The Stocklytics report predicts that despite a considerable drop in the worldwide consumer electronics market this year, it will see a modest recovery with a 3% revenue rise.
Last week, Stocklytics published a report based on Statista market insights which projected global expenditure on consumer electronics to decrease by $5 billion in 2024, marking the second decline in three years.
The global consumer electronics market is forecasted to generate $1.04 trillion in revenue in 2024, a 0.48% decrease from last year. Most of this decline is anticipated to stem from reductions in sales within the smartphone and PC segments, the market’s essential categories.
However, the report expects the downward trend to stop in 2025, with a slight recovery anticipated. Increased sales of smartphones and gaming equipment will drive the market’s recovery, though growth rates are forecasted to remain below previous years’ levels.
The report analysed market revenue trends from 2019 to 2028. After a surge in sales during the pandemic, the market encountered a challenging three-year period. In 2022, revenue dropped by 4.3% to $1.012 trillion, reflecting reduced consumer spending due to inflation and economic pessimism. This downturn diverged significantly from pre-pandemic and initial lockdown growth rates.
It has been predicted that global spending on PCs, smartphones, gaming, TVs, and multimedia is expected to reach $1.17 trillion by 2028, with smartphones leading at $560 billion (47% of the total) and PCs, TVs, radios, and multimedia contributing another $557 billion (47%).
Global expenditure on consumer electronics is projected to increase by 3%, reaching $1.07 trillion in 2025. Smartphones are expected to outperform the market, with a growth rate of 3.6%, achieving $504 billion in revenue compared to $486 billion this year.
Similarly, the gaming equipment segment is forecasted to experience a parallel growth of 3.6% year-over-year, reaching $35.3 billion in revenue.
This growth rate, however, is only half of what is anticipated for TV peripheral devices. Statista predicted that global spending on streaming devices such as smart TV boxes, streaming sticks, and video players will rise 7.8% to nearly $13 billion next year, marking a considerable increase among all market segments.
Furthermore, sectors like computing, drones, TV, radio, and multimedia are expected to see more modest growth rates of 2.5%, 2.4%, and 1.8% year-over-year, respectively.
