Overview and Scope
Consumer products refer to consumer electrical and electronics that are purchased by people or families for their own use, that includes household goods and devices used for entertainment, communications and recreation, and other personal uses.
Sizing and Forecast
The consumer products – electrical and electronics market size has grown strongly in recent years. It will grow from $29.18 billion in 2023 to $30.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to industrialization and manufacturing growth, environmental awareness and sustainability, global trade and market expansion, consumer lifestyle changes, innovation in packaging materials..
The consumer products – electrical and electronics market size is expected to see strong growth in the next few years. It will grow to $38.88 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to global economic conditions, market demand for functional textiles, e-commerce and packaging solutions, shift towards sustainable practices, circular economy initiatives.. Major trends in the forecast period include biodegradable and eco-friendly materials, digitalization in textile production, wood alternatives and sustainable sourcing, bioplastics and alternative packaging..
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Segmentation & Regional Insights
The consumer products-electrical and electronics market covered in this report is segmented –
1) By Type: Conventional, Smart
2) By Technology: Near Field Communication (NFC), Magnetic Secure Transmission (MST), Artificial Intelligence, VR (Virtual Reality) Technology, Generation PCL Technology, Other Technologies
3) By Application: Personal, Professional
4) By Distribution Channel: Online, E-Commerce Websites, Company-Owned Websites, Offline, Hypermarkets And Supermarkets, Departmental Stores, Specialty Stores
Asia-Pacific has the largest market share in the consumer products-electrical and electronics market in 2023. The regions covered in the consumer products-electrical and electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising government initiatives are expected to propel the growth of the consumer products-electrical and electronics market going forward. Several governments are initiating various initiatives on smartphones, IoT devices, and other electronic products to support the growth of consumer products-electrical and electronics. For instance, in November 2021, The government of the UK initiated the Product Security and Telecommunications Infrastructure (PSTI) bill which promises to protect IoT devices. This aims to mandate that all devices have the capabilities to connect to other devices without the need for the internet, like smart light bulbs and smart thermostats. These cybersecurity standards are applicable to all the manufacturers of IoT devices including those that also distribute and import phones, TVs, fitness devices, and other handheld devices. Therefore, rising government initiatives drive the consumer products-electrical and electronics market.
Key Industry Players
Major companies operating in the consumer products- electrical and electronics market are focused on introducing innovative solutions, such as IoT-based home automation products, to gain a competitive edge in the market. IoT-based home automation products refer to devices that use the Internet of Things (IoT) technology to connect and control various household appliances and systems. For instance, in January 2023, Shelly, a Germany-based manufacturer of home automation products, launched eight new smart home automation devices in the Shelly Pro and Plus series, offering innovative and intelligent features that cater equally to professional installers and DIY (do-it-yourself) homeowners. All Shelly Plus and Shelly Pro devices can be used as Wi-Fi network extenders, ensuring a more stable and reliable connection. The new products include Shelly Plus Smoke- a next-generation smoke alarm with sound and light indications, Shelly Pro 3EM- a Wi-Fi-operated, DIN-mountable three-phase energy meter, Shelly Plus Plugs (S, UK and IT)- Wi-Fi smart plugs with Bluetooth connectivity and adjustable multicolor LED indication, and more.
The consumer products-electrical and electronics market report table of contents includes:
1. Executive Summary
2. Consumer Products-Electrical And Electronics Market Characteristics
3. Consumer Products-Electrical And Electronics Market Trends And Strategies
4. Consumer Products-Electrical And Electronics Market – Macro Economic Scenario
5. Global Consumer Products-Electrical And Electronics Market Size and Growth
…
31. Global Consumer Products-Electrical And Electronics Market Competitive Benchmarking
32. Global Consumer Products-Electrical And Electronics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Consumer Products-Electrical And Electronics Market
34. Consumer Products-Electrical And Electronics Market Future Outlook and Potential Analysis
35. Appendix
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