Consumer Electronics - South Korea

South Korea

Highlights

Revenue in the Consumer Electronics Market is projected to reach US$5.17bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.56%, resulting in a projected market volume of US$5.87bn by 2029.
With a projected market volume of US$60.05bn in 2024, most revenue is generated United States.
In the Consumer Electronics Market, the number of users is expected to amount to 21.4m users by 2029.
User penetration will be 41.3% in 2024 and is expected to hit 43.9% by 2029.
The average revenue per user (ARPU) is expected to amount to US$261.40.

Key regions:

Definition:

The eCommerce Consumer Electronics market is a sector of online retailing that focuses on the online sale of electronic and digital devices used privately for entertainment (television sets, radios, smart speakers), communication (telephones, smartphones, etc.), or home office activities (printers, copiers). The purpose of eCommerce Consumer Electronics is to provide consumers with a convenient and accessible way to purchase a wide range of products, including smartphones, laptops, tablets, TVs, cameras, and audio equipment. Further, the market includes the online sale of electronic and digital devices used privately for entertainment (television sets, radios, smart speakers), communication (telephones, smartphones, etc.), or home office activities (printers, copiers).

The relevance of the eCommerce Consumer Electronics market lies in its ability to offer consumers a vast selection of products at competitive prices, with the added convenience of home delivery. It also enables brands and retailers to reach customers across different geographies and demographics, expanding their customer base and sales potential.

The eCommerce Consumer Electronics market has experienced significant growth in recent years, driven by factors such as the increasing popularity of online shopping, the rise of direct-to-consumer brands, and the constant innovation and upgrades of electronic devices.

Examples of successful eCommerce Consumer Electronics businesses include Apple, which offers a wide range of high-end devices, and Best Buy, which specializes in consumer electronics and appliances. Additionally, online marketplaces like Amazon and eBay have expanded their electronics offerings, providing consumers with more options for ordering their favorite electronic devices online.

Structure:

The eCommerce market for Consumer Electronics consists of six different markets:

The Computing market 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 Drones market refers to the digital sales of drones for private usage. Drones, also known as unmanned aerial vehicles (UAVs), are remote-controlled flying vehicles that were originally developed for military applications and later expanded to civilian use in commercial, logistic, recreational, and agricultural areas, among others.
The Gaming Equipment market refers to the online retailing of gaming equipment and accessories, including gaming consoles, gaming laptops, gaming keyboards, gaming mice, gaming headsets, and other gaming peripherals.
The Telephony market comprises 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 market 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 TV Peripheral Devices market contains 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.

Additional Information:

Consumer Electronics comprises revenues, users, average revenue per user, and penetration rates. Revenues are derived from annual filings, national statistical offices, Google- and Alibaba-Trends and industry knowledge. Sales Channels show online and offline revenue shares, as well as, desktop and mobile sales distribution. Revenues are including VAT. The market only displays B2C revenues and users for the above-mentioned markets, hence C2C, B2B and reCommerce is not included. Additional definitions can be found on each respective market page.

Key players in the market are companies like Apple, Amazon, JD, Dell, HP and Samsung.

Market numbers for the total market sizes (online + offline) can also be found on the respective pages of the Consumer Market Insights.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Data coverage:

Data refers to B2C enterprises. Figures are based on the sale of physical goods via a digital channel to a private end consumer. This definition encompasses purchases via desktop computers (including notebooks and laptops) as well as purchases via mobile devices (e.g., smartphones and tablets). The following are not included in the eCommerce market: digitally distributed services (see instead: eServices), digital media downloads or streams, digitally distributed goods in B2B markets, and the digital purchase or resale of used, defective, or repaired goods (reCommerce and C2C). All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Statista Global Consumer Survey), data on shopping behavior (e.g., Google Trends, Alibaba Trends), and performance factors (e.g., user penetration, price/product). Furthermore, we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, internet penetration, and population. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, internet penetration, and population.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The impact of the Russia/Ukraine war is considered at a country-specific level.