Consumer Electronics - Nordics

Nordics

In 2024, the revenue in the Consumer Electronics market in the Nordics amounts to US$10.5bn.
It is projected to grow annually by 1.32% (CAGR 2024-2029).
The largest segment in this market is Telephony, with a market volume of US$3.9bn in 2024.
When compared globally, the highest revenue is generated in China, reaching US$198.5bn in the same year.
In terms of per person revenues, the Nordics generate US$378.30 per individual in 2024.
Looking ahead, the volume in the Consumer Electronics market is expected to reach 74.9m pieces by 2029.
Additionally, a volume growth of 1.3% is anticipated for 2025.
Lastly, the average volume per person in the Consumer Electronics market is projected to be 2.5pieces in 2024.
The Nordic countries are leading the way in consumer electronics with their innovative designs and focus on sustainability.

Key regions: United States, Worldwide, India, Europe, Germany

Definition:

Consumer electronics refers to a range of electronic devices, appliances, and gadgets designed for everyday use by individuals. The market is highly diverse and encompasses various product categories such as personal computing devices, audio and video systems, mobile devices, and smart home technology. These products are developed with the aim of enhancing personal productivity, communication, and entertainment. Technological advancements, shifting consumer preferences, and a growing desire for cost-effective, easy-to-use, and high-performance devices are some of the factors propelling the consumer electronics market.

Structure:

The Consumer Electronics market is segmented into six main segments:

The Telephony segment includes devices such as smartphones, feature phones, and landline phones. This segment is driven by the increasing demand for mobile devices that enable communication and provide access to the internet.
The TV, Radio & Multimedia segment includes products such as televisions, radios, digital cameras, speakers, and headphones. This segment is characterized by the demand for high-quality, immersive entertainment experiences.
The Computing segment includes laptops, desktops, tablets, and other computing devices. These products are designed to meet the needs of individuals for personal and professional computing tasks.
The TV Peripheral Devices segment includes products such as smart streaming devices, smart remotes, and video players. These products are designed to enhance the TV viewing experience and enable individuals to access content from various sources.
The Drones segment includes unmanned aerial vehicles (UAVs) that are used for personal purposes. The drone market is driven by the increasing demand for high-quality aerial photography and videography.
The Gaming Equipment segment includes gaming consoles and VR headsets. This segment is driven by the increasing popularity of video games and the rise of e-sports.

Additional Information:

The market comprises revenue, average revenue per capita, volume, average volume per capita, and price. Figures are generated through both online and offline sales channels and include spending by consumers (B2C). Key players in the market are companies like Apple, Samsung, Huawei, HP, Dell, and Sony. These companies are leaders in their respective segments and are known for their innovative products, brand reputation, and extensive distribution networks. For more information on the data displayed, use the info button right next to the boxes.

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Analyst Opinion

The consumer electronics market is in a state of constant development as smart electronic devices continue to replace traditional products in the consumer electronic market. Smartphones dominate the market by generating the highest revenues for consumer electronics, whereby the key players of Apple and Samsung also use their technology for other electronic devices, enabling them to expand their dominance in the market. New key players threatening Apple and Samsung’s market position are Chinese competitors such as Xiaomi and Huawei which are showing record growth levels for smartphones and other electronic products. The key drivers in the market which foresee future growth potential are the following: the expansion of 5G networks allowing massive amounts of data to be transferred in real-time, promoting concepts such as smart cities and the interconnectivity of objects; virtual reality which is being led by Metaverse, previously known as Facebook, promising to create a parallel world; and the gaming sector, which subsequently can integrate virtual reality technologies to create a gaming experience which can enables the virtual and the real to be combined.