While navigating a slight 2.1% dip in 2023, the global consumer electronics industry, already an $800 billion behemoth, is charged with growth, powered by smart home devices, premium segments, and relentless innovation as it surges towards a projected $1.25 trillion market by 2030.
Key Takeaways
- Global consumer electronics market revenue reached $822.4 billion in 2022, expected to grow to $1.25 trillion by 2030 at a CAGR of 5.4%.
- The consumer electronics industry saw a 2.1% revenue decline in 2023 due to inflation and economic slowdown, totaling $803 billion globally.
- Smart home devices contributed $120 billion to the consumer electronics market in 2023, with 15% YoY growth.
- Global smartphone shipments totaled 1.15 billion units in 2023, down 3.2% YoY.
- Samsung held 20.9% market share in smartphone shipments Q4 2023.
- iPhone 15 series accounted for 10% of global smartphone shipments in Q4 2023.
- Global TV shipments reached 219 million units in 2023, up 1% YoY.
- OLED TV panel shipments grew 28% to 7 million units in 2023.
- Samsung held 29.3% global TV market share in 2023.
- True wireless earbuds shipments hit 300 million pairs in 2023.
- Apple AirPods held 25% TWS market share in 2023.
- Smartwatch shipments reached 196 million units in 2023, up 5%.
- Smart Home devices shipments 1.1 billion units in 2023.
- Amazon Echo held 30% smart speaker market share 2023.
- Robot vacuum shipments 18 million units globally 2023.
The consumer electronics industry faces economic pressures but continues growing through premium and smart devices.
Audio & Wearables
- True wireless earbuds shipments hit 300 million pairs in 2023.
- Apple AirPods held 25% TWS market share in 2023.
- Smartwatch shipments reached 196 million units in 2023, up 5%.
- Global hearables market revenue $30 billion in 2023.
- Fitness tracker shipments 120 million units in 2023.
- Noise-cancelling headphones sales up 20% to $10 billion 2023.
- Samsung Galaxy Watch market share 10% in wearables 2023.
- Wireless speaker shipments 250 million units in 2023.
- Smart ring shipments grew 50% to 2 million units 2023.
- Bluetooth headphone penetration 60% in US households 2023.
- Premium audio (> $200) ASP $350 average in 2023.
- China TWS shipments 180 million pairs in 2023.
- Wearable health monitoring devices 40% of shipments 2023.
- Soundbar shipments 45 million units globally 2023.
- Earbuds battery life averaged 28 hours ANC in 2023 flagships.
- Smart glasses shipments 1.5 million units in 2023.
- Home audio systems revenue $8 billion in 2023.
- Wearables battery capacity 300 mAh average in 2023.
- ANC adoption 70% in premium TWS 2023.
- India wearables market grew 40% to 100 million units 2023.
- Portable Bluetooth speakers 150 million shipments 2023.
- ECG-enabled smartwatches 15% market share 2023.
- Wireless over-ear headphones $6 billion revenue 2023.
- Sleep tracking wearables 50 million active users 2023.
- Neckband earphones declined 30% to 80 million units 2023.
- Hi-res audio certification in 20% audio devices 2023.
- Smartwatch OS market Android Wear 25% share 2023.
- Global earbuds ASP $90 in 2023.
- AR audio glasses prototypes 100,000 units 2023.
Audio & Wearables Interpretation
The data paints a world increasingly plugged into a symphony of portable personal audio, where our ears are now gateways for music, metrics, and calls, subtly monitored by a wristwatch that knows more about our hearts than we do.
Market Size & Growth
- Global consumer electronics market revenue reached $822.4 billion in 2022, expected to grow to $1.25 trillion by 2030 at a CAGR of 5.4%.
- The consumer electronics industry saw a 2.1% revenue decline in 2023 due to inflation and economic slowdown, totaling $803 billion globally.
- Smart home devices contributed $120 billion to the consumer electronics market in 2023, with 15% YoY growth.
- Wearable technology market size was valued at $61.3 billion in 2022, projected to reach $186 billion by 2030.
- Global TV market revenue hit $143 billion in 2023, driven by OLED and QLED adoption.
- Consumer electronics e-commerce sales grew 8.7% in 2023 to $450 billion worldwide.
- The gaming console market generated $50.2 billion in revenue in 2023.
- Audio consumer electronics market size was $45.6 billion in 2022, expected CAGR 6.2% to 2030.
- Global smartphone market revenue was $403 billion in 2023.
- PC and laptop shipments contributed $210 billion to CE revenue in 2023 despite a 16% decline.
- In Q4 2023, global CE market shipments declined 0.5% YoY to 1.2 billion units.
- Emerging markets like India drove 25% of global CE growth in 2023.
- Premium CE segment (> $500) grew 10% in 2023 to $350 billion.
- 5G-enabled devices market size reached $150 billion in 2023.
- Global CE R&D spending hit $80 billion in 2022.
- CE market in Asia-Pacific was $450 billion in 2023, 55% of global share.
- US CE retail sales totaled $150 billion in 2023.
- Europe CE market declined 4% to $180 billion in 2023 due to energy crisis.
- Latin America CE market grew 7% to $45 billion in 2023.
- Africa CE market penetration reached 40% household ownership in 2023.
- IoT devices in CE sector numbered 15 billion units in 2023.
- CE recycling market valued at $12 billion in 2023.
- Online CE sales share hit 45% globally in 2023.
- B2B CE sales grew 12% to $200 billion in 2023.
- Voice-activated CE devices market $30 billion in 2023.
- AR/VR CE market $25 billion in 2023, projected 30% CAGR.
- Foldable smartphone CE niche $5 billion in 2023.
- Wireless charging market in CE $18 billion in 2023.
- OLED display market $45 billion in 2023.
- Global CE patent filings reached 250,000 in 2023.
Market Size & Growth Interpretation
Despite a 2023 stumble where inflation made the world temporarily tighten its belt—or at least its upgrade cycle—the consumer electronics industry is charging forward like a phone at 80% battery, relentlessly innovating, expanding into our homes and onto our wrists, and betting heavily that our future selves will be even more seamlessly, and perhaps expensively, plugged in.
Smart Home & Others
- Smart Home devices shipments 1.1 billion units in 2023.
- Amazon Echo held 30% smart speaker market share 2023.
- Robot vacuum shipments 18 million units globally 2023.
- Security camera shipments 100 million units in 2023.
- Air purifier sales up 15% to 50 million units 2023.
- Smart lighting market revenue $15 billion in 2023.
- Gaming PC shipments 40 million units in 2023.
- Home energy management systems 20 million installations 2023.
- Kitchen appliances smart segment $10 billion 2023.
- Doorbell camera shipments 30 million units 2023.
- Smart thermostat penetration 25% US homes 2023.
- Washing machine shipments 80 million units globally 2023.
- Refrigerator smart models 15% share 2023.
- Gaming console shipments 115 million units 2023.
- Smart mattress market $2 billion revenue 2023.
- Ceiling fan smart upgrades 10 million units 2023 India.
- Home automation hubs shipments 25 million 2023.
- E-bike consumer electronics integration $5 billion 2023.
- Smart blinds market grew 30% to 8 million units 2023.
- Personal care devices (electric toothbrush) 200 million shipments 2023.
- Coffee maker smart sales 15 million units 2023.
- Smart mirror shipments 1 million units 2023.
- Home robot assistants (non-vacuum) 5 million units 2023.
- Smart plugs penetration 35% smart homes 2023.
- Oven smart models 20% share 2023.
Smart Home & Others Interpretation
In 2023, we finally outsourced our chores to a chorus of robots, paid Alexa to listen, bought cameras to watch ourselves not exercise, and plugged it all into smart outlets because we'd rather automate our lives than talk to our families.
Smartphones & Mobile
- Global smartphone shipments totaled 1.15 billion units in 2023, down 3.2% YoY.
- Samsung held 20.9% market share in smartphone shipments Q4 2023.
- iPhone 15 series accounted for 10% of global smartphone shipments in Q4 2023.
- Average selling price of smartphones rose to $340 in 2023.
- 5G smartphones comprised 60% of shipments in 2023.
- China smartphone market shipped 271 million units in 2023, down 5%.
- US smartphone shipments 135 million units in 2023.
- India smartphone market grew 10% to 150 million units in 2023.
- Premium smartphones (> $600) shipments up 8% to 235 million in 2023.
- Foldable smartphone shipments reached 16.6 million units in 2023.
- Android OS held 71% smartphone market share in 2023.
- Smartphone battery capacity averaged 4,800 mAh in 2023 flagships.
- Camera sensors in smartphones averaged 108 MP primary in 2023.
- Smartphone refresh rate standard reached 120Hz in 65% of mid-range models 2023.
- Global smartphone replacement rate was 3.2 years in 2023.
- Feature phone shipments declined to 120 million units in 2023.
- Vivo overtook Oppo in China smartphone market with 18% share Q4 2023.
- Apple smartphone revenue $200 billion in FY2023.
- Samsung Galaxy S24 series pre-orders 1.6x higher than S23 in Korea.
- Mid-range smartphones ($200-400) 45% of shipments in 2023.
- Smartphone exports from Vietnam reached 200 million units in 2023.
- India 5G smartphone penetration hit 25% in 2023.
- Global smartphone display shipments 1.5 billion panels in 2023.
- Periscope telephoto lenses in 12% of premium smartphones 2023.
- Smartphone gaming revenue $30 billion from mobile in-app purchases 2023.
- Global smartphone ASP forecast to reach $360 by 2027.
Smartphones & Mobile Interpretation
The smartphone market is in a fascinating state of paradoxical growth, where consumers are buying fewer phones overall but are increasingly willing to spend more on premium features, trading up for better cameras, faster refresh rates, and the novelty of foldables while clinging to their old devices for over three years on average.
TVs & Displays
- Global TV shipments reached 219 million units in 2023, up 1% YoY.
- OLED TV panel shipments grew 28% to 7 million units in 2023.
- Samsung held 29.3% global TV market share in 2023.
- Average TV screen size increased to 55 inches in 2023.
- 8K TV shipments reached 2.5 million units globally in 2023.
- Smart TV penetration hit 75% of shipments in 2023.
- US TV market revenue $28 billion in 2023.
- China TV shipments 40 million units in 2023, down 3%.
- Premium TVs (>55") accounted for 55% of shipments in 2023.
- QLED TV market share reached 15% in 2023.
- Global TV panel shipments 250 million LCD units in 2023.
- Mini-LED TV shipments up 150% to 1.2 million in 2023.
- TV streaming device shipments 50 million units in 2023.
- 120Hz refresh rate TVs 40% of premium segment 2023.
- Europe TV market declined 5% to 35 million units 2023.
- India TV shipments grew 12% to 12 million units 2023.
- TV ad spend on connected TVs $20 billion in 2023.
- 65-inch TV ASP $1,200 average in 2023.
- Laser TV shipments 500,000 units globally 2023.
- Micro-LED TV prototypes shipped 10,000 units in 2023.
- TV remote control replacements down 20% due to voice 2023.
- Gaming TVs (HDMI 2.1) 25% of shipments 2023.
- Transparent OLED TVs debuted with 1,000 units shipped 2023.
- TV energy efficiency improved 15% YoY in 2023 models.
- Projector market for home theater $3 billion in 2023.
- Monitor shipments 135 million units in 2023.
- Curved TV market share fell to 2% in 2023.
- Global TV revenue forecast $150 billion in 2024.
- Wireless TV speakers bundled in 30% of TVs 2023.
TVs & Displays Interpretation
The television industry, seemingly content to just chill on the couch itself, reveals a surprising plot twist: while global sales barely budged, we're all engaged in a relentless arms race for bigger, smarter, and more dazzling screens, with consumers loudly declaring through their wallets that they'd rather upgrade their living room cinema than replace a lost remote.
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