Future Market Insights predicts that during the forecast period, the worldwide consumer electronics market will grow at a CAGR of 5.8%. The market will generate US$ 3.3 trillion in sales in 2023 and is projected to reach a market share of US$ 5.8 trillion by 2033.
End customers search for ways to make their lives more convenient and easy as a result of changing lifestyles. The idea is supported by advanced technology, which also offers improved solutions in accordance with it, driving consumer electronics sales globally.
Numerous products, including TVs, computers, and smartphones, are included in the category of consumer electronic appliances. Additionally, more people are buying goods for personal use than for business purposes, which is growing the consumer electronics market.
Artificial intelligence, 5G internet, and machine learning concepts have forced market players to upgrade their technology and weaponize it for improved service.
Elevated living style and increased per capita income have fueled the demand for advanced consumer electronics. Furthermore, the integrated chips have supported AI technology in easing the workings.
New smartphone technologies have penetrated other consumer electronic appliances such as interactive screens, televisions, and computers. This is followed by the vendors promoting efficient consumption and sustainable product designs.
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Key Points
The Chinese market is the biggest and the fastest market for consumer electronics and is expected to cross a value of US$ 717.1 Bn by 2033. The regional market is expected to thrive at an elevated 11.6% between 2023 and 2033.
The US market for consumer electronics thrives at a CAGR of 2.9% during the forecast period. The market is likely to reach a value of US$ 705.6 Bn by 2033.
The multi-brand store's segment is likely to thrive in the sales channel category as it provides more dimensions to the retailer while diversifying the options for the end users. It is expected to thrive at a CAGR of 4.2% during the forecast period.
The consumer electronic devices segment tops the product type tally with a CAGR of 5.2% between 2023 and 2033 while it thrived at a lower CAGR of 3.6% during the previous forecast period.
Competitive Landscape
The competitors focus on providing the latest technology from around the world with the most adjustable design that saves electricity while providing a modern loo for appliances. Key players in the consumer electronics market are Samsung Electronics Co. Ltd., LG Electronics Co. Ltd, Apple Inc, Hitachi Ltd, Koninklijke Philips N.V., Sony Corporation, Hewlett Packard, Inc, Toshiba Corporation, and Panasonic Corporation.
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For instance:
In 2022, Samsung Electronics co. Ltd has introduced a wide range of new consumer electronic devices such as foldable phones, refrigerators with invertor technology, and Neo QLED 8K/4K TVs AVs.
In 2022, LG Electronics launched a new range of washing technology that involves front-loading washing machines, top-loading washing machines, dryers, and semi-automatic washing machines.
