Global spending on consumer electronics is expected to plunge by US$5 billion in 2024, marking the second drop in the past three years. While the negative trend is forecast to stop in 2025, market projections show a modest recovery, with growth rates remaining far from those seen in previous years.
According to data from Stocklytics, the revenue in the global consumer electronics market is expected to grow by 3 per cent and hit US$1.07 trillion in 2025.
Statista Market Insights says the global consumer electronics market is expected to generate US$1.04 trillion in revenue in 2024, or US$5 billion less than last year. Most of that drop will come from smartphone and PC sales, the market`s two largest segments.
However, Statista expects that to change next year, with smartphone sales and gaming equipment driving the market recovery. Global spending on consumer electronics is expected to grow by 3 per cent and hit US$1.07 trillion in 2025. Smartphones will outperform the market, growing by 3.6 per cent and reaching US$504 billion in revenue, up from US$486 billion this year.
The gaming equipment segment will see identical growth, with revenue rising by 3.6 per cent year-over-year to US$35.3 billion next year. However, that is only half the growth rate expected in the TV peripheral devices segment. Statista expects consumers worldwide to spend almost US$13 billion on streaming devices, like smart TV boxes, streaming sticks, and video players, or 7.8 per cent more than this year, the biggest increase of all market segments.
Computing, drones, and TV, radio, and multimedia will see much lower growth rates, with their revenues rising by 2.5 per cent, 2.4 per cent, and 1.8 per cent year-over-year, respectively.
Although the annual growth rate in the consumer electronics segment will remain around 3 per cent, much less than those seen before the pandemic and in the first year of lockdowns, total spending on these devices will still significantly increase in the following years.
Statista expects consumers worldwide to spend US$1.17 trillion on PCs, smartphones, gaming equipment, TV, and multimedia in 2028, or $100 billion more than this year. Smartphone sales will make up 47% of that figure, with a projected $560 billion in revenue in 2028. PCs, TV, radio, and multimedia will also account for 47% of total sales, generating $557 in combined revenue in the same year.
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