Consumer Electronics Market Size By Product (Audio & Video Equipment [Personal, Professional], Major Household Appliance, Small Household Appliance, Digital Photo Equipment [Personal, Professional]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2017 – 2024
Published Date: Jan 2018 | Report ID: GMI2383 | Authors: Ankita Bhutani, Pallavi Bhardwaj
Consumer Electronics Market size valued at USD 1,100 billion and is expected to register over 3% growth between 2017 and 2024. Increasing penetration of smartphones across the globe is expected to drive the market growth.
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The demand for televisions with larger screen sizes integrated with new technologies such as 4K and OLED is on the rise across the globe. The number of vendors offering such advanced technologies is increasing with players such as LG Electronics, Sony Corporation, and Samsung Electronics in the marketplace resulting in rising competition.
In addition, growing popularity of OLED and 4K televisions followed by the declining prices of these devices is providing impetus to the market share. With the falling prices of such devices coupled with growing replacement rate of traditional televisions with newer ones is expected to drive the market revenue of consumer electronics.
|Base Year:||2016||Market Size in 2016:||1100 Billion (USD)|
|Historical Data for:||2013 to 2016||Forecast Period:||2017 to 2024|
|Forecast Period 2017 to 2024 CAGR:||3%||2024 Value Projection:||1.5 Trillion (USD)|
|Pages:||340||Tables, Charts & Figures:||371|
|Geographies covered (16):||U.S., Canada, UK, Germany, France, Italy, Russia, China, Japan, South Korea, India, Brazil, Mexico, Saudi Arabia, UAE, South Africa|
|Segments covered:||Product and Region|
|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|
|Pitfalls & Challenges:||
Market by Product
The audio & video equipment segment in the market will witness significant growth through 2024 driven by rising penetration of smart technologies integrated into every-day audio and video electronic equipment such as TVs and speakers. These are equipped with remote monitoring and sensing capabilities and can be integrated with artificial intelligence to increase user convenience. In addition, the development of new technologies such as 4K, 8K and higher resolution systems is further contributing to the market demand.
Major household appliances segment in the consumer electronics market is rapidly growing due to rising disposable income of individuals across various regions. Improving living standards and proliferating number of households followed by the rising requirements for the replacement of older electric household appliances is fueling the growth of major household appliances. The growing demand for energy efficiency contributes to the growth of advanced refrigerators.
Market by Application
The personal application sector holds the largest market share in 2016. This is largely owing to rising prominence of advanced and wireless technologies in the earphones & headphones industry. Rapid globalization and industrialization in the Asia Pacific region is leading to a rise in the disposable incomes of the working and middle-class population. Due to this, an increasing number of consumers can now spend a larger portion of their income on such products.
However, the personal application segment is facing huge challenges in digital photo equipment industry owing to advancements in smartphones and tablets market integrated with advanced cameras that offer high quality pictures and videos. Players in the industry have started targeting professional customers, which will increase the prices of the cameras and camcorders over the future.
Market by Region
Wide scale residential and commercial development projects in South-East Asian countries such as China, India and Japan are aiding in the growth of the consumer electronics market. This demand is further streamlined by the increase in global economic conditions and the higher dependence on technology for the operations of every-day activities.
Moreover, high disposable income of households in Asia Pacific is spurring the demand for best electric household appliances, whereas the demand in some regions is for appliances with basic features. Owing to this the region is witnessing an increase in competition is with European companies trying to enter the region.
Competitive Market Share
Companies in the consumer electronics industry include Samsung Electronics, Apple, General Electric, Huawei, LG Electronics, Sony Corporation, Bose, Sonos, Sennheiser, AB Electrolux, Haier, Canon, Nikon, GoPro, etc.
The industry is highly fragmented in nature owing to presence of large number of well-established and recognized players in the marketplace. Furthermore, the players are increasingly investing in R&D and exhibiting mergers and acquisitions and partnerships as key growth strategies to gain competitive advantage. The strong presence of established players in the marketplace poses high entry barriers for new players entering the market.
The market research report for consumer electronics sector includes an in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2013 to 2024, for the following segments:
- Audio & video equipment
- Major household appliances
- Small household appliances
- Digital photo equipment
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East
- Saudi Arabia
- South Africa
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