In a world dominated by technology, consumer electronics play a major role in both our work and leisure life. The term “consumer electronics” defines a range of electronic devices intended for personal use. Consumers are forecast to increase their spending on technology in the coming years, with more than 685 billion U.S. dollars expected to be spent on electronic devices in 2023 alone. Established companies like Apple, Samsung, Sony, and LG Electronics achieve sales through a variety of different channels, including retail stores, designated specifically, or partly, for tech devices. Examples of store chains include BestBuy in the United States, Suning in China, and Dixons in Europe, each of which generates billions in revenue every year. Additionally, consumer electronics companies and retail stores have developed eCommerce platforms, where consumers can purchase devices online.
Physical retail stores still have advantages over eCommerce platforms
Although some consumers still prefer physical stores and the traditional shopping process, eCommerce has expanded over the globe in recent years. Online sales increased significantly during the lockdown caused by the COVID-19 pandemic. In 2022, around 770 billion U.S. dollars were spent to purchase electronic devices online worldwide. Digital buyers - internet users who have made at least one purchase via any digital channel in a given year, including online, mobile, and tablet purchases - contribute to the booming eCommerce scene. The consumer electronics eCommerce market counts numerous players, with Amazon being the leading electronics and media online retail store. Other popular online stores within the industry are Apple and JD.com, as well as retailers like Suning and BestBuy.
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Research expert covering the global consumer technology industry