Rising Household Demand and integration of advanced technologies has Propelled the Growth of Consumer Electronics in the North America Region!

• Vikas Kumar
• November 17, 2023
• NEWS, TELECOM & IT
• Consumer Electronics Market Analysis, Consumer Electronics Market Forecast, Consumer Electronics Market Growth, Consumer Electronics Market Outlook, Consumer Electronics Market Share, Consumer Electronics Market Size, Consumer Electronics Market Trends
• 0 Comments

North America holds dominant share owing to the high demand for monitors, speakers and wearables and expected to retain its dominant position throughout the forecast period. The growing trend of gaming is further likely to increase the demand for video games, gaming monitors, and consoles in the region. For instance, as per the data published by the Consumer Technology Association, the population in the U.S. is likely to spend about USD 528 on average on technology-based items that include video game consoles, laptops, wearables and TVs in the holiday season of 2020.    

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Further, the U.S. is the most lucrative market for consumer electronics in the North American region.  The demand for consumer electronics in this country can be ascribed to the integration of advanced technologies and growing demand for advanced devices and electronics components. The current busy schedule of US citizens has compelled them to lean forward 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 near future.

The demand for consumer electronics in North American region is rising due to the high disposable income of the consumers, huge demand for the luxury and premium products, high standard of living, higher adoption of the latest technologies, and the presence of the top players in the region are some of the prominent factors that has driven the North America consumer electronics markets influencing consumers to opt for consumer electronic products and their overall accessories.

Based on the product type, the consumer electronics market is segmented into electronics devices and home appliances. Electronics devices further segmented into television, computer, digital camera & camcorders and others. Home appliances further segmented into refrigerator, washing machine, air conditioner and others. The electronics segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe due to various factors such as higher household penetration of TVs, computers, tablets and laptops. 

Based on the distribution channel, the market is fragmented into online and offline. The offline segment grabbed a considerable market share and it is expected to grow at a significant CAGR during the forecast period due to various factors such as the presence of huge number of consumer electronic stores, small retail stores, supermarkets, and specialty electronic stores made the offline segment the most preferred distribution channel for the customers.

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Global Consumer Electronics Market Segmentation

Market Insight, by Type

• Electronics Devices
• Home Appliances

Market Insight, by Distribution Channel

• Online
• Offline

Market Insight, by Region

• North America
  • United States
  • Canada
  • Rest of North America
• Europe
  • France
  • Germany
  • Italy
  • Spain
  • United Kingdom
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Australia
  • Japan
  • Rest of Asia-Pacific
• Rest of World

Top Company Profiles

• Samsung Electronics Co Ltd
• LG Electronics, Inc.
• Sony Group Corp
• Mitsubishi Electric Corp
• Panasonic Holdings Corp
• Hitachi, Ltd.
• Electrolux AB Class B
• Sennheiser electronic GmbH & Co. KG
• Zte Ord Shs A
• Lenovo Group Ltd