Consumer Electronics - Worldwide
- Worldwide
- In 2024, the revenue generated in the Consumer Electronics market worldwide amounted to a staggering €871.8bn.
- It is projected that the market will experience an annual growth rate of 2.75% from 2024 to 2029 (CAGR 2024-2029).
- The largest segment within the Consumer Electronics market is Telephony, with a market volume of €446.7bn in 2024.
- When comparing revenue across different countries, it is noteworthy that in China generates the highest revenue with €182.2bn in 2024.
- Looking at the per capita figures, in 2024, each person contributes approximately €112.50 to the total revenue in the Consumer Electronics market.
- It is predicted that by 2024, online sales will account for 33.5% of the total revenue in this market.
- By 2029, the volume of the Consumer Electronics market is expected to reach 9,007.0m pieces.
- Furthermore, a volume growth of 1.6% is anticipated in 2025.
- On average, each person is expected to contribute a volume of 1.1pieces to the Consumer Electronics market in 2024.
- The consumer electronics market in the United States is currently dominated by the demand for smart home devices.
Key regions: United States, Worldwide, India, Europe, Germany
Analyst Opinion
In 2022, the Consumer Electronics market faced a minor contraction primarily due to the market saturation of smartphones and a rebound in the demand for computing devices compared to the previous year. This dip in the market was also attributed to the economic slowdown, surging inflation rates, and increased energy prices, which contributed to decreased consumer spending on home entertainment equipment. Overall, the Consumer Electronics market generated a total revenue of US$987 billion in 2022, representing a 4.4% decline from the previous year.
The Consumer Electronics market is dominated by established and well-known companies, including Apple, Samsung, Huawei, and Sony. These companies hold a dominant position in various product categories such as smartphones, televisions, home appliances, and gaming consoles. Nevertheless, emerging players are gaining traction in the market, with Xiaomi being a prime example. Known primarily for its smartphones, Xiaomi has been making notable progress in the industry. Additionally, tech giants such as Google and Meta are making strides in virtual and augmented reality, which are becoming increasingly significant components of the overall market. As such, the competition in the Consumer Electronics market is intensifying, with established and emerging players vying for market share and consumer attention.
Moving forward, we anticipate that several trends will fuel further growth in the Consumer Electronics market, including the emergence of 5G networks, the surging popularity of smart homes, and advancements in augmented and virtual reality technologies. These trends are set to transform a world that is becoming increasingly digital and interconnected, creating a plethora of opportunities for the Consumer Electronics market to expand. As such, we expect this market to benefit significantly from these developments in the coming years.
Methodology
Data coverage:
The data encompasses B2C enterprises. Figures are based on consumer spending on electronic and digital devices used privately either for entertainment (televisions, game consoles, smart speakers, etc.), communication (telephones, smartphones, etc.) or home-office activities (printers, copiers, etc.).Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Global Consumer Survey), as well as performance factors (e.g., user penetration, price per product, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, number of internet users, smartphone penetration rate, household number and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electronic products due to the non-linear growth of technology adoption and regular product upgrade. The main drivers are GDP per capita, consumer spending per capita, and 5G penetration rate.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). GCS data is reweighted for representativeness.Vue d’ensemble
- Revenue
- Key Players
- Volume
- Price
- Analyst Opinion
- Sales Channels
- Global Comparison
- Methodology
- Key Market Indicators