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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Consumer electronics refer to electronic devices that are typically used in everyday applications. Consumer electronics are used for various purposes including entertainment, communications, and home-office activities. Electronic TVs, smartphones, refrigerators, tablets, laptops, DVD players, digital cameras, desktop computers, paper-shredders, printers, etc. are some of the commonly used consumer electronics. Technological advancements have led smart devices to turn an ordinary home into a connected home. These smart home devices include security systems, HVAC system and smart kitchen appliances that can be controlled via iOS or Android devices. Moreover, wearable devices are a new breed of consumer electronics that are user-friendly and autonomous in nature. These devices can be connected via internet.

The global consumer electronics market is estimated to be valued at US$ 3,428.5 billion in 2021 and is expected to exhibit a CAGR of 15.6% over the forecast period (2021-2028).

Recent Developments:

  • In January 2021, LG Electronics launched new convertible 5-in-1 air conditioner that delivers unique health and hygiene related smart benefits. This air conditioner is equipped with different features such as UV Nano Sterilization, HD Filter with Anti-Virus Protection, Dedicated Air Purification, and these AC’s can be operated with voice command using WI-FI.
  • In November 2020, Sony Corporation launched Sony PS5 (Sony PlayStation 5) gaming console.
  • In October 2020, LG Electronics entered into a partnership with Dongwon F&B Co., a South Korea-based local food company to extend usage of its artificial intelligence (AI) powered services in kitchen appliances.
  • In September 2020, Samsung announced expansion of its range of Curd Maestro refrigerators. The new higher capacity models Curd Maestro refrigerators is now available in 386 litre and 407 litre capacities and come with stainless steel curd container.

Asia Pacific held dominant position in the global consumer electronics market in 2020, accounting for 37.5% share in terms of volume, followed by Europe and North America, respectively.

Figure 1. Global Consumer Electronics Market Value (US$ Bn), by Region, 2020

Consumer Electronics  | Coherent Market Insights

Global Consumer Electronics Market- Drivers

Rising disposable income and growing global population is expected to drive growth of the global consumer electronics market during the forecast period. Consumer electronics have witnessed strong consumer preference, especially in emerging economies from Latin America and Asia Pacific in the recent past. This is typically due to rising disposable income and growing population in the respective regions. According to Coherent Market Insights’ analysis, in 2015, global disposable income increased by 3.1% as compared to that in 2014. Furthermore, rising global population, majorly in emerging regions is expected to boost the demand for consumer electronics in the near future. According to the United Nations (UN) estimates, global population is expected to increase from 7.2 billion in 2013 to 9.6 billion by 2050. This, coupled with growing GDP of developing countries is expected to drive growth of the market across the globe.

Robust distribution network across the globe is expected to propel the global consumer electronics market growth over the forecast period. Key vendors in the market are focused on strengthening their distribution channels, in order to attain a competitive advantage in the market. Easy availability of distributors and retailers of consumer electronic devices enable manufacturers to better cater to customers. Retail specialist is becoming a most popular distribution channel in emerging markets such as China, India, Brazil, and Russia as consumers in these countries prefer brick and mortar stores to purchase consumer electronics and home appliances. However, with increasing penetration of the Internet in the aforementioned countries, online retail has been witnessing significant growth.

Global Consumer Electronics Market Opportunities

Rural market is highly untapped markets with potential opportunities. According to UN, in 2014, the global rural population was around 3.4 billion, with Africa and Asia accounting for around 90% of the population. Manufacturers in the market can lower prices of smartphone, feature phones, and TVs and expand market presence and gain competitive edge in the market.

The consumer durables market in emerging regions such as Latin America, APEJ, Eastern Europe, and parts of Africa is characterized low penetration and moderate competition in various consumer electronic product segments. These include smart home appliances and wearable electronic devices. Moreover, growing disposable income in the aforementioned regions is expected to increase scope of penetration of consumer electronics market in the near future.

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Consumer Electronics Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 3,428.5 Bn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 15.6% 2028 Value Projection: US$ 9,473.9 Bn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Argentina, Brazil, Mexico, Rest of Latin America
  • Europe: Germany, U.K., France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East & Africa: GCC Countries, South Africa, Rest of Middle East & Africa
Segments covered:
  • By Device Type: Consumer Electronic Device (Smartphone, Feature Phone, Tablets, Other TVs, Smart TV, Set-top Box, Personal Computer, Digital Camcorder & Camera, Digital Media Adapter, DVRs, Game Console, Printer, Other Consumer Electronic Device), Wearable Device (Smart Accessory, Other Wearable Device), Smart Home Device (Smart Kitchen Appliances, Security & HVAC System)
Companies covered: Panasonic Corporation, Samsung Electronics Co. Ltd., Toshiba Corporation, LG Electronics Co. Ltd., Hewlett-Packard Inc. (HP), Apple Inc., Sony Corporation, Hitachi Ltd., and Koninklijke Philips N.V.
Growth Drivers:
  • Rising disposable income and growing global population 
  • Robust distribution network across the globe
Restraints & Challenges:
  • High selling prices 
  • Lack of standardization

Market Trends

Key manufacturers in the market are focused on research and development activities, in order to innovate advanced products and offer cost-effective devices, in order to enhance their market presence. For instance, in 2014, LG Electronics introduced smart washing machine, refrigerator, and oven that can be controlled remotely over a Wi-Fi connection or be controlled by a smartphone or tablet via NFC. Furthermore, in 2014, Apple Inc. launched iWatch – a smartwatch that can be paired with an iPhone. The iWatch is expected to be available in stores by Q2 2015.

Since the global consumer electronics market is highly competitive, many manufacturers are focused on operational expansion, product expansion, and capacity expansion. For instance, in 2015, Samsung Electronics Co. Ltd. invested US$ 81.8 Mn to establish a mobile manufacturing plant in India, in order to expand their production capacities in the region. Moreover, in 2013, Sony Corporation announced plans to establish new zonal offices in Ghana, Morocco, Angola, and Nigeria to enhance its presence and market share in the consumer electronics market in Africa.

Figure 2. Global Consumer Electronics Market Share, By Device Type, 2020

Consumer Electronics  | Coherent Market Insights

Key Takeaways of the Graph:

  • Consumer Electronic Device segment held dominant position in the market and accounted for 97.1% share in the global consumer electronics market in 2020. The segment is expected to reach US$ 9,161.3 billion in 2028. This is owing to the increasing disposable income of the population.
  • In 2020, the smart home device segment is expected to witness a significant CAGR over the forecast period owing to the increasing adoption of home automation.

Global Consumer Electronics Market - Restraints

High selling prices are expected to hamper the global consumer electronics market growth over the forecast period. High purchase cost related to connected consumer electronics, wearable devices, and smart home devices is a major factor hampering growth of the market. Currently, costs of smart consumer appliances such as refrigerators and air conditioners are around US $ 2,500 to US $ 4,500. Moreover, costs of connected consumer electronic devices such as tablets, connected TVs, and digital camcorders are expected to remain high during the forecast period.

Lack of standardization is expected to hinder the global consumer electronics market growth during the forecast period. There is a lack of adequate standardization in the technology and components used in the manufacturing of consumer electronic devices. Undefined standards in the market lead to high product and price differentiation.

Competitive Section

Major companies operating in the global consumer electronics market are Panasonic Corporation, Samsung Electronics Co. Ltd., Toshiba Corporation, LG Electronics Co. Ltd., Hewlett-Packard Inc. (HP), Apple Inc., Sony Corporation, Hitachi Ltd., and Koninklijke Philips N.V.

Key Developments

  1. Major companies in the market are focused on capacity expansion, in order to enhance the market presence. For instance, in December 2019, Panasonic Corporation announced to invest US$ 41 million to build first consumer electronics plant in Japan.
  2. Key players in the market are involved in partnerships and collaborations, in order to gain competitive edge in the market. For instance, November 2018, Toshiba Corporation partnered with TeknoDome to launch a variety of consumer electronics devices in Indian market.

Consumer electronics or otherwise known as home electronics are electronics meant for personal use, normally at home. Consumer electronics consist of electronic appliances used for communication, entertainment, and also recreational purposes. Mostly referred to as white goods because of the fact that most products being manufactured in black or neutral colors are housed in dark or black casing. More advanced white electronics appliances usually come with flashy advertisements, which is another reason for the popularity of these appliances. The new trends in consumer electronics products are discovered every day and their effects on the industry are remarkable.

Market Dynamics

Increasing number of smartphone users is expected to boost the global consumer electronics market growth over the forecast period. As per the Pew Research Center, in 2019, around 81% of people in the U.S. had smartphones, increasing from 68% in 2015. According to the same source, tablet users in the U.S. increased from 34% in 2013 to 52% in 2019. This, in turn, has increased the demand for advanced smartphones and tablets.

Furthermore, growing popularity of modern consumer electronics in Asia Pacific is expected to accelerate growth of the global consumer electronics market in the near future.

Key features of the study:

  • This report provides in-depth analysis of the consumer electronics market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global consumer electronics market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Panasonic Corporation, Samsung Electronics Co. Ltd., Toshiba Corporation, LG Electronics Co. Ltd., Hewlett-Packard Inc. (HP), Apple Inc., Sony Corporation, Hitachi Ltd., and Koninklijke Philips N.V.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global consumer electronics market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global consumer electronics market

Detailed Segmentation:

  • Global Consumer Electronics Market, By Device Type:
    • Consumer Electronic Device
      • Smartphone
      • Feature Phone
      • Tablets
      • Other TVs
      • Smart TV
      • Set-top Box
      • Personal Computer
      • Digital Camcorder & Camera
      • Digital Media Adapter
      • DVRs
      • Game Console
      • Printer
      • Other Consumer Electronic Device
    • Wearable Device
      • Smart Accessory
      • Other Wearable Device
    • Smart Home Device
      • Smart Kitchen Appliances
      • Security & HVAC System
  • Global Consumer Electronics Market, By Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
  • Company Profiles
    • Panasonic Corporation*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Samsung Electronics Co. Ltd.
    • Toshiba Corporation
    • LG Electronics Co. Ltd.
    • Hewlett-Packard Inc. (HP)
    • Apple Inc.
    • Sony Corporation
    • Hitachi Ltd.
    • Koninklijke Philips N.V.

*Browse all the market data tables and figures on “Global Consumer Electronics (RTLS) Market- Forecast to 2028”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Device Type
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New System Launch/Approval
    • Impact of COVID-19 Pandemic on Global Consumer Electronics Market
  4. Global Consumer Electronics Market, By Device Type, 2017-2028 (US$ Billion)
    • Introduction
      • Market Share Analysis, 2020 and 2028(%)
      • Segment Trends
    • Consumer Electronic Device
      • Smartphone
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
      • Feature Phone
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
      • Tablets
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
      • Other TVs
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
      • Smart TV
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
      • Set-top Box
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
      • Personal Computer
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
      • Digital Camcorder & Camera
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
      • Digital Media Adapter
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
      • DVRs
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
      • Game Console
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
      • Printer
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
      • Other Consumer Electronic Device
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
    • Wearable Device
      • Smart Accessory
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
      • Other Wearable Device
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
    • Smart Home Device
      • Smart Kitchen Appliances
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
      • Security & HVAC System
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Billion)
  5. Global Consumer Electronics Market, By Region, 2017-2028  (US$ Billion)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2028(%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Device Type, 2017–2028 (US$ Billion)
      • Market Share Analysis, By Country, 2020 and 2028(%)
        • U.S.
        • Canada
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Device Type, 2017–2028 (US$ Billion)
      • Market Share Analysis, By Country, 2020 and 2028(%)
        • Argentina
        • Brazil
        • Mexico
        • Rest of Latin America
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Device Type, 2017–2028 (US$ Billion)
      • Market Share Analysis, By Country, 2020 and 2028(%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Device Type, 2017–2028 (US$ Billion)
      • Market Share Analysis, By Country, 2020 and 2028(%)
        • China
        • India
        • ASEAN
        • Japan
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Middle East & Africa
      • Regional Trends
      • Market Size and Forecast, By Device Type, 2017–2028 (US$ Billion)
      • Market Share Analysis, By Country, 2020 and 2028(%)
        • GCC Countries
        • South Africa
        • Rest of Middle East & Africa
  6. Competitive Landscape
    • Company Profiles
      • Panasonic Corporation.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Samsung Electronics Co. Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Toshiba Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • LG Electronics Co. Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Hewlett-Packard Inc. (HP)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Apple Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Sony Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Hitachi Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Koninklijke Philips N.V.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  7. Section
    • References
    • Research Methodology
    • About Us and Sales Contact

*Browse market data tables and figures on “Global Consumer Electronics Market-forecast to 2028”

FAQgrowicon

Frequently Asked Questions

Asia Pacific held dominant position in the global consumer electronics market in 2020, accounting for 37.5% share in terms of value.
In 2020, the Consumer Electronic Device segment accounted for the largest share of 97.1% in the market and is expected to be valued at US$ 9,161.3 billion by 2028.
Major scope of penetration in consumer durable market can offer lucrative growth opportunities.
Lack of standardization is expected to hinder the market growth during the forecast period.
Robust distribution network across the globe is expected to propel the market growth over the forecast period.
Major companies operating in the market are Panasonic Corporation, Samsung Electronics Co. Ltd., Toshiba Corporation, LG Electronics Co. Ltd., Hewlett-Packard Inc. (HP), Apple Inc., Sony Corporation, Hitachi Ltd., and Koninklijke Philips N.V.
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