Let’s face it, none of us can live without electronic devices, and electronics industry statistics measure just how addicted consumers worldwide are to these products. Just a reminder – this market covers all electronic products intended for personal, non-commercial use.
Speaking of which, what do you know about the industry? It’s time to dive head-first into the global consumer electronics market, find out who the market leaders are, learn about the growing consumer demand for electronic equipment, and where you fit in. Read on!
Editor’s Choice:
- The global consumer electronics industry’s market size was estimated at around $1.2 trillion.
- As of September 2022, Apple Inc. has the largest market capitalization in the world, at $3.32 trillion, both in the electronic products niche and overall.
- From 2009 to 2019, the US consumer electronics market size has grown from $234.8 to $416.2 billion.
- China holds 42% of the global electronics industry market size.
- The Canadian consumer electronics products market reached $19.7 billion in revenue by August 2022.
- Computer manufacturing in Canada has seen a 25% drop in revenue in 2021 due to exports decreasing.
- The number of consumer electronics stores in Canada has declined by 4.8% from 2021 to 2022.
- Samsung is the second most popular smartphone brand in Canada, after Apple.
Global Stats and Consumer Electronics Trends
To kick things off, here is a market report showcasing the growing demand for electronics, including both smart appliances and computing products. How’s the overall industry doing? Who are the biggest players? Which are the most popular electronic goods people buy? Let’s see.
1. The global consumer electronics industry’s market size was estimated at around $1.2 trillion.
(Valuates Reports)
This consumer electronics industry analysis showed that, after a brief pandemic-induced slowdown, this market experienced significant growth in the past year. The impact analysis estimates this market expansion will lead it to grow to $14.9 trillion by 2027, at an impressive CAGR of 5.1%.
2. As of September 2022, Apple Inc. has the largest market capitalization in the world, at $3.32 trillion, both in the electronic products niche and overall.
(Fortune)
Apple’s annual revenue for 2021 amounted to a staggering $378.4 billion, placing the company sixth on the global Fortune 500 ranking. The following electronics company on the list was Samsung Electronics, with a revenue of $276.7 billion.
Lastly, according to the same electronics industry analysis, Hon Hai Precision Industry (also known as Foxconn), a Taiwanese manufacturer of electronic components and one of the key players in the semiconductor game, was the third-largest electronics company on this prestigious list, with a 2021 revenue of $250.8 billion.
3. SONY was 88th on the Global Fortune 500 list.
(Fortune)
Another staple in the competitive landscape of the global consumer electronics market, SONY maintains its position among the top 100 companies in the world. The Japanese giant’s revenue amounted to $117 billion.
4. From 2009 to 2019, the US consumer electronics market size has grown from $234.8 to $416.2 billion.
(Statista)
These consumer electronics industry statistics suggest that relatively steady growth was mostly evenly spread in the analyzed period, with the highest jumps occurring between 2017, 2018, and 2019 (from $315.2 billion to $367.8 billion, and then to US$416.2 billion).
5. China holds 42% of the global consumer electronics market.
(Statista)
A regional analysis of the Asia-Pacific market revealed that Japan and South Korea are the individual countries with the second- and third-biggest share here: 6% and 4%, respectively. In total, the portion of the industry located in Asia-Pacific stood at 63%.
6. China’s consumer electronics revenue was valued at $347.6 billion in August 2022.
(Daxue Consulting, Statista)
With such a formidable consumer electronics market size, it’s no wonder China is also at the forefront of driving new tech and the latest trends. Huawei Technologies used to be its biggest competitor in the global market, but it has since dropped below other companies, primarily Xiaomi Corp.
7. Smart home appliances are expected to reach a revenue of $32.6 billion in China in 2022.
(Statista)
Here’s a great example of how increased demand for smart technology is driving China’s consumer electronics market growth: The household penetration rate for smart appliances is 16.6% in 2022, and it’s expected to nearly double to 29.4% by 2026. In 2021, there were 230 million smart units sold to Chinese consumers, so this prediction seems accurate.
8. The wearable consumer electronics market will grow at a CAGR of 13.8% in the 2021-2028 forecast period.
(Grand View Research)
The most prominent among the wearable electronics industry facts is the one describing its rapid growth: In 2020 alone, the market was valued at around $56.2 billion. Experts state that wrist-wear, eye-wear, and head-wear devices will be the most prominent products in the upcoming period.
With such a promising outlook, they will undoubtedly contribute to the upcoming gift industry statistics as well.
9. In the UK, Samsung was the “winning” consumer electronics brand in 2021.
(Statista)
As personal and home electronics industry statistics for the UK will show, in the eyes of British consumers, Samsung has the highest approval rating with 81%. It’s more or less neck-and-neck with SONY, which has a 79% approval rating in the country; Duracell came in third with 74%.
On the other hand, Apple’s iPhone had a surprisingly low rating, scoring positively with only 62% of the surveyed.
10. Electronics are the most frequently bought products on Amazon, taking up 44% of its sales.
(Finance Online)
It’s no secret, consumer electronics sales have always been among the top driving forces behind the retail giant’s success. However, for a company that’s the distribution channel for literally everything, it’s exciting to see that electronics outsell everything else, even clothes, jewelry, and shoes, which comprise 43% of Amazon’s sales when put together.
Canadian Electronics Industry Statistics
In this section, our focus shifts to Canada and how the industry is doing in the country. Which are the largest companies and most popular electronic goods, what’s the regional forecast for this sector’s growth, and so on?
11. The Canadian consumer electronics products market reached $19.7 billion in revenue by August 2022.
(Statista)
Compared to electronics industry statistics from 2021, three-quarters of this year have already been nearly as lucrative as the entirety of the last.
12. Canada’s market growth for electronics is expected to reach a CAGR of 1.21% in the forthcoming years.
(Statista)
The increasing demand in developed countries in general and electronics industry statistics for Canada in particular predict this sector is nowhere near slowing down. In fact, coupled with the rising residential sector, electronics are expected to remain in high demand and might even reach their biggest growth yet.
13. 91.4% and 91.1% of computer and electrical equipment production companies in Canada, respectively, had less than 100 employees in 2019.
(Government of Canada)
There are a total of 4,912 such companies registered with the Canadian government, and over 60% of them are profitable, with the average revenue for a single company being somewhere in the $765.3 – $849.1 million range.
14. Computer manufacturing in Canada has seen a 25% drop in revenue in 2021 due to decreased exports.
(Ibis World)
Stats on industry trends within consumer electronics suggest this negative growth rate is a result of the fact that Canada can’t really keep up with the stiff competition from the US and, more importantly, the Asia-Pacific market.
15. There are around 176 computer manufacturing companies in Canada.
(Ibis World)
Statistically speaking, there are no major players in the industry, as their global market share in the consumer electronics industry is only 5%.
16. The main online distribution channel for Canadians buying electronics is Amazon.
(Statista)
Consumer electronics market trends and forecasts tell us the eCommerce giant’s total revenue from the sales of electronics and media products in Canada amounted to $7.4 billion. In comparison, Apple, the largest electronics company in the world, “only” managed to generate $2.3 billion from Canadians.
17. 92% of all Canadians use smartphones.
(Statista)
When looking at user trends within the latest electronics industry statistics for Canada, this fact is particularly interesting in light of the fact that nearly 23% of Canada’s population is older than 65, and 13% of the population are children younger than nine, demonstrating high adoption rates for these electronic devices among all age groups.
18. Samsung is the second most popular smartphone brand in Canada, after Apple.
(Statista)
The dominance of smart devices is affecting everything, from consumer behaviour to the electronics industry’s annual revenue. Apple dominates the Canadian market in this respect, but the Korean company has secured nearly a third of the remaining share.
Samsung announced the product launches of the Galaxy Z Flip4 and Galaxy Z Fold4 phones, along with various smart wearables, such as the Galaxy Watch5 Series, and Galaxy Buds2 Pro in Canada in Q3 2022, and we can expect this will only stimulate its growth rate in the country.
19. The number of consumer electronics stores in Canada has declined by 4.8% from 2021 to 2022.
(Ibis World)
This is a part of a larger unfortunate trend in the Canadian market, as the number of these shops has decreased by 26.6% in the last five years (since 2018).
20. Canada’s consumer electronics shops market was worth $20.5 billion in 2022.
(Ibis World)
After several factors contributed to a rather significant drop of 16.4% from 2012 to 2013, this segment of the Canadian market became much more stable, but still slowly declining, despite numerous product launches, the rising demand for the inventory these shops sell, and the incorporation of advanced features powered by artificial intelligence in many electronics.
Fun Facts about the Electronics Engineering Industry
Now that you have a good understanding of the industry in general and how it performs in Canada in particular, it’s time for the global highlights of the fun side of electronics.
21. Electronics were SONY’s second most profitable business segment in 2021, earning the giant a whopping $28.8 billion.
(Statista)
SONY generated the most revenue from gaming and gaming network services, and this segment amounted to $33.7 billion; however, its electronics industry sales were similarly impressive, and its financial services were third in line, earning $18.9 billion.
22. SONY’s PlayStation is the most popular electronic product among Millennials.
(YouGov)
With an “approval rate” of 69%, SONY’s gaming console is the number one consumer electronics brand. It’s followed by Xbox and the Nintendo Wii.
The Millennial’s PS obsession is also quite prominent when looking at the latest Playstation statistics and influenced their ongoing spending stats as well.
23. Pokémon GO generated an astonishing $1.2 billion in revenue in 2021.
(Statista)
When talking about a gross profit margin in the consumer electronics industry, and profit in general, the Pokémon GO smartphone game sets an excellent example of how profitable a great idea could be.
Conclusion
Without a doubt, consumer electronics have become integral to our lives. Even now, you’re reading this page on a laptop, desktop, phone, or another device.
At first, these goods were aimed at making our lives easier, but now, consumer electronics industry trends show they have evolved to become necessary tools in all walks of life, not just for entertainment, but for work, and much more.
The industry underwent a complete revolution 40-50 years ago and is developing at a neck-breaking speed. The market and demand for these goods slowed down in 2020, but it’s getting back on track, coming back stronger than ever.
FAQ
How much is the electronics industry worth?
In 2022, the global consumer electronics industry’s market size was estimated at around $1.2 trillion. This market expansion will lead it to grow to $14.9 trillion by 2027, at an impressive Compound Annual Growth Rate of 5.1%.
Why did consumer electronics sales increase in the 80s?
Most experts on the topic will agree that one huge factor in this growth was the approach the largest players in the electronic industry had back in the 1970s and 1980s—RCA, SONY, Matsushita, and Philips. Namely, these companies did a great job commercializing the latest tech, learning from consumer experiences, marketing, and so on. Basically, they’ve learned and improved everything from television sets to home appliances to cater to the latest demands and needs.
As the home of Samsung Electronics and LG Electronics Inc, South Korea is a significant contributor to the global market and its rapid growth rate. At the time of writing, its share of the electronics industry on the world stage was 4%.
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