Consumer Electronics Market to grow at highest pace owing to rising disposable incomes
The global consumer electronics market comprises a wide range of electronic equipment and appliances that are available for consumer use, including smartphones, laptops, smart televisions, cameras, kitchen appliances, washing machines, smartwatches, and more. Consumer electronics provide convenience, entertainment and productivity tools for both personal and professional use. With rising disposable incomes, increasing urbanization and digitalization trends, demand for consumer electronics is growing significantly worldwide.
Global consumer electronics market is estimated to be valued at USD 736.42 Bn in 2024 and is expected to reach USD 1,146.53 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.
Key Takeaways
Key players operating in the consumer electronics market are Amazon.com, Inc., Apple Inc., Dell Inc., Electrolux AB, Google LLC, Haier Group, Hewlett Packard Enterprise Company, Koninklijke Philips N.V., LG Electronics Inc., Microsoft Corporation, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co., Ltd., Sony Corporation, and Xiaomi Corporation. With the rising disposable incomes, changing lifestyles and increasing digitalization, demand for smartphones, laptops, smart televisions, kitchen appliances and other connected electronics is growing rapidly across the world.
Major players are launching innovative products with advanced features and greater convenience to capture more shares of the expanding consumer electronics market. Ongoing technological advancements such as Consumer Electronics Market Trends integration, artificial intelligence, 5G network and virtual/augmented reality are fueling the demand for more powerful and intelligent consumer electronic devices.
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