Federica Laricchia
Research expert covering the global consumer technology industry
Consumer electronics - statistics & facts
What would our everyday lives look like if we did not have a smartphone to call, a PC to work, or earbuds to listen to music? Such products can be grouped under the umbrella term “consumer electronics (CE)”, i.e. devices made for communicating, entertaining, and informing. Digitalization and the Internet of Things (IoT) contributed to the dramatic growth of the industry, which today includes products like TVs, smartphones, and wearables. Moreover, with new technologies advancing, innovative devices are being released, like VR headsets and AI gadgets.
Wearables, including smartwatches, and earwear, are relative newcomers to the CE market and have embraced many consumers, as the growing number of wearable shipments shows. Other recent entries to the CE market are AR glasses and VR headsets, devices used to enhance entertainment experiences and collaborative work scenarios. In late 2023, a new market gained attention: AI gadgets. The AI startups Humane and Rabbit were among the first companies to join it, with their Ai Pin and Rabbit R1, respectively. .
Overall, the ever-growing CE industry will continue to be one of the most prominent markets in our digitalized and technological world, offering both improved versions of older devices and new and innovative ones.
The resilient CE market holds on to its devices and welcomes new ones
Despite the events of the past couple of years shaking the consumer electronics industry and the resulting fluctuations, the market proved to be resilient, and experts suggest its segments will grow in the coming years. For instance, TV unit sales are forecast to increase in the near future, supported by the development of advanced TV technologies, such as 8K TVs, and smart and connected TVs. Furthermore, advancements in AI technology will drive the growth of the smartphone market, which will see new designs, like foldables, and new embedded AI functionalities, take center stage.Wearables, including smartwatches, and earwear, are relative newcomers to the CE market and have embraced many consumers, as the growing number of wearable shipments shows. Other recent entries to the CE market are AR glasses and VR headsets, devices used to enhance entertainment experiences and collaborative work scenarios. In late 2023, a new market gained attention: AI gadgets. The AI startups Humane and Rabbit were among the first companies to join it, with their Ai Pin and Rabbit R1, respectively. .
Clash of Titans: Apple and Samsung
It is hardly surprising that Apple and Samsung lead the CE industry. Apple's signature and most profitable product, the iPhone, made the company the leading smartphone vendor in 2023. With its iPad and Apple Watch, the company dominates the tablet market and the wearable industry as well. On the other hand, Samsung is the leader of the TV market and, as a major manufacturer of electronic components like semiconductors and image sensors, also provides them to other CE manufacturers.Overall, the ever-growing CE industry will continue to be one of the most prominent markets in our digitalized and technological world, offering both improved versions of older devices and new and innovative ones.
