Like many other sectors, the consumer electronics market has also been affected by the Covid-19 crisis.
The surge in global demand for PCs during 2020 mitigated the pandemic’s negative effect on consumer electronics spending – however, it still slipped to $1,02-trillion in 2020.
According to data presented by StockApps.com, global consumer electronics revenues are expected to grow by 3,6% year-over-year and hit $1,06-trillion in 2021.
The global consumer electronics sector has witnessed a steady growth in recent years, with revenues rising from $844,7-billion in 2012 to $1,03-trillion in 2019, revealed Statista data.
However, with supermarkets and showrooms of leading brands shut down during the Covid-19 lockdown and consumers across the globe prioritising their spending, the sales of consumer electronics products slipped by $7-billion in 2020.
The Statista data show global consumer electronics spending is expected to rise by $36-billion and reach $1,06-trillion in 2021. By 2025, the unified market is forecast to hit a $1,16-trillion value.
Global phone sales, including landline phones, mobile phones and smartphones, are expected to jump by 5,7% YoY and generate $512,1-billion or almost 50% of total revenues in 2021.
Despite a surge in demand for PCs due to remote working and distance learning, the computing segment’s revenue is expected to rise by only 1,8% and reach $280-billion this year.
The revenues of the TV, radio, and multimedia segment are set to rise by 1,1% year-over-year to $255,4-billion in 2021. TV peripheral devices market follows with $9,4-billion in sales, 8,8% more than a year ago. However, statistics show that the drone market is expected to witness the biggest growth in 2021, with revenues rising by 18% in a year to $3,3-billion.
With millions of consumers shifting from brick-and-mortar stores to online shops, e-commerce became the key driving factor of the consumer electronics market. The Statista survey revealed that online sales is expected to generate 38% of global consumer electronics revenues in 2021, up from 32% before the pandemic.