Consumer electronics (CE) forms a multibillion-dollar industry, steadily progressing and developing with technology, and adding new product lines towards changing lifestyles. As an extremely competitive market, there are always new players entering the market, particularly from China, a global hub for manufacturing products.
Especially during the pandemic (COVID-19), that disrupted growth in several sectors, the consumer electronics market was resilient, even with the intermittent closure of physical stores worldwide. With people spending a lot more time at home, increased demand for greater comfort and security through smart devices and appliances drove growth in the sector. We look at the winds of change that sweep through this sector through our extensive statistics on the CE industry, from key figures on market leaders like Apple, Sony, or Samsung to the latest trends in segments like wearable technology and connected devices.
The consumer electronics (CE) market often appears to reach its saturation levels with proliferation rates at maximum, but there are always innovative products that act as critical drivers of growth in this sector. Consumers worldwide are forecast to spend 505 billion U.S. dollars in 2022 on electronics. One of the biggest markets for consumer electronics is in the United States, with annual consumer spending of several hundred billion U.S. dollars.
Consumer electronics market overviewConsumer electronics (CE) are part of our daily lives, and hard to imagine a world without them. Some of the products included in consumer electronics are computers, laptops, smartphones, TVs, tablets, gaming consoles, hearables, wearables, digital cameras, and VR & AR devices. Smartphones are the largest segment in the CE market. Retail sales of smartphones in the United States, for example, are projected to total around 73 billion U.S. dollars in 2021.
Voice technologyVirtual reality (VR) is a fascinating way to explore the world through head-mounted devices, from environments created from the real world to the virtual world of gaming, or innovation in industrial and medical applications. On the contrary, Augmented reality (AR) is not as immersive, blending the digital and physical worlds. Still, it supports a cost-effective alternative to VR under the umbrella of extended reality, allowing customers to experience products in a whole new environment.
Extended reality (XR)The dominant players in the industry are large companies such as Apple, Samsung, and Sony. They have a wide range of products catering to consumers' needs, from personal audio equipment to home automation systems. Among the giants, Apple was named one of the most valuable brands in the world. With the pandemic (COVID-19) disruption in 2020, investors depend on tech giants to avoid recession with their enormous size and power.
Apple one of the most valuable brands in the worldThe term “consumer electronics” (sometimes abbreviated to CE) refers to the entire range of products containing electronic circuit boards intended for personal or non-commercial use. Statista provides information on spending within the overall consumer technology industry and its segments, both on a global and regional scale.
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