Business Research Company consumer electronics market growth in 2020 was 10.7%, compared to 9.8% in 2019
LONDON, GREATER LONDON, United Kingdom, Feb. 14, 2022 /EINPresswire.com/ — The size of the global electronics market has increased from $310.2 billion in 2020 to $343.3 billion in 2021, or an annual growth rate of 10.7%. The main driver has been the shift in consumer spending from the high street to online shopping, during the pandemic. The high growth rate is expected to continue until 2025, when the market will reach $511.1 billion, and until 2030, when it will reach $771.4 billion. This represents a global compound annual growth rate (CAGR) of 10.1% between 2010 and 2030.
The consumer electronics market includes sales of goods and services by companies engaged in the sale of consumer electronics goods. The entities are engaged in the sale of electronic goods which include video products such as televisions, navigation products, digital cameras and accessories, digital camcorders and accessories, e-readers, DVD and Blu-ray players and audio products such as MP3 players and accessories, home theater audio systems and components, musical instruments and mobile electronics and others.
Growth throughout the pandemic was supported by increased consumer demand, as shutdowns meant people needed to be entertained at home. Inspiration fueled by social media gave people ideas for creating typically out-of-home experiences, such as movies, at-home, or “in-experiences”, and of course they sought out the latest consumer electronics . Consumer electronics have also allowed people to continue socializing, opting for video calls, online games or social media to stay connected.
Historically, North America has the largest market share: 45.1% in 2010, rising to 38.2% in 2021 and expected to drop 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 being eroded by higher growth rates in Asia-Pacific, South America, Africa and Western Europe over the same period.
By 2030, Asia-Pacific will hold 31.7% of the global market; less than 5% behind North America; no other region comes close to these numbers.
The United States continues to be the largest market, with China falling from seventh in size in 2010 to second in 2020. In contrast, the United Kingdom’s market share fell from sixth in 2010 to tenth in 2020. he story is similar for France, which fell from fourth to eighth in the same period; only Germany maintained its market share, ranking third in 2010 and fourth in 2020.
As a percentage of GDP, China had the highest proportion of spending at 19.9% between 2010 and 2020, followed by Australia at 15.7%, Japan at 13.8% and Russia at 13. 7% over the same period.
The major players in the consumer electronics market are Alibaba, Amazon, JD.com, eBay, Shopify, Rakuten, Walmart, Newegg, Target and Flipkart – according to data from the Global Market Model, with its extensive monitoring section competitive.
The Global Consumer Electronics Market report is part of a series of new reports from The Business Research Company that provide Consumer Electronics market overviews, analysis and market size forecasts. consumer electronics, share, consumer electronics market players, consumer electronics market segments and geographies, revenue, profiles and market shares of key competitors.
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