The global consumer electronics e-commerce market was valued at USD 539.46 Billion in 2022 and is projected to reach USD 1.7 Trillion by 2031, expanding at a CAGR of 14% during the forecast period, 2023-2031. Consumer electronics refer to video goods including televisions, digital cameras, mobile phones, and accessories. It also includes audio products such as speakers, theater audio systems, and other mobile electronics.
The sale of these electronic products through the Internet, using different models of business is known as consumer electronics e-commerce. Electronic devices are a part of everyday use and make life easier by providing digital navigation, communication, and information services.
The requirement of consumer electronics is now a necessity due to global digitization and modernization. Consumer electronics market comprises the profit earned by the key players through the sale of electronic items through various internet websites and portals.
Market Trends, Drivers, Restraints, and Opportunities:
-
Increasing demand by consumers for innovative and highly advanced electronics for fulfilling daily life requirements in easier ways has fueled the market growth.
-
Rising penetration of the Internet on a global platform and the use of e-commerce platforms among consumers are some of the factors positively impacts the market.
-
Growing Investments by key players in R&D projects for new product development and product innovation to adhere to consumer requirements and preferences is expected to upsurge the market growth during the forecast period.
-
High cost due to continuous innovation is expected to hamper the market growth.
-
Rising per capita income and standard of living, especially in developing countries, encourages consumers to purchase high-end electronic products, which is expected to provide lucrative opportunities for market players during the forecast period.
Scope of Consumer Electronics E-commerce Market Report
The report on the global consumer electronics e-commerce market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Consumer Electronics E-commerce Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016 - 2021
|
|
Forecast Period
|
2023 – 2031
|
|
Segmentation
|
Products (Audio & Video Equipment, Household Appliances, and Digital Photo Equipment), Applications (Personal and Professional), Business Models (Business to Business and Business to Consumer), Pricing Models (Low-cost Products, Medium Cost Products, and High-end Products)
|
|
Regional Scope
|
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
|
|
Report Coverage
|
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
|
|
Key Players Covered in the Report
|
Samsung Electronics Co. Ltd.; LG Electronics Co. Ltd.; Apple, Inc.; Hitachi Ltd.; Koninklijke Philips N.V.; Sony Corporation; Amazon.com Inc; Hewlett Packard Inc.; Toshiba Corporation; and Panasonic corporation.
|
Consumer Electronics E-commerce Global Market Segment Insights:
Rising preferences for smart homes drive the audio and video segment
Based on products, the market can be segmented into audio & video equipment, household appliances, and digital photo equipment products. The audio and video segment is the most lucrative segment due to high demand for audio and video equipment products among the consumers. The rising development of smart homes with high-end technological products, and the new and advanced AI features mainly drive this segment.
As a result of new product development by key players, various attributes have been integrated in electronic products such as enhanced connectivity, voice assistant enables control, and speech recognition. Voice assistants such as Siri, Google Home, and Alexa enable consumers to control their home appliances by voice command.
High disposable income drives the personal segment
On the basis of applications, the market can be bifurcated into personal and professional. The personal segment includes those consumers who use electronic items for their individual use. Devices such as smartphones, cameras, laptops, earphones, and smart wearables are used by consumers for their individual benefits.
Falling prices of some audio products including Bluetooth speakers, theatre audio systems, and earphones spur this segment growth. Moreover, discount offers and other incentive strategies by key companies positively impact the personal segment. The professional segment includes the application of electronic devices for profitable or commercial benefits.
High demand for electronics by consumers drive the business to consumer segment
In terms of business models, the market can be segmented into business to business (B2B) and business to consumer (B2C). The B2C segment is projected to hold a significant market share due to the rising demand for electronics among consumers.
Business find it profitable to target the consumers to buy their products by integration of technologically advanced electronics into products. Furthermore, the prevalence of social media and the ease of online shopping encourages more consumers to buy electronic items through the Internet, company websites, or third-party websites.
High end products segment to hold a considerable share during the forecast period
Based on pricing models, the market can be divided into low-cost products, medium cost products, and high-end products. High-end products comprise expensive and technologically advanced electronic items that are priced in accordance with the advanced attributes integrated in the product.
The demand for these electronic items has increased in the recent years due to strong marketing strategies and social media, which influences customers globally. Additionally, high-end products provide more ease of use and a hassle-free solution, which further shifts consumer preference toward this segment.
North America is projected to hold significant market share
In terms of regions, the global consumer electronics e-commerce market can be split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America constituted a significant share of the market in 2020 due to mergers and acquisitions conducted by key market players.
Moreover, increase in R&D spending by electronic companies and growing per capita income in the US are driving the market in North America. The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period due to growing R&D expenditure and penetration of the Internet and prevalence of e-commerce in the developing countries such as India, China, and Japan.
Segments
By Products
- Audio & Video Equipment
- Household Appliances
- Digital Photo Equipment
By Applications
By Business Models
- Business to Business
- Business to Consumer
By Pricing Models
- Low-cost Products
- Medium Cost Products
- High-end Products
By Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Samsung Electronics Co. Ltd
- LG Electronics Co. Ltd
- Apple, Inc
- Hitachi Ltd
- Koninklijke Philips N.V
- Sony Corporation
- Amazon.com Inc
- Hewlett Packard Inc
- Toshiba Corporation
- Panasonic corporation
Competitive Landscape
Key players of the global consumer electronics e-commerce market include Samsung Electronics Co. Ltd.; LG Electronics Co. Ltd.; Apple, Inc.; Hitachi Ltd.; Koninklijke Philips N.V.; Sony Corporation; Amazon.com Inc; Hewlett Packard Inc.; Toshiba Corporation; and Panasonic corporation.
These players have widely engaged in various business development strategies such as collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to strengthen their geographical presence and expand their customer base globally.
Request For Customization
Enquiry Before Buying
Speak With Analyst
