Consumer Electronics Market: Current Analysis and Forecast (2023-2030)

Report Description

The global consumer electronics market was valued at USD 700 billion in 2022, growing at a CAGR of 7% during the forecast period from 2023-2030. Electronics devices are highly penetrated products among a wide range of technical consumer goods in households. On one side, television sets with wider screen sizes are receiving popularity, whereas, on the other side, the miniaturization of electrical components is on the rise. The main focus of manufacturers is on developing high-performing and convenient-to-use devices owing to the increasing consumer demand for electronics goods.  The growing demand for consumer electronics market can be attributed to the increase in the number of demand from households, changing lifestyles of individuals and others have become increasingly attractive to investors owing to the technology-driven innovations contributing to market penetration. For instance, in August 2022, Samsung launched its new AI-powered washing machine that will enable the user to customize clothes washing styles. This is expected to increase the company’s portfolio of advanced home appliances. Furthermore, the surging investments by the top market players in the research and development and innovation are resulting in the new product launches with latest and innovative features. For example, Philips invested more than US$ 500 million in the first quarter of 2021 towards the research and development purpose.

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 are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst product type, the category is expected to witness considerable CAGR during the forecast period”

Based on the product type, the consumer electronics market is segmented into electronics device 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.

“Amongst distribution channel, the offline category is expected to witness considerable CAGR during the forecast period”

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.

Consumer Electronics Market Report Coverage

“Asia Pacific to witness significant growth high CAGR during the forecast period”

The Asia Pacific market is expected to register highest growth rate in the forecast period due to presence of leading players as Samsung, LG, Sony and Panasonic in countries like Japan, Korea and China. Higher demand for Asian consumer electronics from western countries has further boosted the market growth. For instance, as per data by The Japan Electronics and Information Technology Industries Association, in Japan, the production of computers and information terminals was valued at 1,041,122 million yen in 2017 and increased by 1,251,283 million yen in 2019.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

Global consumer electronics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Global Consumer Electronics Market Analysis (2023-2030)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global consumer electronics market were the three major steps undertaken to create and analyze the adoption of consumer electronics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global consumer electronics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the consumer electronics market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the consumer electronics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the product type and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of increase in the number of demand from households and  changing lifestyles of individuals. globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the consumer electronics market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global consumer electronics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the consumer electronics market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global consumer electronics market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global consumer electronics market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type and distribution channel in the global consumer electronics market.

The main objective of the Global Consumer Electronics Market Study

The current & future market trends of the global consumer electronics market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the consumer electronics market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product type and distribution channel.
• Define and analysis of the regulatory framework for the consumer electronics market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the consumer electronics market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the consumer electronics market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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