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Consumer Electronics Market Size, Share & Industry Analysis, By Product Type (Electronic Devices (Television, Computer, Digital Camera & Camcorder, and Others) and Home Appliances (Refrigerator, Washing Machine, Air Conditioner, and Others)), Distribution Channel (Offline and Online), and Regional Forecast, 2024-2032

Last Updated: May 06, 2024 | Format: PDF | Report ID: FBI104693



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The global consumer electronics market size was valued at USD 773.40 billion in 2023 and is projected to grow from USD 815.16 billion in 2024 to USD 1,467.94 billion by 2032, exhibiting a CAGR of 7.63% during the forecast period.

Electronic devices are one of the highly penetrated products among a wide range of technical consumer goods in households. On one side, television sets with wider screen size are receiving popularity, whereas, on the other side, the miniaturization of electrical components is on the rise. Companies are focusing on developing high performing and convenient-to-use devices owing to the increasing demand. Therefore, the advent of technology and digitalization is likely to push the demand for electronic items and domestic/ household appliances.

On the other hand, the COVID-19 pandemic disrupted the global supply chains, causing manufacturing delays, component shortages, and logistical challenges for consumer electronics manufacturers. Factory closures, lockdown measures, and restrictions on international trade disrupted the production and distribution of electronics products, leading to supply shortages and delays in product launches. However, with the transition to remote work and online learning, there was an increased demand for certain consumer electronics products, such as laptops, tablets, and webcams. The need for home office setups and remote communication tools drove the sales of devices that facilitate remote work and virtual learning environments. For instance, as per the Q2 2020 results of LG Electronics, the percentage share of monitors in total revenue increased to 23% in Q2 2020 from 17% in Q1 2020, that of notebook and tablets increased to 29% in Q2 2020 from 20% in Q1 2020.

Consumer Electronics Market Trends

User-Friendly Smart Devices to Gain Momentum

The rising trend of having connected homes is supporting the penetration of smart appliances globally.  Growing R&D activities will lay the foundation for the market’s growth in the future and sustainability in the consumer electronics industry. Manufacturers have been continuously innovating and launching sustainable electronic goods, and catering to the increasing demand for eco-friendly products to stay ahead of competitors. Therefore, appliances equipped with voice assistance, Bluetooth, and Wi-Fi connectivity are being adopted due to the higher convenience in usage. Players are making efforts to include multiple features in their devices to attract consumers. For instance, in August, 2021, boat, an Indian based electronic company, collaborated with Actions Technology Co., Ltd to launch smart speakers ‘Stone 1200’ which supports Bluetooth connectivity with smart devices. Rising technological advancements and inclination toward smart devices are likely to fuel the consumer electronics market growth.

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Consumer Electronics Market Growth Factors

Growing Residential Sector to Boost Product Demand

The income level of the world population is rising, which allows them to spend more on housing and equip their homes with upcoming technological goods. Additionally, the growing trend of the inclusion of smart devices in the household would further expand the market size.  The introduction of innovative household products in the market is likely to boost product consumption. For instance, in December 2021, LG Electronics launched a range of expanded TV panels, including Mini LED, OLED, and NanoCell TV sets, equipped with several advanced features. Therefore, the consumer electronic products market is projected to exhibit strong growth in the forthcoming years owing to a rising number of modernized households globally.

Favorable Government Initiatives to Promote Market Growth

The global government authorities are taking efforts to support the growth of the electronic products in their respective countries. For instance, according to India Brand Equity Foundation, 2021-22, it has been estimated that the electronics manufacturing and export market of India is expected to reach USD 300 billion by 2025-26. This would further support the development of new technologies such as 5G, IoT, AI, and machine learning. Therefore, resulted in the greater adoption of electronic products embedded with the latest features in the country. Moreover, green building initiatives are likely to support the demand for energy-efficient consumer electronics across the globe. Therefore, initiatives regarding uplifting manufacturing capacity as well as the development of energy-efficient products would result in a flourishing market of consumer electronics.


Lower Penetration in Less-Developed Countries to Hamper Growth

Lower market penetration in certain less developed nations on account of sluggish economic conditions and the lack of access to electricity is expected to affect the market growth. For instance, according to a research paper published by Springer Nature, in 2022, Malaysia displayed significant sluggishness in embracing IoT-SHT (Internet-of-Things-based Smart Home Technology). As of 2021, the household penetration of IoT-SHT in Malaysia stood at merely 12.2%, falling below the global average of 14.2% and substantially straggling behind leading developed nations, such as the U.S. (40.1%), the U.K. (39.3%), South Korea (36.2%), and its neighboring country, Singapore (28%). Besides, the adoption of smart high-end products is limited to a high-income group of the population. This is likely to restrict the expansion of the premium consumer electronics industry.

Consumer Electronics Market Segmentation Analysis

By Product Type Analysis

Electronic Devices Segment to Dominate Owing to Greater Household Penetration

Based on product type, the market is segmented as electronic devices and home appliances.   Electronic devices are further classified into TVs, cameras, computers, and other products such as video and audio devices. The electronic devices segment is expected to witness a major consumer electronics market share owing to higher household penetration of TVs, computers, tablets, and laptops.  Moreover, companies are launching new products intended for specific applications due to changing consumer preferences. For instance, in April, 2021, Canon announced the launch of the new EOS R3 full-frame mirrorless camera, featuring 35mm full frame, CMOS sensor, DIGI X picture processor and black illuminated. Home appliances are classified into refrigerators, washing machines, Air Conditioners (AC), and others. The younger generation prefers various appliances such as refrigerators, microwave ovens, and washing machines that save time in household work, which, in turn, enhances the overall standard of living.

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By Distribution Channel Analysis

Purchase Convenience of Offline Stores to Propel Segment Growth

Based on distribution channel, the market is segmented into offline and online.

The offline segment is anticipated to hold a major market share as specialty electronic shops allow the buyer to understand the device features in-person. This factor enables the customer to compare and choose between a wide array of available brands, which, in turn, has increased the footfall in these shops. A greater convenience offered by online platforms is likely to add impetus to the segment growth. The COVID-19 lockdown has further promoted the use of e-commerce websites due to closures of retail stores. Players in this market have taken this opportunity to consolidate their presence through online channel amid the pandemic period. For instance, in July 2021, Samsung partnered with Shopee, a prominent e-commerce platform, in Southeast Asia and Taiwan to increase their revenue through online sales channel in those regions.


Asia Pacific Consumer Electronics Market Size, 2030 (USD Billion)

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The Asia Pacific market value stood at USD 293.74 billion in 2023. The region is expected to dominate the global market owing to the robust presence of prominent players such as Sony, Samsung, Panasonic, and LG, in countries such as Korea, China, and Japan. In addition, western countries depict a soaring demand for Asian consumer electronics products, which has further boosted the market growth. For instance, as per Outlook India, January 2023, Apple iPhone’s contractors in India comprise Foxconn, Wistron, and Pegatron, while the contract suppliers consist of Salcomp, Avary, Sunwoda, and Foxlink. Together, they have created ~100,000 employees in India in 2023. Moreover, the surging disposable income of the population in the region has led to an upsurge in the consumption of home appliances in economies such as China, India, and other South-East Asian nations that would drive the regional market.

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Although consumer electronics manufacturers are highly concentrated in the Asian region, players in Europe are taking efforts to increase domestic manufacturing to meet the growing consumer demand. For instance, in September 2022, Deutsche Telekom, a German company, announced the launch of 5G smartphones across the entire European region and it will be the first available in the Germany market. Moreover, the escalating demand for smart home appliances is likely to propel market growth in the region.

North America holds a significant market share owing to the rising demand for wearables, speakers, and monitors. For instance, in September, 2022, Nice North America, announced the launch of new electronics products, including smart home solutions, power management, and entertainment features. Moreover, the growing trend of gaming is further expected to increase the demand for video games, gaming monitors, and consoles in the region.

The market in South America is currently emerging. However, the increasing urbanization is likely to increase product penetration and thereby would fuel market growth. Moreover, improvements in the provision of broadcasting, video streaming, and internet facilities would further boost product consumption. For instance, as per the GSMA report, ‘The Mobile Economy Latin America 2020’, it has been estimated that 5G connections would reach 62 million by 2025, featuring ~10% adoption rate of 5G connections and ~67% adoption rate of 4G connections in South America.

List of Key Companies in Consumer Electronics Market

Players Focus on Investment in Research and Development Activities to Gain a Competitive Advantage 

Increasing investment in R&D enables consumer electronics companies to develop innovative products with advanced features, functionalities, and designs. These innovations differentiate their products from those of competitors, attract consumers seeking cutting-edge technology, and create new market opportunities. Moreover, the global market is led by a few key market players such as Samsung, Sony Corporation, LG, and Panasonic. These players thrive on offering cost-effective products and spending on new product development to remain competitive in the market. The companies are focusing on increasing their foothold by adopting strategies such as geographic expansion, partnerships, and the expansion of production capacity to increase their market share. For instance, in August 2022, Henkel implemented its first application engineering center in South China to support the growing demand from Chinese consumer electronics customers.



  • May 2023 - Sony Electronics Inc. launched the ‘Xperia 1V’ smartphone, fit with advanced and cutting edge technology, along with a CMOS image sensor with two-layer transistor pixel.

  • August 2022 – Samsung Electronics launched a range of ‘Bespoke’ appliance products, including kitchen appliances, laundry and home equipment, provided with sustainable and intelligent features.

  • December 2022 – LG Electronics launched ‘LG ThinQ UP’ advanced home electronics, consisting refrigerators, dryers, ovens, washers, and dishwashers. These products offer smart and intelligent features that are able to cater the growing need of the consumers.

  • November 2022 – Panasonic launched a series of electronics products, including washing machine along with built-in heater, microwave, and mixer grinder, which support easy and free installation.

  • July 2022 – Electrolux AB implemented the ‘Appliance-as-a-Service' program to contribute to the circular economy by incorporating the circular approach into their home appliances product portfolio.


An Infographic Representation of Consumer Electronics Market

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The market research report provides a detailed analysis of the market and focuses on key aspects such as competitive landscape, distribution channel, and leading product types. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 7.63% from 2024 to 2032


Value (USD Billion)


By Product Type

  • Electronic Devices

    • Television

    • Computer

    • Digital Camera & Camcorders

    • Others (Audio & Video Products, Set-Top-Box, etc.)

  • Home Appliances

    • Refrigerator

    • Washing Machine

    • Air Conditioner

    • Others

By Distribution Channel

  • Offline

  • Online

By Geography

  • North America (By Product Type, Distribution Channel, and Country)

    • U.S. (By Product Type)

    • Canada (By Product Type)

    • Mexico (By Product Type)

  • Europe (By Product Type, Distribution Channel, and Country)

    • U.K. (By Product Type)

    • Germany (By Product Type)

    • France (By Product Type)

    • Italy (By Product Type)

    • Spain (By Product Type)

    • Rest of Europe (By Product Type)

  • Asia Pacific (By Product Type, Distribution Channel, and Country)

    • China (By Product Type)

    • India (By Product Type)

    • Japan (By Product Type)

    • Australia (By Product Type)

    • Rest of Asia Pacific (By Product Type)

  • South America (By Product Type, Distribution Channel, and Country)

    • Brazil (By Product Type)

    • Argentina (By Product Type)

    • Rest of South America (By Product Type)

  • Middle East and Africa (By Product Type, Distribution Channel, and Country)

    • South Africa (By Product Type)

    • UAE (By Product Type)

    • Rest of the Middle East & Africa (By Product Type)


Frequently Asked Questions

Fortune Business Insights says that the global market size was valued at USD 773.40 billion in 2023 and is projected to reach USD 1,467.94 billion by 2032.

In 2023, the market value in Asia Pacific stood at USD 293.74 billion.

Recording a CAGR of 7.63%, the market will exhibit a steady growth rate during the forecast period of 2024-2032.

Based on product type, the electronic devices segment is expected to be the leading segment.

The rising number of households and positive government initiatives are major factors driving the growth of the market.

Sony, LG, Samsung, and Panasonic are the major players in the global market.

Asia Pacific held the highest market share in 2023.

Favorable government initiatives across various regions are expected to drive product adoption over the forecast period.

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