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Consumer Electronics Market - By Product (Audio & Video Equipment, Major Household Appliance, Small Household Appliance, Digital Photo Equipment [Personal, Professional]), By Application (Personal, Professional) & Forecast, 2021-2027

  • Report ID: GMI2383
  • Published Date: Jun 2021
  • Report Format: PDF

Industry Trends

Consumer Electronics Market size was valued at over USD 1 trillion in 2020 and is estimated to grow at a CAGR of more than 8% from 2021 to 2027. Rapidly increasing internet penetration across the globe will drive the market growth.

Consumer Electronics Market Overview

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Consumer electronics are electronic equipment for non-commercial use. Consumer electronics include devices that provide one or more functionalities such as computers, laptops, mobile devices, smart wearables, television sets, refrigerators, smartphones, and home appliances.

Continuous investments by market players in R&D for the development of new consumer electronic products with enhanced features will fuel the industry growth of consumer electronics. For instance, Philips spent USD 506.14 million in R&D activities in the first quarter of 2021. Philips invests significantly in R&D and innovation through its innovation 2025 transformation program. Aggressive investments in R&D and the expansion of geographic presence to meet growing consumer demands will spur the growth of consumer electronics.

The market is one of the fastest-growing industries attributed to the emergence of new technologies. Rapid advancements in technology to cater to consumer demands will create market opportunities during the forecast period. The market trend of integrating microLED technology into televisions for high-resolution density will augment the market expansion. Prominent market leaders including LG, Sony, Samsung, and others have launched microLED TVs for commercial and residential uses.

Short product lifecycles and the availability of counterfeit products pose significant challenges to the market progression. The rapidly changing technological landscape is encouraging consumers to adopt new gadgets integrated with the latest technologies. This has led to a rapid reduction in the product lifecycle of consumer electronics, such as smartphones, laptops, cameras, and televisions, restraining the market demand. The emergence of new smartphones with multiple cameras and high-resolution displays has posed a significant threat to digital photo equipment. Furthermore, digital photo equipment is expensive and complex to operate, reducing their demand among the youth population.

The COVID-19 pandemic adversely affected the consumer electronics market during the first quarter of 2020. Companies including Sony, LG, Samsung, and Apple suspended their production in several countries to comply with government regulations and contain the virus spread. The electronics industry regained momentum in the first quarter of 2021. The other factors contributing to the industry expansion during COVID-19 are work from home policies and e-learning trends. The high demand for laptops, smartphones, and tablets due to e-learning and remote working practices resulted in the higher production of these electronics.

Rising preference for smart homes will support the adoption of audio & video equipment

The audio & video equipment segment dominated more than 60 % of the market share in 2020, with over 2,000 million new units sold. Proliferation of smartphones and growing preference for smart homes will augment the demand for audio & video equipment. The integration of advanced features, such as enhanced connectivity, voice assistant-enabled control and speech recognition, will impel the acceptance of audio & video equipment.

Voice assistants, such as Google Home, Siri, and Alexa, enable consumers to control their home appliances with a simple voice command. The integration of consumer electronics, such as speakers, and earphones, with voice assistant equipment, will provide a positive market outlook. In addition, product upgrades and new product launches by several consumer electronics companies to increase consumer experience are also driving the industry progression.

Increasing demand for personal consumer electronics owing to reduced prices

Consumer Electronics Market Size

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The personal application segment is anticipated to witness a 9% growth rate by 2027 on account of the growing spending capacity on discretionary products due to rising income. Falling prices of personal consumer electronics, such as Bluetooth speakers, earphones, smartphones, and smart wearables, are impelling the industry demand for these electronics.

Emergence of new players and the availability of consumer electronics products at low prices in the APAC region

Asia Pacific Consumer Electronics Market

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Asia Pacific consumer electronics market size was over USD 400 billion in 2020. Growing urbanization and rising disposable income in the region are propelling the usage of consumer electronics in high and middle-income households. The emergence of new regional manufacturers and the adoption of low pricing strategies by several manufacturers will drive the regional growth. Furthermore, rising technological awareness among the youth population, regarding upcoming electronics is also fueling the demand in this market.

The rising demand for consumer electronics and support from local governments are encouraging prominent market leaders to launch new products in this region. For instance, in October 2020, Samsung announced its plans to set up its TV manufacturing plant in India by December 2020, under the Make in India campaign. It also invested USD 670 million in its smartphone display manufacturing facility to boost production and expand the manufacturing plant.

High focus on acquisition strategies and new product launches

Market leaders are focusing on new product launches and mergers & acquisitions to increase their global presence and capture a high revenue share. For instance, in April 2021, Panasonic acquired Blue Yonder, an American software company, for USD 7.1 billion to improve its autonomous supply chain management by leveraging Blue Yonder’s machine learning and artificial intelligence. The acquisition will strengthen Panasonic’s portfolio and accelerate the company’s autonomous supply chain.

Major companies operating in the market include Apple Inc., Canon Inc., Dell Inc., Samsung Electronics Co., Ltd., Panasonic Corporation, Sony Corporation, Koninklijke Philips N.V., Lenovo Inc., Hewlett-Packard Company, Oneplus, AB Electrolux, LG Corporation, Google Inc., Microsoft Corporation, Hitachi Ltd., Robert Bosch GmbH, Sennheiser Electronics, Siemens AG Logitech International S.A., OPPO, and ZTE Corporation. Several participants are focusing on new product launches to enhance the customer experience.

The consumer electronics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2021 to 2027 for the following segments:

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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
    • UAE
    • Saudi Arabia
    • South Africa
Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market for consumer electronics was valued at more than USD 1 trillion in 2020 and will expand at a robust CAGR of over 8% from 2021 to 2027 with rising internet penetration globally.

The industry share from the audio and video equipment segment accounted for over 60% in 2020 and will expand due to the integration of advanced features such as voice-assistant control and speech recognition.

The personal application segment will expand at a healthy CAGR of 9% through 2027 due to reduced prices of smartphones, Bluetooth speakers and smart wearables.

The APAC consumer electronics market size was valued at more than USD 400 billion in 2020 and will grow at a healthy CAGR with increasing urbanization and emergence of new regional players.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 30
  • Tables & Figures: 283
  • Countries covered: 16
  • Pages: 350
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