Which Consumer Electronics Market Device Spearheads Revenue Generation in This Market?

“Smartphone Slated to Drive Market at Notable Pace”

Based on type, the market is segmented into smartphones, smart TVs, personal computers, digital camcorders & cameras, and game consoles.

In 2022, smartphone held a whopping 13.4% of the global market share and is expected to maintain a similar stance over the next ten years while the demand for the technology would continue to rise. The deployment of advanced technologies and innovations, and the user numbers for it are tremendously increasing, and creating efficient consumer electronics is expected to boost market potential in the future.

Smartphones are becoming an integral part of many people's lives and have become the most common electronic device due to changes in people's lifestyles, where having a smartphone has become the norm.

Competitive Landscape

The global consumer electronics market's key players are focusing on business strategies such as mergers and acquisitions and geographical expansion. Furthermore, market participants are concentrating on product development and enhancement in order to gain a competitive advantage over others.

• In Sep 2022, Tietoevry and Bose began collaborating in 2021, focusing initially on consumer electronics development. The companies' agreement has now been expanded to include capabilities for developing automotive sound systems.
• In Jul 2022, Bosch, a German and global supplier that is the automotive industry's leading company for semiconductor development and manufacturing, is expanding its semiconductor manufacturing capacity.

Recent developments related to key players providing Consumer Electronics have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Consumer Electronics Industry Report Scope

Key Segments of Consumer Electronics Industry Research

By Device Type:

• Wearable Device
• Smart Home Device

By Consumer Electronic Device:

• Smartphone
• Feature Phone
• Tablet
• Smart TV
• Other TV
• Set-top Box
• Personal Computer
• Digital Camcorder & Camera
• Digital Media Adapter
• Game Console
• Printer
• Other Consumer Electronic Device

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

To know more about delivery timeline for this report Contact Sales