Global consumer electronics market set to reach €1.1 trillion by 2030
Seizing opportunities in the evolving consumer electronics market
The global consumer electronics market is set for substantial growth, with a projected value of €1.1 trillion by the year 2030, Vantage market research shows. This significant increase from the current value of €762.22 billion in 2022 reflects a compound annual growth rate (CAGR) of 4.70% over the forecast period.
The Consumer Electronics Market Size, spanning from 2022 to 2030, demonstrates the following steady upward trajectory:
- 2022: €762.22 billion
- 2023: €874.82 billion
- 2024: €915.94 billion
- 2025: €1,100.66 billion
The rapid expansion of internet worldwide is a driving force behind the market’s growth during this forecast period. Consumer electronics encompass a wide range of devices that provide various functionalities, such as laptops, computers, home appliances, refrigerators, and smartphones. These products have become essential in our day-to-day lives, fuelling the demand and growth of the consumer electronics market. Furthermore, major players in the industry are consistently investing in research and development to enhance existing products and introduce new innovations, contributing to the expansion of the market in the years to come.
Technological advancements, particularly in semiconductor technology, play a crucial role in driving the growth of the consumer electronics market. As technology evolves, consumer electronics become more advanced and sophisticated, leading to increased adoption. The rising trend of smartphones, coupled with the increasing demand for automated home appliances, has significantly contributed to the market’s expansion. Manufacturers are continually introducing innovative features to attract consumers and boost sales. Additionally, advancements in headphones and earphones, the increasing demand for technologically integrated large-size TVs, and the rising disposable income and spending capacity of consumers present lucrative opportunities for the consumer electronics market in the near future. However, challenges such as unemployment in handling consumer electronics can hamper market growth during the forecast period.
The consumer electronics market is segmented based on product and application. In terms of product, the audio and video equipment subsegment dominates the market throughout the forecast period. The growing preference for smart homes and the proliferation of smartphones contribute to the increased demand for audio and video equipment. Features like enhanced connectivity, speech recognition, and voice-assistant-enabled control further drive the adoption of audio and video equipment in the coming years.
In terms of application, the personal segment is expected to dominate the consumer electronics market during the forecast period. Factors such as better internet access, higher income levels, and increasing urbanization contribute to the growth of the personal application segment. The rising demand for personal consumer electronics, including earbuds, smart wearables, and smartphones, further drives market growth.
Asia Pacific region to maintain a leading position
The Asia Pacific region is expected to maintain its dominance in the consumer electronics market during the forecast period. Factors such as increasing urbanisation, rising disposable income, and the adoption of low-price strategies by manufacturers contribute to the region’s growth. The Asia Pacific market also benefits from the growing technological awareness among the younger generation, which fuels the demand for upcoming electronics. Local governments’ support and the increasing demand for consumer electronics inspire market players to introduce innovative products in the region.
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.
The global consumer electronics market is poised for substantial growth, driven by rapid internet penetration, technological advancements, and increasing demand for innovative products. With the Asia Pacific region leading the way, market players are embracing future-proof strategies to adapt to changing customer preferences and position themselves as industry leaders. Understanding market dynamics and making informed decisions will be crucial for companies seeking success in this evolving landscape.