The consumer electronics industry analysis by Persistence Market Research has predicted the market to evolve at a positive CAGR of 8.7% over the decade. Analysts have estimated the current market worth at US$ 863 Bn, which is anticipated to rise 1.4X by the end of 2031. The U.K. market for consumer electronics is expected to account for 35% of the market share in the European region.
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- Samsung Electronics Co. Ltd.
- LG Electronics Co. Ltd.
- Apple Inc.
- Hitachi Ltd.
- Koninklijke Philips N.V.
- Sony Corporation
- Hewlett-Packard Inc. (HP)
- Toshiba Corporation
- Panasonic Corporation
Key Points Covered in Consumer Electronics Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 impact on consumer electronics sales and how to navigate
- Recommendation on key winning strategies
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Major Demand in Indian Market
Increasing popularity of smart and technological devices has led to substantial increase in demand across regions. New launches and innovative products are also fueling demand among consumers. Consumer spending is rising as a result of more disposable income and increasing standard of living. All of these factors have greatly benefited the consumer electronics industry.
India is a major market for consumer electronics; its growing population and rising disposable income make it a perfect market for any consumer product. Many companies are trying to cash in the revenue potential from the country and are making major advances in this direction.
- Noise, an Indian brand, recently announced its partnership with Optiemus Electronics Limited (OEL) to make custom-made electronic gadgets for Indian consumers. Initially, OEL will be manufacturing hearable products for Noise. Manufacturing is expected to be started at two OEL advanced facilities at Noida. The move is not only aimed at expanding production capacity but also to increase jobs in the nation, as both the firms involved are India-based.
- Blaupunkt, a German-based audio video consumer electronics brand has announced the launch of its brand new 4k resolution 50-inch Android Smart TV model with Indian TV manufacturer Super Plastronics Pvt Ltd (SPPL). The product is exclusively available on Flipkart from 6th August 2021. Blaupunkt is aiming to capitalize on the potential of the Indian market as its earlier series have received phenomenal response from consumers.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
This Persistence Market Research report examines the global consumer electronics market for the period 2021–2031. The primary objective of the report is to offer updates and information related to market opportunities in the global consumer electronics market and provide insights into developments impacting global businesses and enterprises.
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The global consumer electronics market is segmented on the basis of device type, into electronic device, wearable device, and smart home device.
This report covers the global consumer electronics market performance in terms of revenue contribution from various segments and includes a detailed analysis of key trends, drivers, restraints, and opportunities influencing revenue growth of the global consumer electronics market.
Analysis of Drivers and Restraints
Impact analysis of key growth drivers and restraints based on the weighted average model are included in this report to better equip clients with useful decision-making insights. The global consumer electronics market report begins with an overview of the market and key definitions.
The subsequent sections evaluate the present scenario and future growth prospects of the global consumer electronics market on the basis of device type and geographical region, and provide a comprehensive market forecast for the next ten years. The report provides a market outlook for 2021–2031 and sets the forecast within the context of the global consumer electronics market.
The study further analyzes the extent to which drivers are influencing the market across the key assessed regions of North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
In the final section of the report, a competitive market landscape has been included to provide report audiences with a dashboard view of key players operating in the global consumer electronics market, along with an analysis of company-specific long-term and short-term strategies, key offerings, and recent developments in the global consumer electronics market.
Top market companies profiled in the report include Apple Inc., Sony Corporation, Samsung Electronics Co. Ltd., LG Electronics Inc., HP Inc., Panasonic Corporation and Hitachi Ltd., and Toshiba Corporation. Our report also provides key strategic recommendations for both existing and new players in the global consumer electronics market to emerge sustainably profitable.
FAQs Answered in Market Study
- What is expected to fuel demand for consumer electronics across the world?
Smartphone proliferation is expected to fuel global sales of consumer electronics.
- Which nations majorly control the export of consumer electronics?
China, Japan, and the U.S. are at the forefront of consumer electronics exports.
- What will be the market value by the end of 2031?
By 2031, the consumer electronics industry is expected to rake in revenue worth US$ 1.2 trillion.
- What is expected to drive demand in the North American region?
Growing demand for smartphones among the young population in North America is majorly expected to fuel market expansion.
- How does this study define market growth over the past five years?
According to this study, the consumer electronics industry has shown expansion at a moderate CAGR of 6.2% over the past 5 years.
- How do analysts predict the market to develop over the next ten years?
Analysts have suggested that the consumer electronics industry is expected to surge at a robust CAGR of 8.7% over the decade.
- What are the key trends propelling sales of consumer electronics?
Technological advances, emergence of 4G and 5G technologies, and innovations are major aspects anticipated to drive sales of consumer electronics.
- What are the market statistics for 2021?
Currently, the consumer electronics market is estimated to be valued at around US$ 863 Bn.
- In terms of production, which countries are leading the consumer electronics market?
India, China, U.S., Japan, and South Korea are majorly influential in driving demand for consumer electronics.
- How much of the market share is dominated by prime players operating in the consumer electronics industry?
The top 5 players: Samsung Electronics Co. Ltd. holds 20.3%, LG Electronics Co. Ltd. holds 15.5%, Apple Inc. holds 10.2%, Sony holds 12.9%, and Philips holds 10.2% of the global market share.
- Which country holds the most market share in the European region?
The U.K. is estimated to hold more than 35% of the market share in Europe for consumer electronics.
- Which nations are powering demand for consumer electronics?
India, China, U.S., Japan, and South Korea are majorly guiding demand for consumer electronics.