INDUSTRY REPORT devices. Therefore, the analyst expects the market for TV peripheral devices to see“ immense growth in the forthcoming years.”
“ Based on product, the global consumer electronics market can be segmented into five segments: telephony, computing, TV, radio and multimedia, TV peripheral devices and drones. In 2023, the telephony segment dominated the consumer electronics market owing to the adoption of various technologies and services. Additionally, the deployment of 5G networks promises to revolutionise telephony by offering faster data speeds, reduced latency and improved call quality, especially for mobile communication. During the forecasted period of 2024-2029, TV peripheral devices is the fastest growing segment,” confirmed the report.
Samsung’ s Health Software Development Kit( SDK) Suite.
Regional segmentation
Manufacturers are adopting strategic steps( such as mergers, acquisitions, partnerships and collaborations) to meet growing consumer demand and consolidate their positions in the market. The market is dynamic and multifaceted: it is shaped by innovation, brand reputation and consumer preferences.
“ The consumer electronics market is staying fragmented, with many small to medium-sized producers. The presence of many small to mediumsized producers prevents even large manufacturers from monopolising, keeping the industry competitive despite rising market share,” commented market analyst, IBIS World.
“ North Asia is an electronics manufacturing powerhouse. The region’ s strong infrastructure and skilled workforce attract global giants like Sony and Samsung, bolstering its status as a leading hub for consumer electronics,” it added.
Analyst Global Market Insights highlighted the leading role of the United States in the consumer electronics market with revenue of around US $ 185.8 billion in 2024 and a CAGR of 2.6 % for the forecast period of 2025 to 2034.
According to the Research and Markets report, Asia Pacific holds the largest share of the global consumer electronics market. The Southeast Asia region is home to some of the strongest economies in the world. They have been leading
Image: Shutterstock. com.
The market is dynamic and multifaceted: it is shaped by innovation, brand reputation and consumer preferences the technological change worldwide for more than two decades. It highlighted contributors such as China, India, Japan and South Korea.
“ The European consumer electronics market is characterised by strong research and development infrastructure, robust governmental support and significant industry applications. The UK has a strong tradition of innovation and research in electronics, engineering and manufacturing, which gives it a competitive edge in developing new products and technologies,” said the report.
It believes that the global consumer electronics market is consolidated“ as the top four players held almost 75 % of market share.” After decades of strong growth, the consumer electronics market has reached a more mature stage, with cycles of growth dictated by new products, innovation and consumer spending. Logically, said the report, the sector is now undergoing a consolidation phase with leading players looking to grow earnings by generating economies of scale.
“ 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,” commented analyst, Global Market Insights.
Growth drivers
Man with virtual reality( VR) headset.
Smartphones have become a status symbol and a cultural phenomenon, influencing consumer behaviour.
“ The global consumer electronics market is driven by the excessive demand for smartphones. New technological advancements and attracting new features in built-in smartphones are rapidly increasing the market share of consumer electronics. Smartphones offer a wide range of features and functions beyond communication. They serve as portable computers, cameras, gaming devices, music players, GPS navigation
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