Consumer electronics market set to reach €0.95bn in 2023
The latest data from Statista Market Insights says the global consumer electronics market is expected to see an annual growth rate of 2.32% from 2023 to 2028
Telephony dominates the market
Among the various segments of the consumer electronics market, telephony emerges as the largest, accounting for a market volume of €462,70bn in 2023.
The growing popularity of smartphones and the need for seamless communication contribute to the dominance of this segment. The telephony segment includes smartphones, feature phones, and related accessories.
China leads in revenue generation
In terms of revenue generation, China takes the lead in the global consumer electronics market, with an estimated revenue of €211,99bn in 2023.
The country’s massive population and its robust manufacturing capabilities position it as a major player in the industry. Other key regions contributing significant revenue include the United States, India, Japan, and Brazil.
Per capita revenues and online sales
When examining the market in relation to population figures, it is estimated that per person revenues will reach €124,24 in 2023. This highlights the widespread adoption and consumption of consumer electronics globally.
Furthermore, online sales continue to shape the market, with 45.9% of total revenue expected to be generated through online channels by 2023. The convenience and accessibility offered by online platforms have revolutionised the way consumers purchase electronic devices, contributing to the significant growth of e-commerce in this industry.
Growth potential and emerging trends
The consumer electronics market is poised for further growth, driven by several key factors.
The emergence of 5G networks promises faster and more reliable connectivity, paving the way for enhanced user experiences and the widespread adoption of Internet of Things (IoT) devices. Additionally, the increasing popularity of smart homes, powered by connected devices and home automation systems, presents new opportunities for consumer electronics manufacturers.
Augmented reality (AR) and virtual reality (VR) technologies are also gaining momentum, revolutionising industries such as gaming, entertainment, and education. Advancements in these immersive technologies are expected to contribute to the growth of the market.
Competition and market players
The consumer electronics market is highly competitive, with established companies such as Apple, Samsung, Huawei, and Sony holding dominant positions in various product categories. However, emerging players like Xiaomi are making significant progress, challenging the established market leaders.
The entry of tech giants such as Google and Meta – formerly Facebook – into the virtual and augmented reality space further intensifies competition.
To conclude, the market continues to thrive, driven by technological advancements, growing consumer demand, and evolving trends. There are ample opportunities for both established and emerging players to capitalise on the evolving landscape. The rise of 5G, smart homes, and AR/VR technologies are expected to shape the future of consumer electronics, transforming the way they interact with and experience technology.