Consumer Electronics Market - By Product Type, By End Use, By Price, By Distribution Channel, Forecast 2025 – 2034

Consumer Electronics Market Size

The global consumer electronics market size was valued at USD 949.7 billion in 2024. The market is expected to grow from USD 977.5 billion in 2025 to USD 1.25 trillion in 2034, at a CAGR of 2.8%. The growth in the consumer electronics industry is greatly increasing because of the adoption of smartphones and advancements in telecommunication technologies. Consumers have started using telephony products that make use of 5G technology and need devices compatible with faster internet speeds and better connectivity.
 

The Global System for Mobile Communications Association (GSMA) predicts that the number of connections to 5G networks will be 2 billion by 2025, which will increase the need for smartphones and other devices that are compatible with them. The smartphone market as well as the consumer base for it is using emerging economies. Budget smartphones available in these countries are greatly contributing towards the expansion of the market. Government policies like India’s Production Linked Incentive (PLI) scheme for manufacturing electronics are also promoting telecommunication domestic production and investment in the sector for increasing production.
 

The adoption of smart home technologies is another factor prompting market growth. Consumers increasingly find value in products that are integrated within the IoT (Internet of Things) ecosystem such as smart TVs, gaming peripherals, and drones. The growing popularity of gaming as a mainstream form of entertainment has also fueled the demand for gaming consoles. The Entertainment Software Association (ESA) indicated that the number of Americans who consider themselves video gamers reached 65% in 2023. This new interest from consumers demonstrates the potential that exists in the gaming industry. With the continued advancement of technology, the consumer electronics industry is projected to grow with the introduction of AI-powered home automation systems, voice-assisted devices, and more advanced gaming interfaces, making it one of the most dynamic industries.
 

Consumer Electronics Market Trends

• The incorporation of AI alongside IoT into consumer electronics is regarded as a market change. Devices like smart TVs and telephony are now equipped with AI voice assistants like Alexa and Google Assistant. MediaPost reported that the number of households in the U.S. that own at least one smart device increased to 69% in 2023.
   
• The use of wearable devices such as fitness trackers and smartwatches continues to grow steadily. With these devices being vital for health-conscious individuals, the addition of health monitoring technologies makes them even more appealing.
   
• Eco-efficient devices and eco-friendly manufacturing methods are gaining popularity. Sustainability remains a key driver for consumers as more brands are focused on producing recyclable and eco-friendly products.
   
• New gaming, entertainment, and even workplace environments are being created with the help of AR and VR technologies. These technologies create new markets for devices supporting these immersive experiences.

Consumer Electronics Market Analysis

Based on product type, the market is segmented into Telephony, Computing, TV, Radio & Multimedia, Gaming Equipment, TV Peripheral Devices, Drones. Telephony dominated the market in 2024, generating a revenue exceeding USD 498 billion, and is expected to reach USD 661.4 billion by 2034.
 

• The telephony segment continues to grow with the addition of mobile service subscriptions and the increasing use of smartphones, especially in emerging regions.
   
• As per GSMA, 5.6 billion people or 69% of the worldwide population was subscribed to a mobile service by the end of 2023 which in return will drive the demand for mobile devices.
   
• With the introduction of low-cost smartphones, mobile connectivity is becoming more readily available, especially in underdeveloped economies, which aids the growth of the market. Consumer purchasing decisions are greatly impacted by innovations such as foldable screen and AI features along with enhanced battery life.
   

 Based on Distribution Channel, the consumer electronics market is classified into online, and offline. Offline segment dominated the market in 2024, with a share of 70.6%, and is expected to reach USD 700 billion by 2034.
 

• The reliance on offline channels, such as retail and brand-specific stores, is still vital for the distribution of consumer electronics because in 2023, the National Retail Federation (NRF) reported that 70% of Americans prefer purchasing electronic gadgets from retail outlets.
   
• Retailers are taking the experience a notch higher by providing personalized consultations as well as interactive displays that aid customer decision making while fostering deeper engagement with the stores.
   
• Events like Black Friday and Cyber Monday continue to provide enormous traffic and purchase incentives to traditional offline stores, significantly increasing their sales during the holidays due to in-person purchase incentives.
   

Based on End User, the consumer electronics market is classified into residential and commercial. The residential segment dominated the market in 2024 and is expected to maintain its position by 2034.
 

• The demand for smart TVs in private households is steadily increasing as 88% of United States households claimed to own an internet-connected TV device in 2023.
   
• The growing supply of TV streaming services and content available has driven the need for internet-connected TVs as they are accessible at different levels by consumers.
   
• The evolution of smart homes where devices are connected to each other has led to increasing the popularity of internet connected TVs in residentials as the overall viewing experience is enhanced.

The U.S. dominated the consumer electronics market with revenue of around USD 185.8 billion in 2024 and with a CAGR of 2.6% for the forecast period of 2025 to 2034.
 

• The U.S. showed an 8.5% increase on consumer spending between 2022-2023, where average disposable income hit 61,296 dollars per person. This means that the economy can sustain increased consumer spending which is likely to heighten demand in diverse sectors including the consumer electronics sector.
   
• China manufactured around 1.25 billion smartphones in the year 2023, registering an 8.2% annual growth. The country’s capabilities in manufacturing and technology continues to propel the expansion of consumer electronics, with smartphones leading the march.
   
• Consumer demand and eco-friendly policies have driven Germany’s tech focus towards innovation in smart home devices and sustainable electronics, causing a sharp growth in the country’s market for consumer electronics.
   
• Saudi Arabia’s market for consumer electronics is on the rise due to a young, technology-oriented populace coupled with government efforts to improve digital framework and encourage the use of smart technologies in all areas.
   

Consumer Electronics Market Share

• The market is fragmented with top 5 players including Apple, Samsung Electronics, Sony, Huawei Technologies held a share of about 15-20% in 2024.
   
• Apple integrates innovation on its devices with the release of the iPhone and Apple Watch to create a seamless experience with the existing ecosystem of other Apple products.
   
• To stay ahead of competitors, Samsung Electronics relies on its broad portfolio of products and R&D activities. In recent years, its foldable smartphones have been extremely popular.
   
• Sony's competitive advantage rests on the deployment of innovative audio and visual technologies which is evidenced in PlayStation gaming consoles and Bravia TV series.
   
• Huawei Technologies is known as one of the leaders in the smartphone and smart home device industry by heavily investing in the integration of AI with 5G telephony.

Consumer Electronics Market Companies

Major players operating in the market include:

• Apple Inc.
• Dell Technologies
• HP Inc.
• Huawei Technologies
• Lenovo Group
• LG Electronics
• Microsoft Corp.
• Panasonic Corporation
• Samsung Electronics
• Sony Group Corporation
   

The top players in the market are using innovative products, sustainability tactics, and ecosystem mergers to strengthen their position in the market. For example, Apple concentrates on developing an ecosystem having iPhones, iPads, and MacBooks, enabling the devices to function together and improving usability. In the same way, Samsung focuses their spending on R&D to market new devices such as foldable smartphones and 8K TVs to its premium consumers.
 

Market diversification and regional expansion stands out as an additional complementary approach. Huawei was able to capture a large share of the Asian and African markets by offering low-cost devices packed with features, even with the limitations encountered in the Western markets. Sony, dominating the gaming and home entertainment sectors, applies the audio-visual technology expertise he possesses. As an instance, Vision Pro mixed reality headset launched by Apple in 2023 showcased the firm’s focus on innovations whereas the Galaxy Z Fold 5 from Samsung touted the company’s foldable device prowess. These approaches reinforce positive perception of the brand and increase the customer base.
 

Consumer Electronics Market News

• In April 2023, OnePlus Pad was released by OnePlus which aimed to strengthen its position in the premium tablet market with its newly designed sleek tablet.
   
• In March 2023, CUI Devices partnered up with J.P. Electronic Devices Pvt. Ltd. to work on expanding their presence in the Indian electronics market.
   
• In January 2023, the Indian government announced plans to reach USD 300 billion in electronics manufacturing by FY26, supported by core initiatives such as PLI scheme.
   
• In October 2022, Samsung and Google worked with integrating Matter compatible devices into SmartThings and Google Home to enhance the smart connected home.
   

The consumer electronics market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Million units) from 2021 to 2034, for the following segments:

Click here to Buy Section of this Report

Market, By Product Type

• Telephony
• Computing
• TV, Radio & Multimedia
• Gaming Equipment
• TV Peripheral Devices
• Drones

Market, By End Use

• Residential
• Commercial

Market, By Price

• Low
• Medium
• High

Market, By Distribution Channel

• Online
  • E-commerce
  • Company websites
• Offline
  • Supermarkets/Hypermarkets
  • Specialty stores
  • Mega retail stores
  • Convenience stores (departmental, independent,)

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• MEA
  • Saudi Arabia
  • UAE
  • South Africa