The consumer electronics market is expected to grow from US$1,211.287 billion in 2025 to US$1,636.479 billion in 2030, at a CAGR of 6.20%.
The market growth is attributed to the growing demand for electronic devices such as laptops, smartphones, televisions, wearable gaming consoles, etc., Consumer electronics demand is expected to rise due to rising disposable income and increased consumer awareness of a variety of advanced technological devices in developing economies. Additionally, the rising adoption of smart devices and rapid technological innovations in the electronics industry is further projected to boost the overall market growth during the forecast period.
One of the prime reasons supporting the growth of the market is the growing demand for electronic devices and appliances. Rapidly growing populations and increasing urbanization are creating a massive demand for advanced consumer electronic devices. Many leading consumer electronics players are making investments in their research and development activities to introduce new devices to meet the increased demand for advanced electrical devices, which is anticipated to have a positive impact on the market’s growth. Key players are making significant developments by integrating advanced technologies like AI and machine learning into their products.
Companies are investing heavily in technologies like the Internet of Things, artificial intelligence, and machine learning. For instance, Samsung Electronics has launched the first AI and 5G-based Galaxy smartphones to strengthen its position in the high-end smartphone market. Panasonic Corporation has announced the launch of its LZ2000 OLED TV which has new gaming features such as a Game Control Board, and automatic NVIDIA GPU detection, and the TV has advanced sensors that can detect the ambient room temperature. The sensor works together with the HCX Pro AI processor to adjust the tone and deliver a more comfortable nighttime viewing experience.
In a report published by Ericsson, it was estimated that the number of smartphone subscriptions globally surpasses 5 billion and is projected to grow by several hundred million during the forecast period. Countries such as China, the United States, Germany, and India have the highest number of smartphone users. Growing demand for smartphones from developing countries like India and Indonesia, where smartphones are rapidly penetrating the rural areas where the government is pushing for a digital and mobile economy, is expected to drive the overall market growth in the coming years. For instance, the Digital India, program launched by the government of India is focused on transforming the country into a digitally empowered society. This kind of initiative taken by the government is anticipated to increase the sales of smartphones and have a positive impact on the overall market growth. Moreover, increasing innovations and development by key market players will act as a major driver for market growth. For instance, Vivo Communication Technology Co. Ltd. has launched the powerful Vivo Y72 superior smartphone, priced at INR 20,990 in India. The smartphone offers 8GB+4GB RAM which ensures the smooth running of the phone by preventing it from getting choked while using multiple apps at the same time.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Consumer Electronics Market Size in 2025 | US$1,211.287 billion |
| Consumer Electronics Market Size in 2030 | US$1,636.479 billion |
| Growth Rate | CAGR of 6.20% |
| Study Period | 2020 to 2030 |
| Historical Data | 2020 to 2023 |
| Base Year | 2024 |
| Forecast Period | 2025 – 2030 |
| Forecast Unit (Value) | USD Billion |
| Segmentation |
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| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| List of Major Companies in Consumer Electronics Market |
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| Customization Scope | Free report customization with purchase |
The global consumer electronics market is analyzed into the following segments: