The Consumer Electronics market is driven by constant innovations and transformations, some of which include the steady introduction of the 5G mobile network, 5G compatible smartphones, and smart devices. The market is divided into six segments: TV, Radio & Multimedia, TV Peripheral Devices, Drones, Telephony, Gaming Equipment and Computing. Overall, Consumer Electronics generated US$1012 billion in revenues worldwide in 2022, and by 2028, this is forecast to rise to US$1,177 billion.
Market Overview and performance drivers
Consumer insights and trends
KPI comparison: Revenue, volume sales and growth rate
The Consumer Electronics market is divided into six segments: TV, Radio & Multimedia, TV Peripheral Devices, Drones, Telephony, Gaming Equipment and Computing. In this report, growth potentials, market drivers, consumer insights, key companies and future developments in the Consumer Electronics market worldwide will be discussed.
The Telephony segment is by far the largest segment of the Consumer Electronics market. In 2022, it accounted for 48% of the worldwide Consumer Electronics' revenue and 25% of volume sales. In that same year, Telephony sales decreased by 6%, in comparison to 2021 and reached US$473 billion. Many consumers in Europe and the United States own high-performance smartphones, and the number of competitors in the market has increased significantly; an increase which is particularly led by Chinese manufacturers like Xiaomi.
Coming a not-so-close second is the Computing segment whose revenue is forecast to reach approximately US$327 billion by 2028; a steady increase from about US$291 billion in 2022. In this same year, the segment accounted for 29% of the worldwide Consumer Electronics' revenue; with its revenue decreasing by 5.7%, in comparison to 2021.
The TV, Radio & Multimedia segment is the third largest segment of the Consumer Electronics market. Revenue accruing from this segment is forecast to increase by approximately US$30 billion between 2022 and 2028, and this predicted year-on-year growth is largely driven by televisions and smart devices, like smart speakers.
The revenue of the TV Peripheral Devices segment is predicted to amount to US$16 billion by 2028, up from US$10 billion in 2022. The Smart Streaming Devices subsegment in this segment is set to account for 83% of revenues accruing from TV Peripheral Devices by 2028; an increase from 70% in 2022.
In this report, you will find out more about:
Market segmentation and how the Telephony segment dominates the market thanks to sales of mobile phones
Various market drivers, like smartphone and smart home penetration and their crucial impact on the overall market
The role that intelligent devices, an optimal picture and sound quality for a cinematic TV experience and independent media streaming play for a global customer
Key players like Apple and Samsung and how their competition is getting fiercer with Chinese manufacturers entering the market and sporting high growth rates
Leading market trends like digital ecosystems, virtual and augmented reality, consumer drones and voice assistants