The ongoing transformation of consumer electronics: How quality and affordability are reshaping the industry. The adoption of Artificial intelligence and machine learning technologies is transforming the consumer electronics industry by allowing personalised experiences, smart features, and predictive analytics.
NEWARK, Del., Nov. 9, 2023 /PRNewswire/ -- The consumer electronics market is anticipated to reach a valuation of US$ 5,820.65 million by 2033, up from an estimated US$ 3,296,667 million in 2023. The industry is predicted to increase at a rate of 5.80% between 2023 and 2033. Due to the rise in different electronic gadgets like televisions and smartphones, the global consumer electronics market is anticipated to grow quickly.
Increasing disposable income, coupled with the rise in the adoption of smartphones and Internet penetration in potential revenue-generating areas, are expected to drive the market for online retail and, in turn, the consumer electronics industry in the near future. The impact of this factor is currently high and is anticipated to remain high throughout the forecast period.
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Rapid advancements in technology have led to the development of more innovative and feature-rich consumer electronics products. These products offer enhanced functionality, better performance, and improved user experiences, attracting consumers to upgrade or purchase new devices, and driving the market demand. The increased focus on health and wellness has led to the popularity of wearable devices, such as fitness trackers and smartwatches, driving the market growth during the forecast period.
- In 2022, the consumer electronics market was valued at US$ billion.
- Based on product, the consumer electronics devices segment is expected to account for a share of 88.0% in 2023.
- Global consumer electronics demand in China is predicted to account for a CAGR of 8.30% through 2033.
- Allergy diagnostic in the United States is expected to account for a CAGR of 4.10% between 2023 and 2033.
- Germany is projected to expand by a value CAGR of 2.80% between 2023 and 2033.
- By 2033, the allergy diagnostics market in India is anticipated to record a CAGR of 8.10% during the forecast period.
"The increasing disposable income and increased spending on connected devices are anticipated to drive the market growth during the forecast period," opines Sneha Varghese Principal Consultant at Future Market Insights (FMI).
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The global consumer electronics market depicts a fragmented competitive landscape due to numerous players in the market. The key players in the market have adopted innovative strategies like mergers, partnerships, and acquisitions to enhance their market presence and strengthen their market hold.
- Apple Inc. is known for its range of consumer electronics, including the iPhone, iPad, Mac computers, Apple Watch, and AirPods. The company is renowned for its design, user experience, and ecosystem of software and services.
- Samsung is a global leader in consumer electronics, offering a wide array of products, from smartphones and tablets to televisions and home appliances. Samsung's innovation in display technology and its strong presence in the smartphone market are key drivers.
- Sony Corporation is a prominent player in consumer electronics, with a focus on products like televisions, gaming consoles (PlayStation), cameras, and audio equipment. The company is known for its quality and innovation.
Major Contributors of the Consumer Electronics Market are: Samsung Electronics Co. Ltd., LG Electronics Co. Ltd., Apple, Inc., Hitachi Ltd., Koninklijke Philips N.V., Sony Corporation, Hewlett Packard Inc., Toshiba Corporation, Panasonic Corporation.
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Future Market Insights offers an unbiased global consumer electronics market analysis, providing historical data from 2018 to 2022 and forecast statistics between 2023 and 2033.
To understand opportunities in the consumer electronics market, the market is segmented based on Product (Consumer Electronic Devices, Wearable devices, Smart Home Devices) by Sales Channel (Hypermarkets/Supermarkets, Specialty Stores, Multi-brand Stores, Online Retailers, Wholesalers and distributors, Other Sales Channel) Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, the Middle East, and Africa).
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Explore Future Market Insights, Inc. Extensive Coverage in Consumer Product Domain:
- Smart Home Appliances Market Trends: The global market is expected to be valued at US$ 37.73 billion in 2023.
- Gaming Gadgets Market Outlook: The industry is predicted to be worth US$ 71,305.3 Million by 2022 and US$ 156,774.9 Million by 2032, according to FMI. Between 2022 and 2032, the market is estimated to increase at a compound yearly growth rate of 8.2%. During the assessment period, Wii gadgets are predicted to rise at a faster-than-average CAGR of 10.8%.
- The wearable electronics market is expected to reach US$ 199.5 Bn by 2032, as it is estimated to grow at a CAGR of 14.5% for 2022 to 2032.
- The mobile phone accessories market is estimated at US$ 97,996.3 Million in 2023 and US$ 189,807.7 Million by 2033, growing at a CAGR of 6.8% the forecast period 2023 to 2033
- Smart Kitchen Appliances Market is projected to hit US$ 3,280.1 million by 2033 and expand at 8.5% CAGR during forecast period of 2023 to 2033
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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