Consumer Electronics Industry Size
With computer and consumer electronics ranking among the fastest-growing consumer products in 2021, the industry is certainly showing huge sales potential as a dropshipping niche.
Knowing that, it should come as no surprise that revenues from the consumer electronics industry have been increasing steadily over the past few years.
According to a recent report, the global consumer electronics market is set to bring in $755 billion in revenue in 2022. This marks a 3.9% annual increase.
Of these, products related to telephony are set to perform the best. Revenue from these products is expected to hit $216 billion—28.6% of the consumer electronic industry’s total.
This is followed by TV, radio, and multimedia products, at $143 billion, computing products, at $131 billion, and TV peripheral devices, at $3 billion.
The consumer electronics market size has been growing over the past few years. From 2018 to 2022, its annual growth rate averaged 7.9%. The biggest growth in this period was seen in 2020, when the industry’s revenues soared 20.8%, year-over-year. In comparison, the industry grew at a fractional 1.3% in 2018 and 3.1% in 2019.
Analysts credit the surge in revenue in 2020 to the COVID-19 pandemic, which forced offices to close and employees to work from home. This, in turn, prompted huge electronics purchases as people started to set up home offices.
Consumer electronics industry: Growth forecast
The consumer electronics market is projected to continue growing in the coming years, albeit at a slower pace.
Its total revenue is expected to increase 7.5% in 2023, to $811 billion. This is set to continue rising to $855 billion in 2024, before topping $930 billion in 2025. The industry’s average annual growth rate from 2023 to 2025 is forecasted at 7.2%, just slightly slower than the previous years’ average.
Telephony products are expected to continue their dominance in the consumer electronics industry market share. Revenue from these products is set to hit $323 billion in 2025, which is 34.7% of the industry’s total. Their average revenue growth rate from 2022 to 2025 is forecasted at 7.6%.
Overall, from 2017 to 2025, the consumer electronics market is set to grow by 78%, with an average annual growth rate of 7.6%.