Consumer Electronics Sales to Rake in Whopping US$ 1.2 Trillion by 2031: Study by Persistence Market Research
Published On : Sep 08, 2021
Persistence Market Research indicates staggering growth prospects for the global consumer electronics market. The industry is estimated to approach a value of US$ 863 Bn by 2021-end, which is predicted to rise at a CAGR of 8.7% over the next ten years.
Smartphones are expected to remain the dominant consumer electronics product type, whereas Asia Pacific will continue to be the leading region over 2021-2031.
The middle-class population is increasing worldwide, since the past few years. Moreover, urban consumers have been indicating a shift in lifestyle. Growing preference for usage of electronic devices in daily chores is primarily driving the market for consumer electronics.
Soaring Internet penetration and increasing disposable income are allowing consumers to use multiple electronic devices. This will continue to fuel the market growth over the next few years. Rapid adoption within a short span from their inception is a prominent factor indicating the potential of wearable electronics adoption.
Growing awareness about the benefits of electronic devices will also be a key factor strongly supporting the market growth. Rising popularity of the connected homes concept is likely to push the demand for smart home devices over the forecast period. Smart mobile devices, kitchen appliances, HVAC systems, and intelligent security systems will especially gain traction within the next few years.
With rising government support to digitalization of a variety of services, the market is likely to witness surging promotion and adoption of consumer electronics. Moreover, technological advancements and consistent R&D leading to new product launches will boost the market growth during the forecast period.
Relatively lower technological awareness among consumers in developing regions and higher costs of electronic devices currently available in the market may collectively continue to create a barrier to the growth of the global consumer electronics market.
Recently identified quality issues and technological hazards, especially in smartphones, also play a key role in restricting adoption of smart consumer devices on a global level.
By device type, the global consumer electronics market is segmented into consumer electronic device, wearable device, and smart home device. The three key categories are further sub-segmented.
Among these, the consumer electronics device segment will remain dominant with over 9/10 share of the global market by the end of the forecast period. On the other hand, the smart home device segment is poised to expand at the fastest CAGR through the forecast period.
This segment will, however, continue to attract the maximum revenues from smartphones sub-segment, followed by PCs sub-segment.
Based on region, the global consumer electronics market is classified as North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and MEA. APEJ is anticipated to retain dominance with over 3/10 market value share by 2031 end. While North America followed by Europe, will be the next major markets, APEJ market is foreseen to witness the fastest CAGR.
Key players participating in the highly competitive landscape include Apple Inc., Sony Corporation, Samsung Electronics Co. Ltd., Hitachi Ltd., Toshiba Corporation, LG Electronics Inc., HP Inc., Panasonic Corporation, and Toshiba Corporation.
The market involves a large number of globally established brands as well as newly entering regional brands. Key companies are largely focusing on innovative product launches and cost-effective product development through strategic M&A.
The global market for consumer electronics is projected for a value of US$ 1.23 Trillion by the end of 2031. Over 2021-2031, the market is anticipated to witness stellar growth.
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
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