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December 5, 2024 | Globe NewswireEstimated reading time: 3 minutes
According to a new study published by Fact.MR, a market research and competitive intelligence provider, the worldwide Consumer Electronics Manufacturing Market is projected to increase from a value of US$ 1,727.94 billion in 2024 to US$ 4,267.27 billion by the end of 2034.
The market for consumer electronics is continuously showing bullish sentiments and ongoing technological advancements are one of the reasons behind this. Artificial intelligence (AI), the Internet of Things (IoT), 5G connections, and other technological developments are completely changing how people use gadgets. More intelligent and efficient devices, such as voice-activated smart home appliances, fitness trackers, immersive smart TVs, and artificial intelligence-enabled smartphones, are becoming possible due to these advancements.
Demand is constantly growing due to the growing utilization of these technologies in day-to-day life. More consumers are increasingly demanding devices with improved functionality, connectivity, and user experience.
East Asia is leading in the market due to its extensive manufacturing infrastructure, low labor costs, and well-established supply chain. South Korea and Japan are grabbing the attention of several prominent players due to their considerable R&D investment and technological innovation. These countries are prominent players in high-end electronics, such as semiconductors, displays, smartphones, and others.
Key Market Takeaways:
- The global market for consumer electronics manufacturing is projected to rise at an excellent CAGR of 9.5% between 2024 to 2034.
- The North American market is evaluated to reach a valuation of US$ 399.64 billion by the end of 2034, up from US$ 181.71 billion in 2024.
- The market in the United States is approximated to achieve a size of US$ 360.94 billion by 2034.
- The East Asian region is analyzed to register a revenue of US$ 1,023.53 billion in 2024.
- The market in South Korea is evaluated to increase at 8.7% CAGR through 2034.
- Demand for TVs is approximated to reach US$ 2,271.11 billion by the end of 2034.
- Based on major market, the retailers segment is projected to generate revenue of US$ 1,398.13 billion by 2034.
“To provide advanced features and technologies, key consumer electronics manufacturers are actively focusing on R&D projects. Examples of this include the incorporation of AI, 5G capabilities, smart home appliances, and advancements in display technology,” says a Fact.MR analyst
Leading Players Driving Innovation in the Consumer Electronics Manufacturing Market:
Samsung Electronics Co. Ltd.; LG Electronics Inc.; Sony Corporation; Dell Technologies Inc.; Panasonic Corporation; Microsoft Corporation; Huawei Technologies Co. Ltd.; Haier Group; Toshiba Corporation; Electrolux AB; Canon Inc.; Sharp Corporation; Intel Corporation; NVIDIA Corporation
Demand for TVs Rising at High Growth Rate in Comparison with Other Products:
Due to advancements in display technology, such as 4K, 8K, and OLED, which offer higher picture quality and more captivating viewing experiences, the demand for TVs is rising at a better growth rate than other products. The growing popularity of streaming services, including Netflix, Disney+, Amazon Prime, and others is making TV watching more appealing, as consumers are increasingly searching for larger screens and smart TV capabilities to easily access content.
The need for better viewing experiences during events, such as gaming and sports, as well as home entertainment, is contributing to the rising demand for high-quality televisions.
Consumer Electronics Manufacturing Industry News:
- In September 2024, with the introduction of a line of digital smart lock doors, community, and security management startup myGatemyGate Datalabs in-article-icon entered the consumer electronics industry.
- In May 2024, the IT and technology solutions behemoth, Acer Group officially announced the launch of Acerpure in India, four years after launching its consumer electronics brand worldwide.
- In April 2024, with its new brand, WYZR, Reliance Industries Limited (RIL), India's commercial giant, is making its foray into the consumer electronics sector. To expand its product portfolio and focus on providing high-quality and reasonably priced electronics and household appliances, RIL is in talks with domestic manufacturers, Dixon Technologies and Mirc Electronics.
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