In terms of revenue, the Global Consumer Electronics Market is probable to reach USD 964.6 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.8% from 2022 to 2028.
Consumer Electronics include devices that can provide one or more functionalities like laptops, computers, home applications, refrigerators, and smartphones, which are the requirements of day-to-day life thus fueling the Consumer Electronics Market growth during the forecast period. Besides, unemployment in handling Consumer Electronics is hampering the growth of the Consumer Electronics Market during the forecast period.
Key Highlights from the Report:
- The table Audio & video equipment sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The audio and video equipment subsegment is dominating the market throughout the forecast period. The growing preference for smart homes and the proliferation of smartphones will increase the demand for audio and video equipment during the forecast period. Moreover, the combination of advanced features like enhanced connectivity, speech recognition, and voice-assistant-enabled control is projected to drive the adoption of audio and video equipment in the coming years.
- The personal application sub-segment holds a substantial market share in 2021. Better internet access, high income, and increasing urbanization is projected to boost the growth of the personal application segment in the Consumer Electronics Market during the forecast period. Moreover, the rising demand for personal Consumer Electronics like earbuds, smart wearable, and smartphones are driving the growth of the Consumer Electronics Market during the forecast period.
- Asia Pacific is the fastest regional segment. The Asia Pacific is expected to dominate the Consumer Electronics Market during the forecast period and will continue to grow in the coming future. The increasing urbanization and the rising disposable income in the Asia Pacific are propelling the growth of the Consumer Electronics Market during the forecast period.
The continuous investments by the prime members of the market in research and development for the growth of the latest Consumer Electronics products along with the enhanced features are projected to fuel the industry growth of Consumer Electronics in the years to come. Furthermore, the emergence of semiconductor technology due to technological advancement is the other major factor driving the growth of the Consumer Electronics Market during the forecast period. Additionally, the increasing adoption of consumer goods like automated home appliances, and smartphones due to the rising trend of smartphones is projected to boost the Consumer Electronics Market growth in the upcoming years.
The rising demand for smartphones and various manufacturers are coming up with innovative features for increasing sales of electronics devices and is driving the Global Consumer Electronics Market during the forecast period. Additionally, the technological developments in the headphones and earphones, increasing demand for technologically integrated large-size TVs, and rising disposable income and spending capacity of the consumers are expected to provide profitable opportunities for the Consumer Electronics Market in the coming future.
Asia Pacific is the largest market. The adoption of low-price strategies by several manufacturers and the emergence of new regional manufacturers are expected to fuel the Asia Pacific growth throughout the forecast period. Furthermore, the increasing technological awareness among the youngsters, associated with the upcoming electronics is fueling the growth of the market in coming years. The increasing demand for Consumer Electronics and support from the local governments are inspiring prime market players to introduce innovative products in the Asia Pacific region during the forecast period.