Consumer Electronics Industry Size (2018–2028)
With computer and consumer electronics ranking among the fastest-growing consumer products, the industry is certainly showing huge sales potential as a dropshipping niche.
Knowing that, it should come as no surprise that revenues from the consumer electronics industry have generally been increasing over the past few years.
Consumer electronics industry revenue: 2018–2024
|
Year |
Consumer electronics industry revenue |
Annual change |
|---|---|---|
|
2018 |
$940.4 billion |
|
|
2019 |
$974.8 billion |
+3.7% |
|
2020 |
$984.3 billion |
+1.0% |
|
2021 |
$1,057.0 billion |
+7.4% |
|
2022 |
$1,012.0 billion |
-4.3% |
|
2023 |
$1,052.0 billion |
+4.0% |
|
2024 |
$1,046.0 billion |
-0.6% |
|
2025 |
$1,077.0 billion |
+3.0% |
|
2026 |
$1,108.0 billion |
+2.9% |
|
2027 |
$1,142.0 billion |
+3.1% |
|
2028 |
$1,177.0 billion |
+3.1% |
According to a recent report, the global consumer electronics market is set to bring in $1.05 trillion in revenue in 2024, holding relatively steady from the previous year’s revenues. In 2023, the industry expanded by 4% as it recovered from 2022’s 4.3% dip, which experts attributed to global events such as the war in Ukraine and rising inflation.
The consumer electronics market size has largely been growing over the past few years. From 2018 to 2029, its annual growth rate averaged 1.9%. The biggest growth in this period was seen in 2021, when the industry’s revenues soared 7.4%, year-over-year.
→ Click Here to Launch Your Online Business with Shopify
Analysts credit this surge in revenue to the COVID-19 pandemic, which forced offices to close and employees to work from home. This, in turn, prompted huge electronics purchases as people started to set up home offices.
Consumer electronics market: 2024’s best-performing products
|
Product segment |
Revenues in 2024 |
|---|---|
|
1. Telephony |
$486.7 billion |
|
2. Computing |
$314.2 billion |
|
3. TV, radio, and multimedia |
$195.1 billion |
|
4. Gaming equipment |
$34.1 billion |
|
5. TV peripheral devices |
$12.0 billion |
|
6. Drones |
$4.3 billion |
Of the products in the consumer electronics market, those related to telephony are set to perform the best. Revenue from these products is projected to hit $486.7 billion—46.5% of the consumer electronics industry’s total. This refers to devices, systems, and technologies used for communication over distances via voice transmission and includes traditional phones, smartphones, headsets, and routers.
This is followed by computing products, at $314.2 billion, and TV, radio, and multimedia products, at $195.1 billion.
Consumer electronics industry: 2025–2028 growth forecast
The consumer electronics market is projected to continue growing in the coming years and at a much faster pace.
Its total revenue is expected to increase by 3% in 2025, to $1.08 trillion. This is set to continue rising to $1.11 trillion in 2026 and $1.14 trillion in 2027, at annual growth rates of 3% and 2.9%, respectively. By 2028, the consumer electronics market is forecast to hit $1.18 trillion. The industry’s average annual growth rate from 2025 to 2028 is predicted at 3%.
→ Click Here to Launch Your Online Business with Shopify
Telephony products are expected to continue their dominance in the consumer electronics industry market share. Revenue from these products is set to hit $560.1 billion by 2028, which will amount to 47.6% of the industry’s total.
Overall, from 2018 to 2028, the consumer electronics market is set to grow its annual revenues by $236.6 billion. This marks an overall 25.2% increase and an average annual growth rate of 2.3%.