Electronic Products Market Report 2024

The electronic products market size has grown strongly in recent years. It will grow from $1.31 trillion in 2023 to $1.41 trillion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The expansion observed in the historical period can be ascribed to factors such as heightened disposable income, a surge in the popularity of audio and video broadcasting, the growth of e-commerce in the consumer electronics sector, increased internet penetration, a low-interest-rate environment, technological advancements, substantial investments, and the escalating usage of televisions.

The electronic products market size is expected to see strong growth in the next few years. It will grow to $1.84 trillion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to advancements in electronic products, the evolution of smart cities, a surging demand for wireless audio devices and smart TVs, an increased usage of electronic devices, a rising demand for smartphones and tablets, an increased demand for electronic components in display devices, and a growing adoption of the Internet of Things (IoT). Major trends expected in the forecast period include ongoing innovations in electronic products, the development of smart cities, an increased demand for wireless audio devices and smart TVs, a continued rise in the use of electronic devices, a heightened demand for smartphones and tablets, a growing need for electronic components in display devices, and an expanding adoption of the Internet of Things (IoT).

The growth of the electronic products market is supported by the anticipated stable economic growth in numerous developed and developing countries. As per the International Monetary Fund (IMF), global GDP growth was 3.3% in 2020 and 3.4% in 2021. The recovery of commodity prices, following a significant decline in the historic period, is expected to further contribute to market growth. Developed economies are projected to experience steady growth throughout the forecast period. Additionally, emerging markets are anticipated to maintain a slightly faster growth rate compared to developed markets. This stable economic growth is poised to drive increased investments in end-user markets, thereby fueling market growth during the forecast period.

The rising demand for consumer electronics is forecasted to drive the growth of the electronic products market in the coming years. Consumer electronics encompass a broad category of electronic devices and gadgets designed for everyday consumer use, primarily for personal entertainment, communication, and productivity. The increasing demand for consumer electronics serves as a catalyst for innovation, economic advancement, and enhanced lifestyles, providing consumers with a diverse range of high-quality, feature-rich products to meet their needs and preferences. For example, in January 2023, according to the annual financial report 2022 published by LG, a South Korea-based consumer electronics company, the revenue for the LG Home Appliance & Air Solution Company in 2022 was $22.5 billion, marking a 10.3% increase from 2021. Hence, the growing demand for consumer electronics is a key driver of the electronic products market's growth.

Amid the increasing incidents of theft and crime, companies in the video equipment manufacturing industry are producing closed circuit television cameras equipped with motion detection technology. These motion-detecting CCTV cameras can identify any movement of objects within their field of view and trigger an alarm in the event of an intrusion. Notably, these cameras consume minimal energy as they activate and start recording only when there is movement within their field of view. This feature enables cost-effective surveillance of an area. Key players in the manufacturing of motion-detecting CCTV cameras include Sony, Samsung, Honeywell, Panasonic, and others.

In the electronic products market, major companies are concentrating on innovating EV micro pods to gain a competitive edge. An electric vehicle micro pod is a compact, lightweight, and typically single-passenger electric vehicle designed for short-distance urban transportation. For instance, in May 2023, Zen Mobility, an India-based electric vehicle manufacturing company, introduced its first electric vehicle micro pod. This micro pod is specifically designed for last-mile delivery and cargo transportation, providing an eco-friendly and efficient transportation solution. The lightweight technology of the Micro Pod requires less motor power to achieve the same output, leading to lower battery and delivery costs.

Major companies operating in the electronic products market report are Samsung Electronics Co Ltd., Intel, Taiwan Semiconductor Mfg. Co Ltd., Micron Technology Inc., SK Hynix Inc., LG Electronics, Broadcom Inc., Qualcomm Incorporated, Texas Instruments, Sony Corporation, Panasonic India Pvt Ltd., India Electronics Pvt Ltd., Godrej, Philips, TCL, Skyworth, Haier, SVA, Changhong Electronics Group, Xiaomi, Panda Electronics, Sony, Toshiba, Denon, JVC, Fostex, Sansui, Sharp, Hisense, Duntech, Whatmough, Amphion Loudspeakers, Audison, Behringer, Bosch, Dynaudio, Medion, Focal-JMLab, SITRONICS JSC, Orion Electronics Ltd., NPO, ZR Speaker Lab, Bose Corporation, Harman International Industries, Pioneer, Klipsch Audio Technologies, MartinLogan, Polk Audio, H-Buster, Philco, AOC, CZ Electronics (Pty) Ltd., Avnet South Africa, 3M South Africa, Electrocomp (PTY) Ltd., Samsung, LG.

Asia-Pacific was the largest region in the electronic products market in 2023. North America was the second largest region in the electronic products market. The regions covered in the electronic products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Electronic products are characterized as items featuring an electronic circuit capable of generating or emitting a physical field of radiation during operation.

The primary categories of electronic products encompass audio and video equipment, semiconductors, and various other electronic components. Audio equipment pertains to devices involved in reproducing, recording, or processing sound. Examples of audio equipment include microphones, radio receivers, AV receivers, CD players, tape recorders, amplifiers, mixing consoles, effects units, headphones, and speakers. These products can be operated through both online and offline modes, with various sales channels such as OEM and aftermarket catering to both B2B and B2C end users.

The electronic products market research report is one of a series of new reports that provides electronic products market statistics, including electronic products industry global market size, regional shares, competitors with an electronic products market share, detailed electronic products market segments, market trends and opportunities, and any further data you may need to thrive in the electronic products industry. This electronic products 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 countries covered in the electronic products market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The electronic products market consists of sales of loudspeakers and sound bars, microphones, amplifiers and mixers, music players, televisions, video players, video cameras, semiconductors and related devices, general electronic components, and other electronic products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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