TechInsights: consumer electronics market revenue is expected to exceed $1 trillion for the first time in 2024

CTOnews.com, December 20 (Xinhua)-- according to TechInsights's latest forecast, the global consumer electronics market revenue will exceed the $1 trillion mark in 2024 (CTOnews.com Note: currently about 7.13 trillion yuan).

The global market faces supply chain disruptions, high inflation and a crisis in the cost of living in 2022, and a decline in consumer spending, leading to a market downturn, according to TechInsights, the source of ▲, and an analysis with TechInsights. These conditions continued into the first half of 2023, leading to continued weakness in the market.

As the economy improves and key product categories such as smartphones stabilise and show signs of returning to growth, signs of recovery have emerged in recent months. The global consumer electronics market is expected to grow at a low single-digit rate in 2023, approaching $950 billion (currently about 6.77 trillion yuan).

Future demand will be driven by advanced technology products in the smart home and wearable markets, with the industry growing at a compound annual growth rate of 4 per cent to nearly $1.2 trillion (currently about 8.56 trillion yuan) by 2028, TechInsights said. With the integration of innovative cutting-edge technologies such as artificial intelligence, the consumer electronics industry will lead a technological change that will drive new growth potential.

TechInsights predicts that industry revenue in the consumer electronics market will exceed $1 trillion for the first time by 2024. This is an important milestone for the industry, reflecting users' reliance on technology and the growing preference for high-end devices they see in multiple product categories.

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Free report: consumer electronics industry revenue will exceed $1 trillion in 2024