Consumer Electronics Industry Size (2017–2027)
With computer and consumer electronics ranking among the fastest-growing consumer products in 2023, 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 $666 billion in revenue in 2023, marking a 22.4% annual increase. The soaring revenue expected in 2023 follows a 9.6% dip in 2022, which experts attribute to global events such as the war in Ukraine, rising inflation, and lockdowns in China.
Of the products in the consumer electronics market, those related to telephony are set to perform the best. Revenue from these products is projected to hit $164.7 billion—24.7% of the consumer electronic industry’s total.
This is followed by TV, radio, and multimedia products, at $109.4 billion, computing products, at $104.8 billion, and TV peripheral devices, at $2.7 billion.
The consumer electronics market size has been growing over the past few years. From 2018 to 2023, its annual growth rate averaged 16.7%. The biggest growth in this period was seen in 2020, when the industry’s revenues soared 26.2%, year-over-year. In comparison, the industry grew at a slower rate of 14.1% 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 by 16.7% in 2024, to $777.2 billion. This is set to continue rising to $934.2 billion in 2025 and $992.9 billion in 2026, before surpassing the $1 billion mark to $1.07 billion in 2027. The industry’s average annual growth rate from 2023 to 2027 is predicted at 14.7%.
Telephony products are expected to continue their dominance in the consumer electronics industry market share. Revenue from these products is set to hit $246.8 billion by 2027, which will amount to 23% of the industry’s total.
Overall, from 2017 to 2027, the consumer electronics market is set to almost triple in size, increasing at an average annual growth rate of 15.1%.