Latest News Retail TECH

Global Consumer Electronics Revenues to Grow by 3.6% YoY and hit $1.06T in 2021

Global Consumer Electronics Revenues to Grow by 3.6% YoY and hit $1.06T 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 $1.02trn in 2020.

According to data presented by StockApps.com, global consumer electronics revenues are expected to grow by 3.6% year-over-year and hit $1.06trn in 2021. 

Phone Sales to Generate 50% of Consumer Electronics Revenues

The global consumer electronics sector has witnessed a steady growth in recent years, with revenues rising from $844.7bn in 2012 to $1.03trn 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 $7bn in 2020.

The Statista data show global consumer electronics spending is expected to rise by $36bn and reach $1.06trn in 2021. By 2025, the unified market is forecast to hit a $1.16trn value.

Global phone sales, including landline phones, mobile phones and smartphones, are expected to jump by 5.7% YoY and generate $512.1bn 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 $280bn this year.

The revenues of the TV, radio, and multimedia segment are set to rise by 1.1% year-over-year to $255.4bn in 2021. TV peripheral devices market follows with $9.4bn 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 $3.5bn.

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 $258B Value in 2021, more than US, India and Brazil Combined

Analyzed by geography, China represents the world’s largest consumer electronics market, forecast to generate $258.8bn 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 $130.2bn in 2020, the revenues of the US market, as the second-largest consumer electronics market globally, are forecast to rise to $133.5bn 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 $50.8bn in 2021. Brazil and Japan follow with, $49bn and $42.8bn in revenue, respectively.

Related posts

Lenta, one of Russia’s largest retailers, reported its 3Q and 9M operating results today.0

ISN Magazine

Kooomo announces new payment methods and products per customer, further advancing retailers’ offering

ISN Magazine

Tesco to offer free fruit and veg to 500,000 Healthy Start families

ISN Magazine

Leave a Comment