Consumer Electronics Market Size

Consumer Electronics Market Size

The global consumer electronics market size was estimated at USD 1.3 trillion in 2023 and is anticipated to register a CAGR of 13.2 % between 2024 and 2032. The market is expanding with rapid technological changes. Heavy investments in research and development by the manufacturers are also leading to innovative new products across categories.

Additionally, the market is driven by the increased use of smartphones. According to the International Telecommunication Union it has been observed that 78% of the world's population is owing a mobile phone and 67% are accessed to internet which is expanding the growth of mobiles and smartphones as well. Manufacturers are launching various models of smartphones with new features and technologies which is further driving the innovation in the market.
 

Furthermore, TCL and Samsung introduced groundbreaking technologies like NXTPAPER tablets and AI-enhanced home appliances. Amazon’s sales and Xiaomi’s entry into electric vehicles highlight market expansion and innovation. Manufacturers are coming up with advanced hardware components used in smartphones.
 

OnePlus and real me have adopted the use of the snapdragon 7+gen processors in their new smartphones products lineups to attract the consumers. This new technologically updated smartphone not only drives innovation in technologies but also enhances consumer experiences further driving the growth in market.