According to Fortune Business Insights, the global consumer electronics market size was valued at USD 738.75 billion in 2022. The market is anticipated to expand from USD 773.40 billion in 2023 to USD 1,239.40 billion by 2030, exhibiting a CAGR of 6.97% over the study period.
Information Source:
https://www.fortunebusinessinsights.com/consumer-electronics-market-104693
Key Companies Covered in the Consumer Electronics Market:
- Samsung Group (South Korea)
- LG Electronics Inc. (South Korea)
- Sony Corp. (Japan)
- Panasonic (Japan)
- Koninklijke Philips N.V. (Netherlands)
- Whirlpool Corp. (U.S.)
- AB Electrolux (Sweden)
- Apple Inc. (U.S.)
- HP Inc. (U.S.)
- Huawei Technologies Co., Ltd. (China)
Report Coverage:
The report gives a comprehensive analysis of the pivotal trends propelling the global business landscape throughout the forecast period. It also provides an insight into the major factors impelling the industry expansion over the ensuing years. These data have been provided after in-depth research and analysis of the market trends and the steps undertaken by prominent industry participants.
Competitive Landscape:
Pivotal Companies Enter Collaborations to Expand Geographical Footprint
Major companies are entering partnership initiatives and collaborations to strengthen their market positions. These steps are also being undertaken for the expansion of their geographical footprints. Additional initiatives include merger agreements, partnerships, and others.
COVID-19 Impact
Surge in Industry Share Driven by Rising Adoption of Work-from-Home Culture
The COVID-19 pandemic led to the increasing adoption of computing products driven by the soaring adoption of work-from-home culture. The reopening of retail stores, relaxation of lockdown norms, and the continued trend of online selling boosted industry expansion to a considerable extent.
Key Industry Developments:
January 2023 – HP Inc., announced new solutions and products at CES 2023. These products were designed to recharge hybrid experiences allowing people to thrive in the digital era.
