Press release
Consumer Electronics Market Projected to Reach $9.8 Billion by 2031 | Samsung Electronics Co. Ltd., LG Electronics Co. Ltd., Apple, Inc
Consumer Electronics Market || 2024-2031
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What is the projected growth rate (CAGR) of the Global Consumer Electronics market from 2024 to 2031, and what is the market value expected to change by 2031?
The Global Consumer Electronics Market reached US$ 6.9 billion in 2023 and is expected to reach US$ 9.8 billion by 2031, growing with a CAGR of 4.1% during the forecast period 2024-2031.
What is Consumer Electronics Market?
Consumer electronics refer to a wide range of electronic devices designed for personal use and enjoyment. These products typically include devices such as televisions, smartphones, tablets, laptops, audio systems, cameras, and home appliances. Consumer electronics are characterized by their accessibility to the general public and are often used for entertainment, communication, and information purposes. The industry is known for rapid technological advancements, leading to continuous innovation and the introduction of new features to enhance user experience.
Growth Driver
Growing Technological Advancements in Consumer Electronics
The consumer electronics market is propelled by a tech-savvy population, increasing disposable incomes, and a strong appetite for the latest devices. Notable segments include computers, smartphones, and smart home appliances, all of which command significant market share. The popularity of smart speakers, streaming services, and 5G technology continues to rise. Major players in the tech industry, such as Microsoft, IBM, and Google, are heavily investing in cutting-edge AI technologies. During the forecast period, innovations in sensory technology are expected to further transform the consumer electronics landscape.
Key Players:
Profiles of some of the major players in the global Consumer Electronics market, which include:
Samsung Electronics Co. Ltd., LG Electronics Co. Ltd., Apple, Inc., Hitachi Ltd., Koninklijke Philips N.V., Sony Corporation, ThermaGreen Blocks, Hewlett Packard Inc., Toshiba Corporation and Panasonic Corporation.
Industry Development:
In May 2023, Ekka Electronics announced a significant investment of $121.1 million to establish a manufacturing facility in Noida, India. This new facility will focus on producing a diverse range of consumer gadgets, including washing machines, smartwatches, wearables, and true wireless stereo devices.
In April 2023, OnePlus launched its flagship tablet, the OnePlus Pad. This device showcases the brand's signature design philosophy, blending elegance with functionality.
In March 2023, CUI Devices revealed that it had entered into a distribution agreement with J.P. Electronic Devices Pvt. Ltd., a supplier of electronic components, services, and solutions across various industries.
The purpose of the report is to offer a comprehensive analysis of the market, along with insightful conclusions, statistical data, historical information, market data that has been confirmed by the industry, and predictions based on a sound methodology. By identifying and examining market segments and forecasting global market size, the study also contributes to understanding the dynamics and structure of the global Consumer Electronics market.
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Market Segments:
The report covers the segmentation of the market into different segments based on various classifications such as applications, end users, product types, and others. The segmentation is divided into two sections, one for development and the other for different roles, needs, and behaviours.
By Type: Electronic Devices (Digital Camcorder/DVR and Camera, Smart Phones/Feature Phones & Tablets, Smart TV, Printers/ Set Top Box, Personal Computers & Gaming Consoles), Wearable Devices (Smart Watches, Smart Accessories, Others), Home Appliances (Refrigerators, Air Conditioners, Securities & HVAC Systems, Smart Kitchen Appliances, Others), Others
By Distribution Channel: Hypermarkets/Supermarkets, Specialty Stores , Multi-brand Stores , Online Retailers , Wholesalers & Distributors, Others
By End-User: Residential, Commercial
Regional Break out:
☞ North America - US, Canada, Mexico
☞ Europe- Germany, Russia, UK, France, Italy, Rest of Europe
☞ Asia Pacific- China, India, Japan, Australia, Rest of Asia Pacific
☞ South America- Brazil, Argentina, Colombia, Rest of South America
☞ Middle East and Africa- Saudi Arabia, UAE, Oman, Bahrain, Qatar, Kuwait, Israel
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Key Features
➧ Gain deep insights into market dynamics, trends, and opportunities to stay ahead in a competitive landscape.
➧ Track competitor's movements in real time, allowing you to swiftly adapt strategies and remain competitive.
➧ Compare your performance with industry leaders to identify gaps, strengths, and areas for improvement.
➧ Stay updated with emerging market trends, technological advancements, and customer behaviour to refine your strategy.
➧ Receive actionable insights and recommendations to drive your business toward growth and long-term success.
➧ Tailor competitive intelligence to your unique business needs, ensuring relevant and focused analysis.
➧ Evaluate supply chain efficiency and logistics strategies to optimize operations and minimize disruptions.
➧ Understand key players, stakeholders, and partnerships to navigate the competitive landscape more effectively.
➧ Identify and target specific market segments with detailed intelligence on customer preferences and behaviours.
➧ Stay informed on regulatory changes and legal requirements impacting your industry to ensure compliance and mitigate risks.
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DataM Intelligence is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
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