Consumer Electronic Market By Product (Consumer Electronics Devices, Smart Home Devices), Technology (Near Field Communication (NFC), Magnetic Secure Transmission (MST)), Application (Personal, Professional), & Region for 2024-2031
Report ID: 30544|No. of Pages: 202
Consumer Electronic Market By Product (Consumer Electronics Devices, Smart Home Devices), Technology (Near Field Communication (NFC), Magnetic Secure Transmission (MST)), Application (Personal, Professional), & Region for 2024-2031
Consumer Electronic Market Valuation – 2024-2031
Increasing technological advancements in the fields of artificial intelligence (AI), Internet of Things (IoT), and automation are driving the growing demand for smart devices and consumer electronics. This demand is being fueled by rising consumer expectations for enhanced connectivity, convenience, and personalized experiences. According to the analyst from Verified Market Research, the Consumer Electronic Market is estimated to reach a valuation of USD 1157.27 Billion over the forecast subjugating around USD 838.13 Billion valued in 2024.
The rapid expansion of the consumer electronic market is primarily driven by increasing consumer demand for innovative and multifunctional devices, such as smartphones, wearables, and smart home systems. The rising adoption of these technologies is being accelerated by advancements in wireless communication, battery life, and energy efficiency, contributing to a steady CAGR in the sector. It enables the market to grow at a CAGR of 4.54% from 2024 to 2031.
Consumer Electronic Market: Definition/ Overview
The consumer electronics market is defined by products designed for daily personal use, such as smartphones, tablets, laptops, wearables, and home appliances. These devices are used to facilitate communication, entertainment, and household tasks, making them essential in modern life. The market is categorized by rapid innovation, where new features and technological advancements are constantly being integrated into products to enhance user experience.
Increasing demand for smart devices, connectivity solutions, and energy-efficient electronics has been observed, driving market growth. Rising disposable income, urbanization, and a shift toward digital lifestyles are contributing to the expansion of the consumer electronics sector. Additionally, growing investments in research and development by leading companies are expected to accelerate product innovation and market penetration.
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What Key Trends are Shaping the Growth of the Consumer Electronics Market?
The growth of the consumer electronics market is being shaped by increasing demand for smart and connected devices, driven by the expansion of the Internet of Things (IoT) and 5G technology. According to the International Data Corporation (IDC), global spending on IoT is expected to reach USD1.1 Trillion by 2024, with a compound annual growth rate (CAGR) of 11.3% between 2020 and 2024. Emphasis is being placed on the integration of artificial intelligence (AI) in devices, enabling more intuitive and personalized user experiences.
In addition, a rising shift toward sustainability is being observed, with more products being manufactured using eco-friendly materials and energy-efficient components. Innovations in product design, coupled with shorter product life cycles, are leading to frequent product launches, further contributing to market expansion.
What Restraints are Currently Affecting the Growth of the Consumer Electronics Market?
The growth of the consumer electronics market is being restrained by factors such as supply chain disruptions, rising raw material costs, and global semiconductor shortages. These challenges are particularly evident in the production and availability of critical components, leading to delayed manufacturing timelines and increased product costs.
Additionally, the rapid pace of technological advancements has resulted in shorter product lifecycles, creating difficulties for manufacturers in managing inventories and maintaining profitability. As these supply-side constraints persist, they are expected to hinder market growth and limit the ability of companies to meet rising consumer demand efficiently.
Category-Wise Acumens
What are the Factors Contributing to the Dominance of Smart Home Devices in the Consumer Electronics Market?
According to VMR analyst, the dominance of smart home devices in the consumer electronics market is attributed to several factors, including enhanced convenience, improved energy efficiency, and growing consumer awareness of smart technologies. Increasing integration of artificial intelligence and IoT technologies into these devices has enabled seamless connectivity and control through smartphones and voice-activated assistants.
Consumer preferences for automated solutions that enhance security, comfort, and energy management have been observed, leading to a significant rise in smart home device adoption. Additionally, the availability of affordable and user-friendly products is being promoted, which has further fueled the growth of this sub-segment in recent years.
What is Driving the Rapid Growth of Near Field Communication (NFC) Technology in Consumer Electronics Applications?
According to VMR analyst, the rapid growth of Near Field Communication (NFC) technology in consumer electronics applications is being driven by the increasing demand for contactless payment solutions and secure data exchange. As consumer preferences shift toward convenient and secure transaction methods, NFC-enabled devices are being widely adopted across various sectors, including retail, transportation, and personal electronics.
Enhanced security features offered by NFC technology, such as encryption and tokenization, have been recognized, contributing to consumer trust and acceptance. Moreover, partnerships between technology providers and financial institutions are being established, leading to greater NFC integration in smartphones and payment terminals, thereby accelerating the technology’s growth within the market.
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Country/Region-wise Acumens
What Factors are Contributing to the Rapid Growth of the Consumer Electronics Market in the Asia Pacific Region?
According to VMR Analyst, the rapid growth of the consumer electronics market in the Asia Pacific region is driven by several factors, including rising disposable incomes, urbanization, and a growing middle-class population. According to the World Economic Forum, the middle class in Asia Pacific is expected to grow from 2 billion people in 2020 to 3.5 billion by 2030, accounting for 65% of the world’s middle class population. Increased consumer spending on innovative technologies and smart devices has been observed, as preferences shift toward enhanced connectivity and smart home solutions.
Additionally, significant investments in research and development by major electronics manufacturers are being made, facilitating technological advancements and product diversification. The proliferation of e-commerce platforms is also being recognized as a catalyst for market growth, enabling consumers to access a wide range of products conveniently and driving competition among manufacturers.
What are the Key Drivers behind the Dominance of North America in the Consumer Electronics Market?
According to VMR Analyst, the dominance of North America in the consumer electronics market is supported by several key drivers, including advanced technological infrastructure, high consumer awareness, and strong purchasing power. North America, particularly the United States, has a high level of disposable income, which contributes to increased spending on consumer electronics. According to the U.S. Bureau of Economic Analysis, personal consumption expenditures on durable goods, which include consumer electronics, reached USD 2.2 Trillion in 2023, a 5.7% increase from the previous year.
The presence of leading technology companies and startups in the region has been established, fostering innovation and rapid product development. Moreover, consumer preferences for high-quality, feature-rich electronic devices are being increasingly prioritized, resulting in significant investments in product research and development. Regulatory frameworks that encourage technological advancement and protect intellectual property rights are also contributing to a favorable business environment, thus enhancing the market’s competitive landscape in North America.
Competitive Landscape
The Consumer Electronic Market’s competitive landscape is characterized by a varied range of companies, including technology developers, plant operators, and service providers, all striving for market share in an increasingly dynamic and growing industry.
Some of the prominent players operating in the consumer electronic market include:
- Apple, Inc.
- Dell
- Fujitsu
- Hitachi Ltd.
- HP, Inc.
- LG Electronics, Inc.
- Panasonic Corporation
- Samsung Electronics Co. Ltd
- Sony Corporation
- Toshiba Corporation
Recent Developments
- In 2023, Samsung, Launched the Galaxy Z Fold 4 and Z Flip 4 foldable smartphones, featuring significant improvements over their predecessors. The Z Fold 4 boasts a larger under-display display with a less noticeable crease, a more powerful processor, and an improved hinge mechanism. The Z Flip 4 offers a more compact design, a larger cover display, and upgraded camera capabilities.
- In August 2020, Samsung launched an AI-powered washing machine, which will allow users to customize their clothing washing cycles. This is intended to expand the company’s advanced home appliance portfolio.
- In July 2020, LG Electronics released the LG Ultra Gear 27-inch gaming monitor. It is the first 4KIPS 1-millisecond grey-to-grey gaming monitor in the world.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~4.54% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Apple, Inc., Dell, Fujitsu, Hitachi Ltd., HP, Inc., LG Electronics, Inc., Panasonic Corporation, Samsung Electronics Co. Ltd, Sony Corporation, Toshiba Corporation. |
| Customization | Report customization along with purchase available upon request |
Consumer Electronic Market, By Category
Product:
- Consumer Electronics Devices
- Smart Home Devices
Technology:
- Near Field Communication (NFC)
- Magnetic Secure Transmission (MST)
Application:
- Personal
- Professional
Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Verified Market Research
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1 INTRODUCTION OF GLOBAL CONSUMER ELECTRONIC MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL CONSUMER ELECTRONIC MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL CONSUMER ELECTRONIC MARKET, BY PRODUCT
5.1 Overview
5.2 Consumer Electronics Devices
5.3 Smart Home Devices
5.4 Wearable Electronic Devices
6 GLOBAL CONSUMER ELECTRONIC MARKET, BY TECHNOLOGY
6.1 Overview
6.2 Near Field Communication (NFC)
6.3 Magnetic Secure Transmission (MST)
6.4 Artificial Intelligence
6.5 VR (Virtual Reality) Technology
6.6 Generation PCL Technology
6.7 Others
7 GLOBAL CONSUMER ELECTRONIC MARKET, BY APPLICATION
7.1 Overview
7.2 Personal
7.3 Professional
8 GLOBAL CONSUMER ELECTRONIC MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa
9 GLOBAL CONSUMER ELECTRONIC MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 LG Electronics Inc.
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Samsung Electronics Co. Ltd
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 HP Inc.
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Hitachi Ltd.
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Apple Inc.
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Sony Corporation
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Panasonic Corporation
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Toshiba Corporation
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Fujitsu
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Dell
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 KEY DEVELOPMENTS
11.1 Product Launches/Developments
11.2 Mergers and Acquisitions
11.3 Business Expansions
11.4 Partnerships and Collaborations
12 Appendix
12.1 Related Research
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
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| Demand side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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