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Consumer Electronics Market is Expected to Grow with a CAGR 4.8% from 2022 to 2028 Owing to Increasing Use of Internet

As stated in our extensive report; providing insights Key Drivers, Key Restraints, Segments (i.e., Product, Application and Region); the Global Consumer Electronics Market accounted for USD 728.1 Billion in the year 2021.

“Key Factors Likely to Drive Growth of Consumer Electronics Market”

Consumer Electronics are analog and digital devices intended for everyday use. These devices have made life easier. Consumer Electronics include devices that are used for entertainment, communications, and recreation. Moreover, Consumer Electronics also include devices like computers, laptops, phones, smartwatches, and home appliances that provide one or more functionalities. This Consumer Electronics market is very competitive because every day there is a new product or device and many trends come and go at a faster pace. To hold the lead in this market, the market players have continuously been finding different ways to launch innovations with many functionalities and features in the past years.

Owing to the rise in disposable income and a trend to adopt new gadgets among consumers, it is expected to drive the global Consumer Electronics market during the forecast period. Along with this, the growth of the working population and the growing population is one of the major drivers of the growth of the consumer electric market.

The COVID-19 pandemic impacted negatively on the market because of lockdown and restrictions across the world; the demand for electronic gadgets has been significantly impacted. Across the globe, manufacturing plants were shut down and also disrupted the supply chain in the electronics industry. 

The price factor is hampering the growth of the Consumer Electronics market. The prices of these electronic devices are increasing day by day. As a result, fewer people are interested in buying this product and many consumers cannot afford these products or devices. Along with that, the lack of technology and components used in the manufacturing of Consumer Electronics devices is also supporting the market growth.

Asia Pacific holds the major shares in this market and is set to remain in the position throughout the forecast period. The adoption of new technologies and a busy lifestyle adopted by consumers have compelled them to shift towards a digital life.

Some of the key players in the Global Consumer Electronics Market include- Apple Inc., Canon Inc., Dell Inc., Samsung Electronics Co., Ltd., Panasonic Corporation, Sony Corporation, Koninklijke Philips N.V., Lenovo Inc., Hewlett-Packard Company, Oneplus, AB Electrolux, LG Corporation, Google Inc., Microsoft Corporation, Hitachi Ltd., Robert Bosch GmbH, Sennheiser Electronics, Siemens AG Logitech International S.A., Oppo, ZTE Corporation and others.