Consumer Electronics Market Size

Consumer Electronics Market Size

Consumer Electronics Market was valued at USD 1.3 trillion in 2023 and is anticipated to register a CAGR of 13.2 % between 2024 and 2032. Consumer electronics are electronics devices which are used by consumers for their day-to-day use. These include various appliances catering to the different needs of consumers.

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The market is growing due to rapid technological evolution. Manufacturers are heavily investing in research and development, resulting in the production of innovative new products across various categories. This innovation extends to advancements in crucial components of electronic appliances, such as display technologies like OLED, and the introduction of higher resolution screens such as 4K and 8K, which are driving the production of smartphones and TVs.
 

Additionally, the consumer electronics industry is driven by the increased use of smartphones. According to the International Telecommunication Union it has been observed that 78% of the world's population is owing a mobile phone and 67% are accessed to internet which is expanding the growth of mobiles and smartphones as well. Manufactures are launching various models of smartphones with new features and technologies which is further driving the innovation in the market. Manufactures have been coming up with advanced hardware components used in smartphone. For instance, In March 2024, Qualcomm launched snapdragon 7+gen 3 mobile platform for mid premium devices models. OnePlus and real me have adopted the use of the snapdragon 7+gen processors in their new smartphones products lineups to attract the consumers. This new technologically updated smartphone not only drives innovation in technologies but also enhances the consumer experiences further driving the growth in market.
 

For instance, Samsung electronics have launched New Era of AI tv In India. Samsung has come up with Neo OLED 4K and OLED 8K with powerful AI features to elevate the consumer home entertainment experience.
 

A major challenge for consumer electronics market is the counterfeit products. Counterfeit products are cheap alternatives available in the market which replicate the same as the original products. Counterfeit products use cheap materials and components and often sell at lower price. Generally, there is difficulty in identifying the differences between the original and counterfeit products.
 

Additionally, there are numerous brands and manufacturers operating in the market offering the same types of appliances and products. Due to the large presence of players the market is highly competitive. There is a constant need for research and development to keep the products updated with the changing technology. There is a pressure on manufactures to keep themselves Ahed of their competitors by evolving with the technological changes. This leads to shorter product life span and low profit margins as well.