The Consumer Electronics industry is a market that produces, sells, and distributes electronic devices and gadgets used for various purposes in our lives. A wide variety of products are available in this industry that provide ease and convenience in various aspects of our lives. The industry highly depends on technological advancements, innovation, and meeting evolving consumer demands for growth.
This industry produces and distributes a vast array of products such as smartphones, computers, laptops, televisions, cameras, audio devices, gaming devices, home appliances, smart devices, etc. Latest technologies such as 5G, artificial intelligence, IoT (internet of things), augmented reality, and voice recognition are transforming the industry.
The gross revenue collected in the consumer electronics sector reached $1,028 billion in 2023. The market is forecasted to grow by 2.3% between 2023 and 2028. The largest product category in the sector is telephony with a total market volume of $498 billion in 2023. The highest revenue was collected in China with $228.30 billion in 2023. 45.9% of the revenue was generated through online sales in 2023.
The smartphone market contributes significantly to the growth of the market every year. The global smartphone market revenue amounted to $463.3 billion in 2022. Android is the leading operating system in the consumer electronics market. Smart devices such as Smart TVs, smart speakers, smart watches, fitness machines, VR headsets, and smart home appliances, are gaining popularity worldwide. The growth of e-commerce and online retail has had a great impact on the sales generated worldwide. China, the USA, Japan, South Korea, and Germany are the biggest consumer electronic markets in the world. They contribute to the growth of the industry by introducing new technologies in the market every year.
The Consumer Electronics market is a growing and transformational industry. Countless new technologies and tech solutions are introduced every year at a wide range of trade shows worldwide. Here are some of the most important trade events that you can attend in the consumer electronics industry:
IFA Berlin: One of the world’s largest platforms for consumer electronics and home appliances. With a 99-year-long history, this event is a center of innovation and cutting-edge technologies from all corners of the world. It gathers industry pioneers and important stakeholders under one roof to transform the future of the industry. The event takes place in Berlin, Germany at Messe Berlin every year.
CES Las Vegas 2024: One of the most influential tech events in the world in the presence of the world’s leading industry professionals. The tech industry’s most important stakeholders including manufacturers, developers, and consumer technology hardware suppliers attend the event. Various conference programs are held to discuss the future challenges of the consumer electronics market and find solutions. It is a comprehensive global tech show that takes place in Las Vegas, USA.
Prolight + Sound Guangzhou: A leading trade exhibition for the audio and visual tech industry. A wide range of new technologies and equipment are exhibited at this event. It is a unique business event that allows attendees to engage with global leaders in the industry and experience the latest transformations in the industry. The event takes place in Guangzhou, China to promote the Chinese electronics industry and serve as a global tech platform.
Delhi Machine Tool Expo: The Delhi Machine Tool Expo is a trade fair dedicated entirely to showcasing machine tools, equipment, and technologies. It provides a platform for important stakeholders to network, and explore the latest advancements in machine tools and technologies. The event is held in Delhi, India where the industry’s global leaders gather and share their expertise.
The consumer electronics industry plays an integral role in technological development around the world. It encompasses a wide range of sectors, each catering to the different needs and preferences of consumers. Some of the key segments in this industry include smartphones, television and home entertainment, information technology, industrial goods, computers and laptops, audio and music devices, cameras and photography, gaming, electronics e-commerce and retail, media sector etc. Increasing urbanization and modern lifestyle demands have led to a greater demand for high-tech devices and solutions for communication, navigation, entertainment, and daily tasks.