Consumer Products - Electrical and Electronics Global Market Report 2024

The consumer products - paper, plastics, rubber, wood and textile market size has grown strongly in recent years. It will grow from $62.69 billion in 2023 to $66.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The expansion observed during the historic period can be attributed to several factors, including global urbanization, the adoption of smart home technologies, the growth of e-commerce, shifts in consumer lifestyles, obsolescence and product upgrades, product miniaturization, and heightened environmental considerations. These elements collectively contributed to the growth and evolution of the consumer electrical and electronics sector during that timeframe.

The consumer products - paper, plastics, rubber, wood and textile market size is expected to see strong growth in the next few years. It will grow to $85.94 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be attributed to various factors, including a focus on sustainability and the circular economy, the rise of electric vehicles and the development of charging infrastructure, increased concerns about cybersecurity, the popularity of subscription services, and a trend towards customization and personalization. Major trends expected during this period encompass advancements in wearable technology, the integration of artificial intelligence (AI), the widespread adoption of 5G connectivity in consumer devices, the expansion of the Internet of Things (IoT), and the introduction of flexible and foldable displays. These elements are poised to shape and influence the consumer electrical and electronics sector in the coming forecast period.

The upward trajectory of government initiatives is anticipated to propel the expansion of the consumer products-electrical and electronics market in the foreseeable future. Numerous governments worldwide are launching diverse initiatives focusing on smartphones, IoT devices, and other electronic products to foster the growth of this sector. For instance, in November 2021, the UK government introduced the Product Security and Telecommunications Infrastructure (PSTI) bill, aimed at safeguarding IoT devices. This legislation seeks to mandate connectivity capabilities among devices without requiring internet access, targeting products such as smart light bulbs and thermostats. The cybersecurity standards imposed are applicable to all IoT device manufacturers, including those involved in the distribution and importation of phones, televisions, fitness devices, and other handheld electronics. Consequently, the surge in government initiatives serves as a catalyst for the consumer products-electrical and electronics market.

The burgeoning e-commerce industry is poised to drive the expansion of the consumer products-electrical and electronics market in the upcoming period. E-commerce entails the exchange of goods, services, or monetary transactions over electronic networks, primarily leveraging the internet. Within the electrical and electronics sectors, e-commerce significantly impacts accessibility, enhances customer experiences, offers cost-effective solutions, facilitates global outreach, and provides valuable data analytics. For instance, data from the International Trade Administration in September 2022 revealed that consumer e-commerce contributed to 30% of the UK's total retail sector (an increase from 20% in 2020), generating an annual e-commerce revenue exceeding $120 billion. In 2021, 82% of individuals in the UK engaged in at least one online purchase. Thus, the burgeoning e-commerce landscape acts as a driving force for the consumer products-electrical and electronics market.

Technological advancements emerge as a prominent trend gaining traction within the consumer products-electrical and electronics market. Major corporations operating within this domain are introducing innovative products embedded with advanced technologies to fortify their market positions. For instance, in May 2022, Samsung, a multinational electronics corporation based in South Korea, unveiled an AI-Enabled & Connected AI EcoBubble Washing Machine range. This product line boasts distinctive features such as AI wash functionality, air wash technology, and a super-speed cycle, particularly in higher capacity models. Furthermore, when integrated with the Samsung SmartThings App, these machines offer enhanced wash options and automatic recommendations for optimal wash cycles. This personalized guidance considers factors such as color, fabric type, and level of soiling provided by the user, thereby enhancing user experience and washing efficiency.

Prominent entities within the consumer products-electrical and electronics sector are diligently focused on introducing cutting-edge solutions, notably IoT-based home automation products, to secure a competitive advantage in the market. IoT-based home automation products encompass devices leveraging Internet of Things (IoT) technology to interconnect and regulate various household appliances and systems. For instance, in January 2023, Shelly, a Germany-based manufacturer specializing in home automation products, unveiled eight novel smart home automation devices within the Shelly Pro and Plus series. These offerings present innovative and intelligent functionalities tailored for both professional installers and DIY (do-it-yourself) homeowners. All Shelly Plus and Shelly Pro devices serve as Wi-Fi network extenders, ensuring enhanced stability and reliability in connectivity. The new product range includes the Shelly Plus Smoke - a next-gen smoke alarm equipped 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 integrating Bluetooth connectivity and adjustable multicolor LED indication, among others.

In January 2021, Oppo, a Chinese-based electronics manufacturer, merged with OnePlus, the culmination of which was accomplished for an undisclosed sum. This strategic merger between the two entities aims to converge their Oxygen OS and Color OS, thereby intending to establish an integrated operating system anticipated for release by early next year. OnePlus, a Chinese-based consumer electronics company, joins forces with Oppo in this initiative.

Major companies operating in the consumer products-electrical and electronics market report are Samsung Group, LuckyGoldstar Electronics Inc., Sony Corporation, Panasonic Corporation, Koninklijke Philips N.V., Whirlpool Corporation, Electrolux AB, Apple Inc., Hewlett-Packard Company, Hitachi Ltd., Godrej Appliances Ltd., Mitsubishi Electric Corporation, Haier Consumer Electronics Group Co. Ltd., Bajaj Electricals Ltd., Toshiba Corporation, Huawei Technologies Co. Ltd., Canon Inc., Dell Technologies Inc., Lenovo Group Limited, OnePlus Technology Co. Ltd., Google LLC, Microsoft Corporation, Robert Bosch GmbH, Sennheiser electronic GmbH & Co. KG, Siemens AG, Logitech International SA, OPPO Mobile Telecommunications Corp Ltd., Zhongxing New Telecommunications Equipment Co. Ltd, Mohawk Group Holdings Inc., Sonos Inc., VIZIO Holding Corp., Universal Electronics Inc., SKYX Platforms Corp., Aterian Inc., Koss Corporation, Helo Corp., Emerson Radio Corp., The Singing Machine Company Inc., Advanced Powerline Technologies Inc., Andrea Electronics Corporation.

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. The countries covered in the consumer products-electrical and electronics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of consumer products in the electrical and electronics sector include conventional and smart devices. Conventional consumer products are items with enduring use, such as smartphones, TVs, computers, cameras, speakers, and voice-enabled devices. Various technologies, including near-field communication, magnetic secure transmission, artificial intelligence, VR (virtual reality) technology, generation PCL technology, and others, are integrated into these products. They find applications in both personal and professional settings and are distributed through various channels, including online platforms, e-commerce websites, company-owned websites, as well as offline outlets such as hypermarkets, supermarkets, departmental stores, and specialty stores.

The consumer products-electrical and electronics market research report is one of a series of new reports that provides consumer products-electrical and electronics market statistics, including consumer products-electrical and electronics industry global market size, regional shares, competitors with a consumer products-electrical and electronics market share, detailed consumer products-electrical and electronics market segments, market trends and opportunities, and any further data you may need to thrive in the consumer products-electrical and electronics industry. This consumer products-electrical and electronics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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