World Market for Consumer Electronics

September 2023

Pent-up demand from emerging markets like Brazil, China and Indonesia is expected to push global sales to grow by 4% in 2024 despite consumers cutting down on purchases in 2022 and 2023.

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Key findings

Affordable prices with more features gaining favour with consumers

Consumers, especially those from emerging markets, will be impacted by the global economy slowdown and will be looking for value for money products.

Duopoly of Samsung and Apple reigns on

Market leaders Samsung and Apple are harnessing their strong financial power and investing heavily in R&D to create differentiators from competitors and avoid competing on prices.

Rise of the smart home

A seamless smart home will enable companies to provide a greater range of services and better experiences, and spur sales of wireless speakers, TVs and smartphones.

Slowing forecast sales due to binge-buying effect during the pandemic

Forecast sales for big-ticket discretionary purchases like LCD TVs and laptops will remain muted as consumers choose to tighten their expenditures. Growth will be primarily driven by affordable products with shorter replacement cycles.

Extended reality (XR) elevates the user experience

XR technologies offer a new and engaging way for companies to reach out to their customers, who are spending an increasing amount of time seeking online experiences.

Scope
Examining five trends shaping consumer electronics
The slowing economy impacts demand for consumer electronics
Recovery expected in 2024 after two years of struggle
India and Indonesia outperforming the sluggish global economy
Low-priced portable devices like TWS earbuds driving forecast demand
India, Indonesia and Brazil emerging as the next big battleground for manufacturers
E-commerce accelerates during lockdowns and growth expected to continue
Appliances and electronics specialists still critical to the omnichannel experience
Leading brands utilising their financial might to maintain their lead over their competitors
Duopoly of Samsung and Apple continues
Oppo and Vivo struggle to differentiate themselves from competition
Honor conquers China and sets its sight on world domination
Examining five trends shaping consumer electronics
Affordable products with more features integrated will be key growth driver
Duopoly of Samsung and Apple outspending their rivals to extend their lead
Smart homes to make connected devices an integral part of the consumer’s lifestyle
Slowing forecast sales due to pandemic binge-buying
Extended Reality (XR) as part of the consumer purchase experience
Global snapshot of consumer electronics
Global snapshot of computers and peripherals
Global snapshot of in-car entertainment
Global snapshot of in-home consumer electronics
Global snapshot of portable consumer electronics
Regional snapshot: Asia Pacific
Regional snapshot: North America
Regional snapshot: Latin America
Regional snapshot: Western Europe
Regional snapshot: Middle East and Africa
Regional snapshot: Eastern Europe
Regional snapshot: Australasia
Definitions

Consumer Electronics

Consumer Electronics refers to the sales of Computers and Peripherals, In-Home Consumer Electronics, In-Car Entertainment and Portable Consumer Electronics to the end consumer.

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