The consumer electronics market size has been developing over the last few years. From 2018 to 2020, its yearly growth rate equated to 2.8%. The most considerable growth in this period was seen in 2020 when industry revenues soared 20.8% yearly.
Consumer electronics are electronic devices that are designed for everyday use by individuals and households. These devices are created for personal and non-professional use and are typically small, portable, and easy to use. Examples of electronics include smartphones, laptops, tablets, smart TVs, gaming consoles, and home appliances such as washing machines, refrigerators, and air conditioners.
These devices have become an essential part of modern life and are used for a variety of purposes such as communication, entertainment, and daily household tasks. They have revolutionized the way we live and work, making it easier to stay connected, informed, and productive.
The consumer electronics market is highly competitive and constantly evolving, with new products and technologies being introduced regularly. Companies are always looking for ways to improve their products and make them more appealing to consumers, whether it be through new features, better design, or lower prices.
Overall, consumer electronics are an important aspect of modern life and are likely to continue to play a significant role in shaping our future.
Consumer electronics form a multibillion-dollar industry, slowly developing and progressing with technology and adding novel product lines toward changing lifestyles.
Especially during the pandemic (Covid-19) that disrupted growth in several factors, the consumer electronics market was resilient with intermittent closure of physical stores worldwide. With an increasing number of people spending a lot more time at home, increased demand for the sector.
In the early 20th century, radio broadcasting brought the first primary consumer product. Later receives, products, including telephones, digital cameras, televisions, and calculators .in 2010, most consumer electronics became based on digital technologies. They have merged with the computer industry, known as the consumerization of information technology. Consumer electronics stores may be brick-and-mortar physical retail stores, online stores, or a combination of both.
Trends gaining popularity in consumer electronics are intelligent home devices, wearable health monitors, and entertainment devices. Consumers are expected to gravitate toward energy-efficient intelligent home products such as smart thermostats, lights, bulbs, and switches to save on high electricity bills. The increased integration of wider varieties of consumer electronics in the household sector has strengthened the development globally.
The dominant player in the industry is large companies such as Apple, Samsung, and Sony. They have a wide range of products Catering to consumers; apple was named one of the most valuable brands in the world.
Our Consumer goods category segmentation encompasses:
Luxury & premium products Read More ▾
Homecare & Decor
Cosmetics & Personal Care
Apparel, Fashion & Accessories
Consumer and general services
Sports, Fitness, and Leisure
Pet products and supplies