The Consumer Electronics Market size accounted for US$ 732.48 bn in 2021 and is expected to hit US$ 1.47 trillion by 2030, poised to grow at a CAGR rate of 5.3% from 2022 to 2030.
Consumer electronics include any electronic equipment that serves its intended use in daily life. Electronic devices are mainly powered by semiconductor technology. These devices are used for telecommunications, home/office appliances, and entertainment. Most products rely on digital and information technology. Home appliances are a wide range of electronic devices that perform one or more functions in a home or for a specific person.
Initially, the phrase referred to electrical appliances placed or used exclusively within a home or residence. However, it now includes mobile and computing devices that can be easily moved outside the home, such as cell phones and tablet PCs. As a result, there are a variety of home appliances on the market, such as TVs, refrigerators, washing machines, computers, laptops, tablets, and more.
Market Dynamics:
Drivers:
The income level of the world's population is rising, so you can spend more on your home and install the latest technology in your home. Moreover, the increasing trend of including smart devices in homes will contribute to the market’s growth. Product consumption is expected to increase when innovative household products are launched on the market.
The flexible screen technology allows it to be rolled up after use or when unnecessary. Therefore, strong growth in this market is expected in the coming years due to a large number of modernized households across the globe.
Restraints:
Low market penetration in certain underdeveloped countries due to lack of access to electricity and depressed economic conditions is expected to impact market growth. As a result, the final product is limited to high-income groups of the population. This is highly likely to limit the consumer electronics market expansion of premium home appliances.
Key players:
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Samsung Electronics
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Lg Electronics Inc.
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Koninklijke Philips N.V.
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Sony Corporation
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Panasonic Corporation
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Dell Inc.
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Toshiba Corporation
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Xiaomi Corporation
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Electrolux Ab
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Haier Group
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The Liebherr Group
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Whirlpool Corporation
Market Segmentation:
Consumer Electronics Market, By Product
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Smartphones
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Desktops
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Tablets
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Laptops & Notebooks
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Digital Cameras
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eReaders
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HDD
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Television
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Refrigerators
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Washing machine
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Air Conditioners
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Others
Consumer Electronics Market, By Distribution Channel
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Online
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E-Commerce Websites
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Company-Owned Websites
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Offline
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Hypermarkets & Supermarkets
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Departmental Stores
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Specialty Stores
Consumer Electronics Market, By Application
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Personal
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Professional
Consumer Electronics Market, By Type
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Conventional
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Smart
Consumer Electronics Market, By Technology
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Near Field Communication (NFC)
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Magnetic Secure Transmission (MST)
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Artificial Intelligence
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VR (Virtual Reality) Technology
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Generation PCL Technology
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Others
Consumer Electronics Market, By Geography
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North America
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U.S.
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Canada
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Europe
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U.K.
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Germany
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France
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Asia-Pacific
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China
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India
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Japan
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South Korea
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Malaysia
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Philippines
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Latin America
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Brazil
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Rest of Latin America
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Middle East & Africa (MEA)
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GCC
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North Africa
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South Africa
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Rest of the Middle East & Africa
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Regional Analysis:
North America was the dominant market in 2021. Consumers' high disposable income, huge demand for luxury and premium products, high standard of living, high adoption of the latest technology, and the presence of top players in the region are just a few. It is one of the major factors driving the North American home appliance market.
Asia Pacific is estimated to be the fastest-growing market during the forecast period. Asia Pacific is witnessing strong economic growth due to rapid industrialization. Favorable government policies in countries such as China and India are attracting massive regional FDI. Top companies are building manufacturing facilities because factors of production in the region are cheaply available. China and India are becoming global manufacturing hubs for electronics.
Additionally, Taiwan and South Korea are among the top manufacturers of consumer electronics worldwide. Growing disposable income of consumers, the presence of a vast youth population, and the rising standard of living are the prominent factors expected to drive the growth of the Asia pacific home appliance market.
Scope of the Report:
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Report Metric |
Details |
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Market Size Available for Years |
2020–2030 |
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Base Year Considered |
2020 |
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Forecast Period |
2021–2030 |
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Forecast Unit |
Value (USD) |
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Segments Covered |
Offering, Technology, Application, End-User, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, and LAMEA |
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Companies Covered |
Samsung Electronics, Lg Electronics Inc., Koninklijke Philips N.V., Sony Corporation, Panasonic Corporation, Dell Inc., Toshiba Corporation, Xiaomi Corporation, Electrolux Ab, Haier Group, The Liebherr Group, Whirlpool Corporation |
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Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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