Growth anticipated for global consumer electronics revenues
EP&T MagazineElectronics consumer devices electronic
Data shows 3.6% increase year-over-year in 2021
Like many other sectors, the consumer electronics market has also been affected by the COVID-19 crisis. The surge in global demand for PCs abated the pandemic’s negative effect on consumer electronics spending, which still slipped to $1.02-trillion in 2020. According to data presented by StockApps.com, global consumer electronics revenues are expected to grow by 3.6% year-over-year (YoY)and hit $1.06-trillion in 2021.
Phone sales represents 50%
The global consumer electronics sector has witnessed a steady growth in recent years, with revenues rising from $844.7-billion in 2012 to $1.03-trillion in 2019, revealed Statista data. However, with supermarkets and showrooms of leading brands shut down during the COVID-19 lockdown and consumers across the globe prioritizing their spending, the sales of consumer electronics products slipped by $7-billion in 2020.
The Statista data show global consumer electronics spending is expected to rise by $36-billion and reach $1.06- trillion in 2021. By 2025, the unified market is forecast to hit a $1.16-trillion value. Global phone sales, including landline phones, mobile phones and smartphones, are expected to jump by 5.7% YoY and generate $512.1 billion or almost 50% of total revenues in 2021.
Despite a surge in demand for PCs due to remote working and distance learning, the computing segment’s revenue is expected to rise by only 1.8% and reach $280-billion this year. The revenues of the TV, radio, and multimedia segment are set to rise by 1.1% year-over-year to $255.4-billion in 2021. TV peripheral devices market follows with $9.4-billion in sales, 8.8% more than a year ago. However, statistics show that the drone market is expected to witness the biggest growth in 2021, with revenues rising by 18% in a year to $3.5-billion.
With millions of consumers shifting from brick-and-mortar stores to online shops, e-commerce became the key driving factor of the consumer electronics market. The Statista survey revealed that online sales is expected to generate 38% of global consumer electronics revenues in 2021, up from 32% before the COVID-19 pandemic.
Chinese Market to hit $258-billion Value in 2021
Analyzed by geography, China represents the world’s largest consumer electronics market, forecast to generate $258.8-billion in revenue in 2021, more than the other three leading markets combined. The country also shows the highest online shopping adoption, with 63% of consumers expected to make consumer electronics purchases in web shops this year.
After falling to $130.2 billion in 2020, the revenues of the US market, as the second-largest consumer electronics market globally, are forecast to rise to $133.5-billion this year. However, statistics show India is set to witness the biggest growth among the top five markets, with revenues rising by 5.1% YoY to $50.8 billion in 2021. Brazil and Japan follow with, $49 billion and $42.8 billion in revenue, respectively.