Consumer Electronics Industry Size [Dec 2023 Upd] | Oberlo (2024)

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 been increasing steadily over the past few years.

According to a recent report, the global consumer electronics market is set to bring in $444.6 billion in revenue in 2024, marking an 12.7% annual increase. The soaring revenue expected in 2024 follows a 9.2% increase in 2023, as the industry recovers from the 12.2% dip it experienced in 2022. This was experts attributed to global events such as the war in Ukraine, rising inflation, and lockdowns in China.

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 $213.8 billion—48.1% of the consumer electronic industry’s total. This is followed by computing products, at $117.1 billion, and TV, radio, and multimedia products, at $78.3 billion.

The consumer electronics market size has been growing over the past few years. From 2018 to 2023, its annual growth rate averaged 12.1%. The biggest growth in this period was seen in 2020, when the industry’s revenues soared 25.7%, year-over-year.

Analysts credit the surge in revenue in 2020 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.

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Consumer electronics industry: growth forecast

The consumer electronics market is projected to continue growing in the coming years, albeit at a slower pace.

Its total revenue is expected to increase by 15.3% in 2025, to $512.5 billion, surpassing the half a trillion mark for the first time. This is set to continue rising to $536.7 billion in 2026 and $564.8 billion in 2027, at annual growth rates of 4.7% and 5.2%, respectively. By 2028, the consumer electronics market is forecast to hit $588.1 billion. The industry’s average annual growth rate from 2024 to 2028 is predicted at 8.4%.

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Telephony products are expected to continue their dominance in the consumer electronics industry market share. Revenue from these products is set to hit $279.8 billion by 2028, which will amount to 47.6% of the industry’s total.

Overall, from 2017 to 2028, the consumer electronics market is set to nearly triple in size, increasing at an average annual growth rate of 10.4%.

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