Consumer Electronics Market Size By Product (Audio & Video Equipment [Personal, Professional], Major Household Appliance, Small Household Appliance, Digital Photo Equipment [Personal, Professional]), By Application (Personal, Professional), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026

Published Date: Aug 2020  |  Report ID: GMI2383  |  Authors: Preeti Wadhwani, Prasenjit Saha

Report Format: PDF   |   Pages: 325   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Consumer Electronics Market size valued at USD 1 trillion in 2019 and is estimated to grow at a CAGR of over 7% between 2020 and 2026. Continuous investments by industry players in R&D for development of new consumer electronic products including smartphones, smart wearables, and home appliances will drive the market growth.
 

Rapidly increasing penetration of internet connectivity & services in several developed and developing economies across the globe is providing robust growth opportunities for the consumer electronics market. According to the market data by the China Internet Network Information Center, internet penetration reached 61.2% in 2019, increasing by 1.6% compared to 2018. The Central Intelligence Agency reported 62.9 million active internet users in the UK as of 2019.
 

Consumer Electronics Market

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The industry trends of incorporating microLED technology in televisions and large displays are expected to augment the market size of audio and video consumer electronics over the coming years. Leading market players are investing heavily in the development of this technology to cater to the high consumer demand. For instance, in January 2020, LG and Samsung, leading consumer electronics manufacturers, announced their plans to launch microLED TVs for residential and commercial applications. The ability of this technology to provide high contrast and brightness compared to conventional LEDs is expected to enhance its market representation.
 

Short product lifecycles and increasing product variants are posing significant challenges to the consumer electronics industry growth. Dynamically changing technology landscape is encouraging consumers to shift to electronics integrated with latest technologies. This has led to rapid reduction in the product lifecycle of consumer electronics, such as smartphones, televisions, and cameras, hampering market demand. Manufacturers are facing challenges of reducing their product development time and time-to-market to sustain in the highly competitive market.
 

The rapid spread of COVID-19 pandemic, since the beginning of January 2020, has adversely impacted the consumer electronics sector. Several factors including disruptions in supply chain & logistics, restrictions on trade, and acute shortage of raw materials have hampered the production capacity of consumer electronics manufacturers. Companies including Samsung, Apple, and LG suspended their production in several countries including India, Malaysia, and China to comply with government regulations and contain virus spread. According to the industry forecast, the market is expected to regain momentum in Q1 of 2021.
 

Consumer Electronics Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 1,000 Billion (2019)
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 7% 2026 Value Projection: USD 1,500 Billion (2026)
Pages: 325 Tables, Charts & Figures: 447
Geographies covered (16): U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa
Segments covered: Product, Application
Companies covered (47): AB Electrolux, Acer, Inc., Apple Inc., Best Buy Co., Inc., Bose Corporation, Canon, Inc., David Clark Inc., Dell Inc., Fujifilm Corporation, Fujitsu General Electric, Gionee Communication Equipment Co. Ltd., Google, Inc., GoPro, Inc., Haier Corporation, Hisense Kelon Electrical Holdings Co. Ltd., Hitachi, Ltd., Hewlett-Packard Company, Huawei Technologies Co. Ltd., iON Worldwide LLC, JVCKenwood Corporation, Koninklijke Philips N.V. (E & H), Lenovo Inc., Logitech International S.A., LG Corporation, Meizu Telecom Equipment Co. Ltd., Microsoft Corporation, Micro-Star International Co. Ltd. (MSI), Nikon Corporation, Olympus Corporation, Oneplus, OPPO, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corporation, Sennheiser Electronic, Sonos, Inc., Siemens AG, Skyworth Digital Holdings Ltd., Sony Corporation, TCL Corporation, Toshiba Corporation, Vivo Communication Technology Co. Ltd., Walton Group, Whirlpool Corporation, ZTE Corporation
Growth Drivers:
  • Advanced technologies in earphones & headphones
  • Rising demand for technologically advanced large sized TVs
  • Increasing consumer disposable income and spending capacity
  • Growing penetration of smartphones
  • Rising construction and mining activities in Latin America
  • Stringent energy efficiency regulations in North America
  • Government initiatives for replacement of obsolete products in Europe
Pitfalls & Challenges:
  • Rising unemployment rates in several countries across the globe
  • High availability of counterfeit products

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Advanced features and convenience of operation is driving the market revenue

The audio & video consumer electronics market held over 70% share in 2019 owing to integration of advanced features, such as voice assistant-enabled control and enhanced connectivity. Proliferation of voice assistants in residential and commercial sectors is disrupting the market. Voice assistants, such as Alexa, Siri, and Google Home, enable consumers to monitor and control their devices with a simple voice command. Integration of voice assistant with personal consumer electronics, such as speakers and earphones, will provide a positive outlook. New product launches by consumer electronics manufacturers are also influencing market statistics.
 

High demand for personal consumer electronics due to decrease in price

North America Consumer Electronics Market By Application

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The Canada personal application segment size was over USD 25 billion in 2019 and is expected to witness growth rate of more than 7% through 2026. This growth can be attributed to increasing disposable income and spending capacity of consumers. Declining prices of personal consumer electronics, such as smartphones, Bluetooth speakers, earphones, and wearables, are also contributing to the growing market demand for these devices.  
 

Rising safety concerns in Asia Pacific region will fuel the market demand

Asia Pacific Consumer Electronics Market By Countries

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The Asia Pacific consumer electronics market revenue is poised to reach USD 650 billion by 2026, growing at 8% CAGR during the forecast period. Rapidly growing urbanization and population growth in the region are driving the adoption of consumer electronics in middle and high-income households. Availability of low-cost consumer electronic products, such as smartphones and TVs, from several local brands is supporting their adoption in low income groups. Increasing awareness related to upcoming technologies among the youth is also augmenting the demand in these markets.  
 

The growing demand is encouraging market leaders to launch new products in the household consumer electronics segment. For instance, in February 2020, Panasonic announced its plans to launch several new connected home appliances for Japanese and Indian markets. The new consumer electronic products in the enhanced product portfolio include smart LED and OLED TVs, kitchen appliances, and personal care consumer electronics.
 

Aggressive acquisition strategies adopted by industry players

Companies operating in the consumer electronics industry are laying emphasis on acquiring other firms operating in the ecosystem. Acquisitions aid market players to enlarge their customer bases and significantly increase their market shares. For instance, in September 2019, Logitech International announced its plans to acquire San Francisco-based Streamlabs, Inc. This acquisition aided the company to enhance its software and technology expertise to produce innovative products.
 

Other significant strategies adopted by the market participants include product innovations, new product launches, and business expansions in new geographic areas. For instance, in 2019, Apple opened its retail stores in six new locations in countries including Japan, Singapore, Mexico, and Taiwan. These authorized dealer stores aided the company to increase its market revenues from these locations.
 

Key consumer electronics market players include AB Electrolux, Apple Inc., Bose Corporation, Canon, Inc., Dell Inc., LG Corporation, Fujifilm Corporation, General Electric, Google, Inc., Haier Corporation, Hitachi, Ltd., Hewlett-Packard Company, Huawei Technologies Co. Ltd., Acer, Inc.,  Koninklijke Philips N.V. (E & H), ZTE Corporation, Lenovo Inc., Siemens AG Logitech International S.A., LG Corporation, Microsoft Corporation, Oneplus, OPPO, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sennheiser Electronic, and Sony Corporation.
 

The market research report on consumer electronics includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in million units from 2020 to 2026 for the following segments:
 

Market, By Product

  • Audio & video equipment 
    • Personal
    • Professional
  • Major household appliance
  • Small household appliance
  • Digital photo equipment 
    • Personal
    • Professional

Market, By Application

  • Personal
  • Professional

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
       

Frequently Asked Questions (FAQ) :

The market size of consumer electronics valued at USD 1 trillion in 2019.
The industry share of consumer electronics is estimated to grow at a CAGR of over 7% between 2020 and 2026.
The Asia Pacific may emerge as a major revenue pocket owing to rising urbanization trends, increasing populace, and growing consumer purchase parity. APAC market size may hit USD 650 billion by 2026, registering 8% CAGR throughout the forecast period.
In North America, these products will gain extensive traction in Canada, given the increasing disposable incomes and rising spending capability of consumers. Canada personal application segment was worth USD 25 billion in 2019 and may record 7% CAGR through 2026.
The COVID-19 outbreak has led to major disruptions in supply chain & logistics and has also caused acute labor shortage, which may negatively impact this industry through 2020, while it is expected to pick pace by early next year.
The integration of features such as enhanced connectivity and voice assistant-enabled control will push audio & video consumer electronics segment, that accounted for 70% revenue share in 2019.

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Premium Report Details

  • Published Date: Aug 2020
  • Pages: 325
  • Tables: 395
  • Charts / Figures: 52
  • Companies covered: 47
  • Countries covered: 16

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