Consumer Electronics Market to Hit $989.37 Billion by 2027; Rising Work-from-Home Culture to Augment Growth

The global consumer electronics market size is expected to gain momentum by reaching USD 989.37 billion by 2027. The growing trend of work-from-home culture and the increasing preference for e-commerce platforms to purchase advanced consumer electronics is anticipated to favor market growth. This information is published by Fortune Business Insights in its latest report, titled, “Consumer Electronics Market Size, Share & COVID-19 Impact Analysis, By Product Type (Electronic Devices (Television, Computer, Digital Camera & Camcorder, and Others) and Home Appliances (Refrigerator, Washing Machine, Air Conditioner, and Others)), Distribution Channel (Offline and Online), and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 729.11 billion in 2019 and is likely to exhibit a CAGR of 5.3% between 2020 and 2027.

Samsung Unveils Advanced AI-Powered Laundry Lineup to Brighten its Market Prospects

The emergence of modern technologies such as the internet of things (IoT), artificial intelligence (AI), and machine learning have led to a significant development across the consumer electronics industry. Several companies are adopting these advanced technologies to develop innovative products to cater to the growing consumer demand. In August 2020, Samsung, a leading electronic products manufacturer, globally unveiled the latest fully smart laundry lineup and a hi-tech bottom-mount freezer (BMF) refrigerator.

The company reports that the WW9800T washing machine is equipped with the artificial intelligence technology that aids in customizing laundry to achieve powerful wash in less downtime. Such initiatives by companies like Samsung to create products that enrich the lives of the consumer are expected to contribute to market growth during the forecast period.

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https://www.fortunebusinessinsights.com/consumer-electronics-market-104693

Rising Trend of Work-from-Home Culture to Accelerate Growth

The global pandemic had led to a global shutdown and a striking transition to remote working across the globe. The growing work-from-home culture has emphasized the importance of advanced telecommunication technologies such as the cloud and the internet of things (IoT). The surging demand for telecommunications is likely to propel consumer electronic products such as laptops, PCs, and smartphones, among others. Moreover, the increasing preference for online shopping due to the high disposable income of the working population and convenience is likely to boost the global consumer electronics market growth during the forecast period.

Product Launches by Eminent Companies to Strengthen Their Market Positions

The global market is consolidated by the presence of dominant players such as Sony, Samsung, LG, and Apple. These companies are focusing on introducing advanced consumer electronic devices to cater to the growing demand and gain a competitive edge over their rivals. In addition to this, the dynamic market is experiencing several significant strategies such as collaboration, merger and acquisition, and partnership by other key players to maintain a stronghold in the forthcoming years.

Industry Development:

• October 2020: Apple, a leading consumer electronics manufacturer, unveiled its new HomePod Mini smart speakers. The company reports that the device will feature Apple’s Siri assistance to offer a personalized sound experience.

List of the Companies Profiled in the Global Market:

• Samsung Group (Suwon, South Korea)


• LG Electronics Inc. (Seoul, South Korea)


• Sony Corp. (Tokyo, Japan)


• Panasonic (Osaka, Japan)


• Koninklijke Philips N.V. (Amsterdam, Netherlands)


• Whirlpool Corp. (Benton Harbor, U.S.)


• AB Electrolux (Stockholm, Sweden)


• Apple Inc. (Cupertino, U.S.)


• HP Inc. (Palo Alto, U.S.)


• Huawei Technologies Co., Ltd. (Shenzhen, China)

Further Report Findings:

• Asia-Pacific stood at USD 274.00 billion in 2019 and is expected to hold the largest share of the global market in terms of revenue during the forecast period. This is ascribable to factors such as the high disposable income of the working population in the region that propels the demand for advanced consumer electronic products in the region.


• The market in North America is expected to showcase considerable growth owing to the high demand for gaming and gaming consoles amongst the young population in countries such as the U.S. between 2020 and 2027.


• Based on product type, the electronic devices segment is expected to experience exponential growth in the forthcoming years. This is attributable to factors such as the increasing focus of the companies to launch innovative consumer electronics such as smartphones, laptops, and tablets across the globe.

Table of Segmentation: