Personal Consumer Electronics Market to Grow by USD 96.2 Billion (2024-2028), Driven by Frequent Product Launches, Report on AI's Impact on Market Trends - Technavio

NEW YORK, Nov. 15, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global personal consumer electronics market size is estimated to grow by USD 96.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.01%  during the forecast period. Frequent product launches of personal consumer electronics is driving market growth, with a trend towards rapidly growing e-commerce industry. However, fluctuation in prices of raw materials and operational cost  poses a challenge.Key market players include Apple Inc., Bajaj Electricals Ltd., Dell Technologies Inc., Electrolux group, Fujitsu Ltd., Havells India Ltd., Hisense International Co. Ltd., Hitachi Ltd., HP Inc., Huawei Technologies Co. Ltd., Koninklijke Philips N.V., Lenovo Group Ltd., LG Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Sony Group Corp., Toshiba Corp., Whirlpool Corp., and Xiaomi Inc.

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Market Driver

The consumer electronics market is experiencing rapid innovation with the proliferation of smartphones and 4G technologies. Smart devices, including tablets, laptops, phablets, and smart home tech like SmartThings, are becoming increasingly popular. The Internet of Things (IoT) is revolutionizing consumer goods, from fitness bracelets to automated home appliances, providing convenience and enhanced lifestyles. The middle-class population's rising adoption of electronic devices for communication, entertainment, productivity, and digital services is driving consumer spending. Intellectual property protection is crucial in this competitive landscape. Semiconductor technology is a key enabler, enabling advanced devices and interconnected devices. Consumer disposable income, income levels, and purchasing power influence consumer behavior towards consumer electronic devices. E-commerce platforms are transforming sales channels, with specialty stores and online retailers competing for market share. Televisions, cameras, gaming consoles, and desktop PCs continue to be essential consumer goods. Increased investments in manufacturing facilities aim to reduce production costs and improve product quality. 

E-commerce has experienced substantial growth in recent years, with many businesses relying on online sales to thrive. Consumers are increasingly adopting this shopping method for its convenience. This trend presents new opportunities for businesses to engage with customers and expand their reach. Online platforms offer a wide selection of personal consumer electronics, categorized by distinct types, price ranges, and brands. Notable e-retailers like Amazon.com, JD.com, and Alibaba Group showcase a vast array of these products. The e-commerce sector for personal consumer electronics is a dynamic field, continually evolving with new technologies and services that simplify online shopping for both businesses and customers. 

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 Market Challenges

• The Personal Consumer Electronics market faces several challenges in today's business landscape. With the proliferation of smartphones and the widespread adoption of 4G technologies, traditional devices like desktop PCs, laptops, and digital cameras face declining sales. The rise of smart devices, tablets, phablets, and the Internet of Things (IoT) has led to increased competition and changing consumer preferences. Manufacturing facilities must keep up with rapid innovation in areas like smart home tech, wearable devices, and interconnected devices. Intellectual property protection is crucial as new technologies emerge, such as SmartThings, Smart home tech, and automated home appliances. Consumer disposable income, income levels, and purchasing power influence the market's direction. The middle-class population's rising adoption of consumer electronic devices, digital services, and entertainment has led to increased consumer spending. E-commerce platforms and online retailers have become essential players in the market, offering convenience and competitive pricing. Semiconductor technology and communication devices continue to drive innovation in the market, with digital technologies and a connected consumer base becoming the norm. Televisions, cameras, gaming consoles, and e-readers remain popular categories, but manufacturers must focus on efficiency, enhanced lifestyles, and affordability to stay competitive.
• The production of consumer electronics involves significant expenses related to labor, raw materials, transportation, and promotion. Manufacturing costs, specifically labor and raw materials, represent a substantial portion of these expenses. The price of raw materials, such as steel, iron, plastic, glass, electrical components, petroleum products, and paints, significantly impacts the cost of goods for manufacturers. Fluctuations in the cost of these materials, as well as exchange rates, can affect profit margins.

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Segment Overview 

This personal consumer electronics market report extensively covers market segmentation by  

1. Product Type
• 1.1 Smartphones
• 1.2 Tablets/laptops/notebooks
• 1.3 Portable devices
• 1.4 Digital camera
• 1.5 Others
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Smartphones-  The global personal consumer electronics market, specifically the smartphones segment, refers to the market for mobile phones offering advanced computing capabilities and connectivity beyond basic voice communication. Smartphones have become essential tools in modern life, providing features such as communication through calls, text messages, and messaging apps; internet access via Wi-Fi, mobile data networks, or both; multimedia capabilities with high-resolution screens, built-in cameras, and media playback; a wide range of installable applications for productivity, social media, gaming, and more; mobile payments; and GPS and navigation. The smartphones market has seen significant growth due to technological advancements, increasing consumer demand, and the need for mobile connectivity. Major players compete by offering innovative features, improved performance, and attractive designs. The market offers a wide range of smartphone models catering to various price points and user preferences, including flagship models with cutting-edge features and mid-range and budget options with decent performance. Factors influencing the market include operating systems, device sizes, camera capabilities, and battery life. The smartphone market continues to evolve, introducing new features like 5G connectivity, foldable displays, advanced camera systems, and augmented reality capabilities. Competitiveness and innovation ensure continual advancements and a variety of options for consumers, driving the growth of the smartphones segment in the global personal consumer electronics market.

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Research Analysis

The personal consumer electronics market is experiencing unprecedented growth due to the proliferation of smartphones and the widespread adoption of 4G technologies. Smart devices, including tablets and laptops, are becoming increasingly popular as people seek advanced devices for work and entertainment. The rise of phablets and the Internet of Things (IoT) is also driving demand, as consumers look for convenient ways to connect and automate their homes. The middle-class population's increasing disposable income is fueling this trend, enabling them to purchase digital cameras, hard disk drives, e-readers, and other consumer electronics. E-commerce platforms are making it easier than ever to buy these devices, from manufacturers' facilities around the world. From fitness bracelets to gaming consoles, the market for consumer electronics is diverse and constantly evolving, with new technologies and innovations emerging all the time. IoT technology, automated home appliances, and internet access are key drivers of growth, as people seek to enhance their daily lives with advanced, convenient devices.

Market Research Overview

The personal consumer electronics market is experiencing unprecedented growth due to the proliferation of smartphones and the adoption of 4G technologies. Smart devices, including tablets, laptops, phablets, and smart home tech, are transforming the way we communicate, work, and entertain. The Internet of Things (IoT) is revolutionizing everyday life with connected devices like fitness bracelets and automated home appliances. Consumer disposable income, rising adoption by the middle-class population, and increased investments in digital services are driving this trend. Rapid innovation in semiconductor technology and intellectual property rights are enabling the production of advanced devices at lower costs, enhancing lifestyles with convenience and efficiency. E-commerce platforms and specialty stores are making these consumer electronic devices more accessible to a global connected consumer base. The market for digital cameras, hard disk drives, e-readers, televisions, gaming consoles, and digital technologies continues to evolve, offering consumers a wide range of choices for their entertainment, productivity, and communication needs.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product Type
• Smartphones
• Tablets/laptops/notebooks
• Portable Devices
• Digital Camera
• Others
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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