Consumer Electronics Market Introduction
Consumer electronics refers to broad field of electronic devices, containing an electronic circuit board, that are used by individuals in a day-to-day life. Consumer electronics includes television, computers, smartphone, video game console, camcorder, and many other home products. Expansion of urban population across the globe characterized by urban high net worth and upper class population, has led to strong demand for smart consumer electronics such as connected home appliances.
With rising Internet and mobile broadband penetration and rapid technological advancements, consumers across the globe are becoming tech-savvy and increasingly inclined towards connected consumer electronic devices such as smart TVs, connected home appliances, and wearable devices. These devices can be monitored and controlled remotely via smartphones and tablets and enhance overall consumer experience. This, in turn, is driving the growth of the consumer electronics market.
In addition, increasing disposable income and global population, expanding urban population and growing internet penetration across the globe are some of the major factors that drive the growth of the consumer electronics market. However, high purchasing cost associated with smart consumer electronics and lack of standardization is expected to impede the growth of the consumer electronics market to a certain extent.
The global consumer electronics market has been segmented on the basis of product type and region.
Consumer electronics product type includes Blu-ray players, connected TVs, consumer desktop PCs, consumer laptop PCs, digital camcorders, digital cameras, digital media adapters, DVD players, DVRs, eReaders, feature phones, handheld video games, HDTVs, printers, set-top boxes, smartphones, tablets, and video game consoles. In terms of revenue and volume growth, the connected TVs segment is expected to expand at the highest CAGR during the forecast period.
Region wise, the global consumer electronics market has been segmented into North America, Western Europe, Asia Pacific excluding Japan (APEJ), Eastern Europe, Japan, Latin America, and Middle East & Africa (MEA). In terms of spending on consumer electronics, APEJ and North America collectively represented more than XX% share of the overall consumer electronics market in 2021. Further, in terms of unit shipment, the APEJ consumer electronics market dominated the global consumer electronics market in 2021 with over XX% market share and is projected to expand at the highest CAGR of around XX% during the forecast period between 2022 and 2031.
Consumer Electronics Market Competitive Landscape
Major players in the market are inclined towards investing considerable amount in research and development activities to drive product innovation and attract more number of consumers. Some of the key players identified in consumer electronics market are Samsung Electronics Co. Ltd., LG Electronics Inc., Apple Inc., Koninklijke Philips N.V., Hewlett-Packard Inc. (HP), Toshiba Corporation, Panasonic Corporation, Sony Corporation, and Hitachi Ltd.