Global Consumer Electronics Market Sees Astounding Growth:

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Dublin, Aug. 23, 2023 (GLOBE NEWSWIRE) — The “Global Consumer Electronics Market: Analysis By Product (Telephony, Computing, TV, Radio, and Multimedia, TV Peripheral Devices and Drones), By Application (Personal and Professional), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.

The global consumer electronics market has experienced remarkable growth, reaching a valuation of $997.89 billion in 2022, with projections indicating further expansion to $1.38 trillion by 2028.

This market encompasses a wide array of electronic devices and gadgets designed for personal use, including smartphones, computers, televisions, audio systems, gaming consoles, wearable devices, and home appliances.

Driven by advanced technologies like wireless connectivity, touchscreens, and artificial intelligence, these products cater to communication, entertainment, productivity, and convenience needs.

Market Segmentation Analysis

The market segmentation analysis highlights significant insights:

  • By Product: The market can be divided into segments such as Telephony, Computing, TV, Radio, Multimedia, TV Peripheral Devices, and Drones. The Telephony segment dominated in 2022, driven by technological advancements and services adoption. The deployment of 5G networks promises revolutionary changes in mobile communication, offering faster data speeds and improved call quality. The TV peripheral devices segment is expected to experience rapid growth during the forecasted period due to technological advancements in TV resolution, the rising popularity of streaming content, and the prominence of online sales.
  • By Application: Consumer electronics cater to both Personal and Professional applications. The Personal application segment holds the largest share and is anticipated to be the fastest-growing segment. These devices have become integral to modern personal life, serving communication, entertainment, productivity, health, and other needs. Professionals also rely heavily on smartphones, tablets, and laptops for staying connected and communicating with colleagues, clients, and partners.
  • By Region: The global consumer electronics market is divided into major regions including Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Asia Pacific leads the market, driven by strong economies such as China, India, Japan, and South Korea. These nations contribute significantly to the global manufacturing and supply of consumer electronics. China is a major producer of computers and mobile phones, while Japan boasts prominent players like Toshiba, Panasonic, Sony, and more. India’s consumer electronics industry is optimistic about technology adoption and local manufacturing under the Make-in-India initiative. Europe, particularly the UK, excels in research and development, offering a competitive edge in product innovation and technology.

Global Consumer Electronics Market Dynamics

Growth Drivers:

The consumer electronics market is propelled by the robust demand for smartphones. Technological advancements and enticing features are increasing their market share. Beyond communication, smartphones serve as cameras, gaming devices, music players, navigation systems, and more. Rising disposable income, e-commerce expansion, wearable devices’ popularity, adoption of artificial intelligence, growth in the residential sector, smart speaker usage, and more are also driving the market.

Challenges:

Counterfeit products pose a serious threat, eroding consumer trust and brand reputation. Lack of infrastructure and electricity constraints in less developed economies hinder consumer electronics adoption. Digital literacy is also lacking in some regions, impacting product operation.

Market Trends:

5G networks’ emergence is shaping the market, making devices like smartphones, tablets, and laptops more attractive. The increased speed and connectivity of 5G enable the adoption of smart devices and the digitalization of various aspects of life. Internet of Things (IoT) growth, social commerce, advancements in AR/VR, sustainability, E-Mobility, and other trends are expected to drive the market further.

Impact Analysis of COVID-19 and Way Forward

The COVID-19 pandemic initially impacted consumer electronics sales, especially premium products. Remote work and increased home time led to a focus on home entertainment, fitness, and personal productivity. The market experienced fluctuations but is now moving towards normalization. Manufacturers are enhancing device performance, connectivity, and features to meet evolving consumer needs. The rollout of 5G networks has gained momentum post-COVID, offering improved speed and connectivity.

Competitive Landscape and Recent Developments

The global consumer electronics market is consolidated, with the top players holding a significant market share. Industry consolidation and innovation cycles driven by new products and consumer spending characterize the sector. Key players in the global consumer electronics market include:

  • 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

These players are at the forefront of innovations, aiming to meet evolving consumer needs and preferences while driving the growth of the global consumer electronics market.

Key Attributes:

Report Attribute Details
No. of Pages 149
Forecast Period 2023 – 2028
Estimated Market Value (USD) in 2023 $1.02 Trillion
Forecasted Market Value (USD) by 2028 $1.38 Trillion
Compound Annual Growth Rate 6.2%
Regions Covered Global

Key Topics Covered:

1. Executive Summary

2. Introduction
2.1 Consumer Electronics: An Overview
2.1.1 Introduction to Consumer Electronics
2.1.2 Types of Consumer Electronics
2.2 Consumer Electronics Segmentation: An Overview
2.2.1 Consumer Electronics Segmentation

3. Global Market Analysis
3.1 Global Consumer Electronics Market: An Analysis
3.1.1 Global Consumer Electronics Market: An Overview
3.1.2 Global Consumer Electronics Market by Value
3.1.3 Global Consumer Electronics Market by Product (Telephony, Computing, TV, Radio, and Multimedia, TV Peripheral Devices and Drones)
3.1.4 Global Consumer Electronics Market by Application (Personal and Professional)
3.1.5 Global Consumer Electronics Market by Region (Asia Pacific, Europe, North America, Latin America and Middle East and Africa)
3.2 Global Consumer Electronics Market: Product Analysis
3.2.1 Global Consumer Electronics Market by Product: An Overview
3.2.2 Global Telephony Consumer Electronics Market by Value
3.2.3 Global Computing Consumer Electronics Market by Value
3.2.4 Global TV, Radio, and Multimedia Consumer Electronics Market by Value
3.2.5 Global TV Peripheral Devices Consumer Electronics Market by Value
3.2.6 Global Drones Consumer Electronics Market by Value
3.3 Global Consumer Electronics Market: Application Analysis
3.3.1 Global Consumer Electronics Market by Application: An Overview
3.3.2 Global Personal Consumer Electronics Market by Value
3.3.3 Global Professional Consumer Electronics Market by Value

4. Regional Market Analysis

5. Impact of COVID-19
5.1 Impact of COVID-19 on Global Consumer Electronics Market
5.2 Post COVID-19 Impact on Global Consumer Electronics Market

6. Market Dynamics
6.1 Growth Drivers
6.1.1 Growing Demand for Smartphones
6.1.2 Rising Disposable Income
6.1.3 E-Commerce Expansion
6.1.4 Rising Popularity of Wearables
6.1.5 Adoption of Artificial Intelligence
6.1.6 Growth in Residential Sector
6.1.7 Favorable Government Initiatives
6.1.8 Increasing Use of Smart Speakers
6.2 Challenges
6.2.1 Counterfeit Products
6.2.2 Low Penetration in Less Developed Countries
6.3 Market Trends
6.3.1 Emergence of 5G Networks
6.3.2 Rise of Internet Of Things (IoT)
6.3.3 Increasing Popularity of Social Commerce
6.3.4 Advancement in AR/VR
6.3.5 Sustainability
6.3.6 E-Mobility

7. Competitive Landscape
7.1 Global Consumer Electronics Players by Market Share

8. Company Profiles

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