The Consumer Electronics Market experienced a growth spike during COVID-19 pandemic

Electronic goods market 2021 – forecast for 2030

The growth of the consumer electronics market of Business Research Company in 2020 was 10.7%, compared to 9.8% in 2019

LONDON, GREAT LONDON, UK, February 14, 2022 /EINPresswire.com/ – The size of the global electronics market has grown from $ 310.2 billion in 2020 to $ 343.3 billion in 2021 with an annual growth rate of 10.7 %. The main factor was the shift in consumer spending from the high street to the internet during the pandemic. High growth is expected to continue until 2025, when the market reaches $ 511.1 billion, and by 2030, when it reaches $ 771.4 billion. This is 10.1% in 2010-2030.

The consumer electronics market consists of sales of goods and services of companies engaged in the sale of consumer electronics. Entities sell electronic products that include video products such as television, navigation products, digital cameras and accessories, digital video cameras and accessories, electronic readers, DVD and Blu-Ray players, and audio products such as MP3 -players and accessories, audio systems and home theater components, musical instruments and mobile electronics, etc.

Growth during the pandemic was supported by an increase in consumer demand as the blockades meant people needed to have fun at home. Inspiration on social media gives people ideas for creating the usual out-of-home, such as movies, at home or “awareness,” and of course, they’re looking for the latest consumer electronics. Consumer electronics has also enabled people to keep in touch by choosing video calls, online games or social networks to stay connected.

Historically, North America has the largest market share: 45.1% in 2010, down to 38.2% in 2021 and expected to decline to 36.4% by 2030. Growth in North America remains strong, with a CAGR of 8.9% over the twenty-year period. (2010-2030). The region’s market share, however, is slowly eroding by higher growth rates in the Asia-Pacific region, South America, Africa and Western Europe over the same period.

By 2030, the Asia-Pacific region will have a share of 31.7% of the world market; less than 5% behind North America; no other region is close to these figures.

The United States remains the largest market: China grew from seventh in size in 2010 to second in 2020. In contrast, the UK market share fell from sixth in 2010 to tenth in 2020. a similar story with France, which fell from the fourth to the eight largest in the same period; only Germany retained its market share, ranking third in 2010 and fourth in 2020.

As a percentage of GDP, the largest share of spending in China was 19.9% ​​between 2010 and 2020, followed by Australia with 15.7%, Japan with 13.8% and Russia with 13.7% over the same period.

The main players in the consumer electronics market are Alibaba, Amazon, JD.com, eBay, Shopify, Rakuten, Walmart, Newegg, Target and Flipkart – according to the global market model with a large section on competitor intelligence.

The Global Consumer Electronics Market Report is one of a series of new reports from The Business Research Company that provide consumer electronics market reviews, analyze and forecast size, consumer electronics market share, consumer electronics market players, consumer market segments and geography electronics, revenue, profiles and market share of leading competitors.

Related reports on this topic include:
https://www.thebusinessresearchcompany.com/report/consumer-electronics-e-commerce-global-market-report-2020-30-covid-19-implications-and-growth

https://www.thebusinessresearchcompany.com/report/consumer-electronics-repair-and-maintenance-market

https://www.thebusinessresearchcompany.com/report/electronics-and-appliance-stores-global-market-report-2020-30-covid-19-impact-and-recovery

https://www.thebusinessresearchcompany.com/report/business-to-business-electronic-global-market-report

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