Consumer Electronics and Appliances Market to Reach USD1344.50 Billion by 2026
Continuous Innovation
and Upgradation in technological products, rapid urbanization and rising disposable purchasing power are
the factors driving the global consumer electronics and appliances market
during the forecast period.
According to TechSci Research
report, “Global Consumer
Electronics and Appliances Market By Type (Audio Visual Equipment, Home
Appliances, Kitchen Appliances, Personal Care Appliances), By Application
(Residential and Commercial), By Distribution Channel (Electronic
and Specialty Retailers, Hypermarket/ Supermarket, Online Channels and Others),
By Region, Competition Forecast & Opportunities, 2026”, the global consumer electronics and appliances market is
anticipated to grow from USD1019.28 billion in 2020 to USD1344.50 billion in
2026 at a CAGR of 5.25%. Consumer electronics can be defined as an electronic
equipment used in day-to-day activity. It includes product like television,
washing machine, smart watch, microwave, and many other products with different
purposes. Regular investment in research and development by different brands is
expected to enhance the electronics and appliances market growth. For example,
leading consumer electronics companies like LG and Samsung announced plans to
launch microLED TVs for both residential and commercial use in January 2020.
This technology's ability to provide high contrast and brightness as compared
to traditional LEDs is expected to boost its market share.
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Due to COVID-19 pandemic, the market of
consumer electronics was tremendously impacted as in the beginning of the year
2020 and consumer electronics manufacturers' production capacity had been
affected by several factors, including supply chain and logistics disruptions,
trade restrictions, and a severe shortage of raw materials. To comply with
government regulations and prevent the spread of the virus, companies such as
Samsung, Apple, and LG halted production in India, Malaysia, and China. However,
it has been analyzed that the market has gain its momentum since the first
quarter of 2021.
The reason for substantial growth in the
consumer electronics and appliances market, includes different factors like
increasing demand for technologies, stringent energy efficiency regulations in
North America, advanced technologies and increasing disposable income. Apart
from this, electronics companies of different sizes and shapes faces some
challenges, such as short product life cycles, meeting demand, environmental impact,
managing service and warranty, power consumption, and quality control. As the
competition level is high, and the continuous upgradation in technologies has
forced the manufacturing companies to look after the production capacity and
consider factors such as quality control, limited power consumption and
providing environment friendly products An overview of these various variables
assists in the identification of the industry's main growth sectors.
Asia-Pacific held the largest share
in the market as this region holds the largest portion of the young and
millennial population and there is an increase in adoption of consumer
electronics by the middle and high-income households. As well as increasing
awareness related to the upcoming technologies among the youth is also
augmenting the demand in these markets.
Easy availability of low-cost
consumer electronic products, such as television, smart watch, and smartphones,
from various brands such as Samsung, Panasonic and others are supporting their
adoption in low-income groups. For example, Panasonic a Japanese appliances
company plans to launch smart doorbells, plugs and switches in India.
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Top companies dealing in the global
consumer electronics and appliances market are Apple Inc., Huawei
Technologies Co., Ltd., Samsung Electronics Co., Ltd., Midea Group Co., Ltd., LG
Electronics Inc., XIAOMI CORPORATION, Panasonic Corporation, Whirlpool
Corporation, Sony Group Corporation, AB Electrolux,
Hitachi, Ltd., and Koninklijke Philips N.V. Major consumer
electronics and appliances companies are expanding their manufacturing bases to
meet the rising demand across developing countries in Asia-Pacific, North
America, Europe, Middle East & Africa, and South America.
“The global consumer electronics and
appliances market is anticipated to grow at 5.25% in CAGR during the next five
years due to growing consumer base and disposable income. Moreover, companies
like Apple Inc., Huawei Technologies Co., Ltd., Samsung
Electronics Co., Ltd., LG Electronics Inc., and many more global brands are now
continuously working upon the research and development for technological
up-gradation, and to meet-up with the expectations of the consumers, which is
also expected to positively influence the growth of the market through 2026,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Global
Consumer Electronics and Appliances Market By Type (Audio Visual Equipment, Home
Appliances, Kitchen Appliances, Personal Care Appliances), By Application
(Residential and Commercial), By Distribution Channel (Electronic
and Specialty Retailers, Hypermarket/ Supermarket, Online Channels and Others),
By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of the
global consumer electronics and appliances market and provides statistics and
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the global consumer electronics and appliances market.
About TechSci Research
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