Insights on the $964.6 Bn Consumer Electronics Market is Expected to Grow at a CAGR of over 4.8% During 2022-2028 | Vantage Market Research

WASHINGTON, June 13, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Consumer Electronics Market finds that increasing investment by leading market players in research and development activities to produce new consumer electronic items with enhanced features is anticipated to drive the growth of Consumer Electronics Market in projected years. However, lower penetration in less developed countries may act as a restraining factor and may hamper the growth of Consumer Electronics Market in forecast years.

The Global Consumer Electronics Market revenue is expected to reach a value USD 964.6 Billion in the year 2028.

The Global Market revenue stood at a value USD 728.1 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period; states Vantage Market Research, in a report, titled “Consumer Electronics Market Size, Share & Trends Analysis Report by Product (Audio & video equipment, Major household appliance, Small household appliance, Digital photo equipment), by Application (Personal, Professional), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028).

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Market Dynamics:


Increasing Usage of Smartphones in Daily Routine

Nowadays, every human being is using consumer electronics items in their day-to-day lifestyle. Hence, consumer electronic items have gained to be one of the inevitable parts of the living style. Thus, it is hard to imagine a world without consumer goods. The majorly used consumer items in daily routine are smartphones, TVs, computers, laptops, tablets, wearable devices, digital cameras, gaming consoles and VR & AR devices. These days, smartphones have larger demand than other items as every single person have smartphone in their pocket. Thus, increasing use of smartphone across globe is anticipated to drive the Consumer Electronics Market growth over projected time period. For instance, retail sales of smartphones in the United States are projected to total around 73 billion U.S. dollars in 2021.

Rise in Usage of Advanced Technologies in New Product Development

In arrears to the increasing demand of consumer goods in daily lifestyle, several market players started investing heavily in order to launch new product in the market. With this regard, the use of advanced technology, and increasing Research and Development (R&D) spending for better technology is anticipated to further propel the growth of Consumer Electronics Market in upcoming years. For instance, many top leading players used micro-LED technology into televisions for high-resolution density. Top market leaders such as, LG, Samsung, Sony, and others have introduced micro-LED TVs for commercial and residential uses. Thus, increase in use of advance technologies in the development of new product is expected to fuel the growth of Consumer Electronics Market in coming years.

Key Insights & Findings from the Report:

  • According to our primary respondents’ research, the Consumer Electronics market is predicted to grow at a CAGR of roughly 4.8% during the forecast period.
  • The Consumer Electronics market was estimated to be worth roughly USD 728.1 Billion in 2021 and is expected to reach USD 964.6 Billion by 2028; based on primary research.
  • On the basis of region, Asia Pacific is projected to dominate the worldwide Consumer Electronics market.

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Segmentation of the Global Consumer Electronics Market:

  • Product
    • Audio & Video Equipment
    • Major Household Appliance
    • Small Household Appliance
    • Digital Photo Equipment
  • Application
    • Personal
    • Professional
  • Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

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COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

  1. Impact Assessment of COVID-19 Pandemic
    1. North America
    2. Europe
    3. Asia Pacific
    4. Latin America
    5. Middle East & Africa
  2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
  3. Key Strategies Undertaken by Companies to Tackle COVID-19
  4. Long Term Dynamics
  5. Short Term Dynamics

The Report on Consumer Electronics Market Highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates and Forecast
  • Company Profiles
  • Global and Regional Dynamics

Regional Analysis:

Asia Pacific Holds Largest Market Share

Asia Pacific accounted to have significant growth for Consumer Electronics Market in 2021, owing to the increasing demand for electronics items such as, speakers, monitors and wearable devices. The increasing gaming trend increases the demand for gaming consoles, video games and gaming monitor, which further propels the growth of Consumer Electronics Market in this region. According to Consumer Technology Association, U.S. population spent USD 528 on technology-based items that includes game console, video games, laptops, TV, Wearable etc.

Asia Pacific is predicted to have maximum growth for Consumer Electronics Market during forecast period. This growth is accounted to the large presence of leading players such as, Samsung, Sony, LG, Panasonic and many others in this region. In addition, increasing disposable income and increase in population has supported the high utilization of home appliances, which in turn, propels the growth of Consumer Electronics Market in this region.

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Consumer Electronics Market Size, Share & Trends Analysis Report by Product (Audio & video equipment, Major household appliance, Small household appliance, Digital photo equipment), by Application (Personal, Professional), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here -

List of Prominent Players in the Consumer Electronics Market:

  • Apple Inc.
  • Canon Inc.
  • Dell Inc.
  • Samsung Electronics Co. Ltd.
  • Panasonic Corporation
  • Sony Corporation
  • Koninklijke Philips N.V.
  • Lenovo Inc.
  • Hewlett-Packard Company
  • One plus
  • AB Electrolux
  • LG Corporation
  • Google Inc.
  • Microsoft Corporation
  • Hitachi Ltd.
  • Robert Bosch GmbH
  • Sennheiser Electronics
  • Siemens AG Logitech International S.A.
  • Oppo
  • ZTE Corporation

Recent Developments:

April 2022: Toshiba Electronic Devices & Storage Corporation has started mass production of 21 new microcontrollers in the M3H group as new products in the TXZ+™ Family Advanced Class, manufactured in a 40nm process.

April 2022: LG Electronics launched a new line-up of AI-powered Home Appliances and Air Conditioners for the Indian market.

March 2022: Samsung Electronics and Orange announced a series of new initiatives that expand their long-term strategic partnership to enhance Samsung Galaxy user experiences across Europe.

Key questions answered in the report:

  • Which regional market will show the highest and rapid growth?
  • Which are the top five players of the Consumer Electronics Market?
  • How will the Consumer Electronics Market change in the upcoming six years?
  • Which application and product will take a lion’s share of the Consumer Electronics Market?
  • What is the Consumer Electronics market drivers and restrictions?
  • What will be the CAGR and size of the Consumer Electronics Market throughout the forecast period?

This market titled “Consumer Electronics Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Market Size Provided for Years2016-2028
Base Year2021
Historic Years2016-2020
Forecast Years2022-2028
Segments Covered• Product

   ° Audio & Video Equipment

   ° Major Household Appliance

   ° Small Household Appliance

   ° Digital Photo Equipment

• Application

   ° Personal

   ° Professional

• Region

   ° North America

   ° Europe

   ° Asia Pacific

   ° Latin America

   ° Middle East & Africa
Region & Counties Covered• North America

   ° U.S.

   ° Canada

   ° Mexico

• Europe

   ° U.K

   ° France

   ° Germany

   ° Italy

   ° Spain

   ° Rest Of Europe

• Asia Pacific

   ° China

   ° Japan

   ° India

   ° South Korea

   ° South East Asia

   ° Rest Of Asia Pacific

• Latin America

   ° Brazil

   ° Argentina

   ° Rest Of Latin America

• Middle East & Africa

   ° GCC Countries

   ° South Africa

   ° Rest Of Middle East & Africa
Companies Covered• Apple Inc.

• Canon Inc.

• Dell Inc.

• Samsung Electronics Co..

• Panasonic Corporation

• Sony Corporation

• Koninklijke Philips N.V.

• Lenovo Inc.

• Hewlett-Packard Company

• One plus

• AB Electrolux

• LG Corporation

• Google Inc.

• Microsoft Corporation

• Hitachi Ltd.

• Robert Bosch GmbH

• Sennheiser Electronics

• Siemens AG Logitech International S.A.

• Oppo

• ZTE Corporation
Report CoverageMarket growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

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