Global Personal Electronics Market Size Analysis Report - Market Share, Forecast Trends and Outlook (2024-2032)

Personal Electronics Market Growth

Over the forecast period, the personal electronics market is projected to witness growth on account of the substantially rising popularity of smart and technological devices. New launches and innovative products are also driving the demand among consumers which is further expected to fuel the growth of the personal electronics market globally.

Increasing disposable income among consumers, the growing standard of living, and the increasing number of smartphone users coupled with the growing population are likely to drive the market growth. There is also a surge in the requirement for smart home devices, smart accessories, and others along with the rise in environmental awareness. Both factors are promoting the adoption of energy-efficient products that ensure more performance efficiency in cost-effective ways, further propelling the market demand in the upcoming years.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Personal Electronics Market Trends

A crucial trend of personal electronics market is that AI technologies are becoming essential across personal devices, from smartphones and tablets to wearables. Devices now provide more personalised experiences, such as health monitoring in wearables and predictive features in smart home devices. This trend is creating opportunities for more customised and efficient user interactions, supported by brands like LG, Samsung, and Apple investing heavily in AI for user-centric advancements.

The rollout of 5G networks is accelerating, enhancing connectivity and paving the way for "phygital" products—devices that integrate physical and digital experiences. This high-speed connectivity supports real-time data processing on devices, which benefits everything from wearables to smart home devices, expanding their functionality and appeal in the connected home ecosystem.

Recent Developments

As per the personal electronics market dynamics and trends, many new personal electronics now provide real-time, personalised experiences. For instance, Lenovo introduced laptops with offline AI image generation capabilities, allowing users to create images with text prompts without relying on cloud processing, improving speed and privacy. Similarly, ASUS has enhanced its dual-screen Zenbook Duo laptops with AI-driven features and OLED displays, catering to creative and professional users who need versatile, high-performance devices (Popular Science, Stuff).

Industry Outlook

As per the personal electronics industry analysis, India's domestic production witnessed a CAGR of around 13%, rising from USD 49 billion in FY17 to USD 101 billion in FY23. The nation's electronics exports are projected to reach USD 120 billion by FY26. In September 2024, electronic goods exports amounted to USD 2.07 billion, an increase from USD 1.92 billion in September 2023, reflecting a growth rate of 7.89%. The domestic production of electronics, valued at USD 101 billion in FY23, is categorised based on FY22 data as follows: Mobile Phones consist of 43% share, IT Hardware 5%, Consumer Electronics 12%, Strategic Electronics 5%, Industrial Electronics 12%, Wearables & Hearables 0.3%, PCBA 0.7%, Auto Electronics 8%, LED Lighting 3%, and Electronic Components 11%.

The European e-commerce market for consumer electronics is experiencing ongoing growth, largely driven by the expansion of various marketplaces, which can boost the growth of the personal electronics industry. Companies such as eBay and Amazon remain the dominant leaders, whereas other specialised platforms such as Cdiscount, Fnac, Mediamarkt, Bol, and Pc Components are also making significant contributions to the sector.

The consumer electronics sector represents a crucial segment of the economy, with substantial market potential, which can enhance personal electronics industry revenue. According to data from GFK, sales of consumer technology in Italy reached a total value of 17 billion euros in 2022, reflecting a slight decline of 2.7% compared to the previous year.

High consumer demand and rapid technological advancements are shaping the market for personal electronics.

• High consumer demand for personal electronics drives continuous market growth.
• Constant innovation in personal electronics, including smartphones, wearables, and tablets, drives market growth. Features like AI, 5G, and IoT integration enhance product appeal.
• Diverse product range caters to various consumer needs and preferences, boosting personal electronics demand. 
• Established brands like Apple, Samsung, and Sony benefit from strong brand loyalty, ensuring consistent sales. 
• Companies in the sector have an extensive global distribution network, reaching both developed and emerging markets.

Intense competition and rapid product obsolescence pose challenges for the market players.

• Intense competition leads to pricing pressures and reduced profit margins.
• Rapid advancements in technology lead to short product lifecycles, increasing pressure on companies to innovate continuously.
• High R&D costs are necessary to maintain competitiveness and innovation, fuelling the personal electronics demand growth. 
• The market heavily depends on key suppliers for components like semiconductors, which can create vulnerabilities in the supply chain.
• Environmental concerns regarding e-waste and sustainability affect market perception.

Growth in wearable technology and advancements in AI and IoT shape opportunities for the market.

• Development of eco-friendly and sustainable products opens new market segments.
• Increasing demand for connectivity and smart devices drives market growth.
• Growth in wearable technology and health-related gadgets enhances personal electronics market opportunities.
• The rise of the Internet of Things (IoT) opens new avenues for developing interconnected devices, creating opportunities for innovation and product diversification.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Personal Electronics Industry Segmentation

Personal electronics are primarily electronic devices targeted towards consumers for their personal use, often on a daily basis. Common examples include smartphones, tablets, personal care products, drones, VR and AR devices, e-readers, and audio-visual equipment. These devices are expected to offer consumers with an easy and positive user experience, along with user-friendliness and great reliability.

By product type, the personal electronics market is divided into:

• Hard Disk Drives (HDD)
• Smartphones
• Laptops/Notebooks
• Tablets
• Digital Cameras
• Desktops
• E-readers

The regional markets of personal electronics include:

• Latin America
• North America
• Europe
• Asia Pacific
• Middle East and Africa

Personal Electronics Market Share

Smartphones hold the highest personal electronics market share globally are are expected to grow at a CAGR of 5.0% in the forecast period, driven by their essential role in communication, internet access, and multimedia use. In Q2 2024, smartphone shipments reached nearly 289 million units, with Samsung, Apple, and Xiaomi leading the market. Smartphone demand continues to be fueled by innovations like 5G connectivity, advanced cameras, and AI-driven personalisation, making them indispensable for most consumers worldwide.

Competitive Landscape

The report presents a detailed analysis of the following key players in the global personal electronics industry, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Samsung Group
• LG Electronics Inc.
• Sony Corporation
• Panasonic Corporation
• Apple Inc.
• Huawei Technologies Co., Ltd.
• Xiaomi Group
• Others

Samsung Group

Market Position: Samsung is a dominant player in the global market, known for its wide range of products including smartphones, tablets, and wearables.

Competitive Strategies:

• Innovation and R&D: Invests heavily in research and development to bring cutting-edge technology and innovative features to its products that can impact personal electronics demand forecast.
• Diversified Product Portfolio: Offers a comprehensive range of personal electronics catering to various market segments, from budget to premium.
• Brand Strength and Marketing: Leverages strong brand recognition and extensive marketing campaigns to maintain market leadership.

LG Electronics Inc.

Market Position: LG Electronics is a significant player known for its high-quality consumer electronics, including smartphones, home entertainment systems, and wearables.

Competitive Strategies:

• Quality and Reliability: Focuses on producing reliable and high-quality products that enhance user experience.
• Innovative Features: Integrates innovative features such as AI and smart connectivity in its personal electronics which can boost personal electronics market value. 
• Global Reach: Utilizes its extensive global distribution network to ensure product availability and after-sales service worldwide.

Sony Corporation

Market Position: Sony is renowned for its premium personal electronics, including high-resolution audio devices, gaming consoles, and cameras.

Competitive Strategies:

• Premium Quality: Emphasizes premium quality and performance in its products to cater to high-end market segments.
• Technological Leadership: Leverages its technological expertise in areas such as imaging and sound to deliver superior products that can increase personal electronics market revenue. 
• Brand Loyalty: Maintains strong brand loyalty through consistent delivery of high-quality and innovative products.

Panasonic Corporation

Market Position: Panasonic is a well-established player in the market, known for its durable and reliable products, including cameras, audio devices, and home appliances.

Competitive Strategies:

• Durability and Reliability: Focuses on producing durable and reliable electronics that cater to consumer needs.
• Eco-Friendly Initiatives: Emphasizes eco-friendly and energy-efficient products to attract environmentally conscious consumers.
• Innovative Solutions: Continuously innovates to integrate smart features and connectivity in its personal electronics offerings, fuelling demand of personal electronics market.

Apple Inc.

Market Position: Apple Inc. is a leading innovator in the market, known for its iconic products such as the iPhone, iPad, Apple Watch, and Mac.

Competitive Strategies:

• Innovation and Ecosystem: Known for continuous innovation and creating an integrated ecosystem of products and services.
• Brand Loyalty: Strong brand loyalty and a dedicated customer base that values the premium quality and design of Apple products.
• Marketing and Design: Emphasizes sleek design, user-friendly interfaces, and extensive marketing to attract and retain customers.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Personal Electronics Market Regional Analysis

Asia Pacific is holding a significant share in the market on account of the presence of key market players such as Huawei Technologies Co., Ltd., Samsung Group, and Xiaomi Group, among others. India, China, and Australia are expected to exhibit CAGRs of 6.1%, 4.9%, and 3.5% in the forecast period. The increasing spending by aging consumers as well as the increasing interest of youth in electronics and an upsurge in trade activities related to consumer electronics, especially in China is expected to bolster the personal electronics market expansion.

With increasing imports of electronic products from China, the market is likely to grow over the coming years. The growing sales opportunities for the well-established brands currently operating in the industry in China are likely to work in favour of consumer electronic equipment manufacturers located in the country.