TechInsights: Consumer electronics market revenue expected to cross $1 trillion mark for first time by 2024

According to the latest forecast from TechInsights, the global consumer electronics market will exceed the US$1 trillion mark in 2024, equivalent to approximately 7.13 trillion yuan

▲ Picture source TechInsights, the same below

According to the analysis of TechInsights, it is expected that by 2022, the global market will face supply chain disruptions, high inflation and Cost of living crisis, which will lead to lower consumer spending and further market downturns. This situation is expected to continue into the first half of 2023, leading to continued market weakness

The recovery in recent months has come as economic conditions improve and key product categories such as smartphones stabilize and show signs of returning to growth. The signs are already there. The global consumer electronics market is expected to grow at low single digits in 2023, approaching US$950 billion (currently approximately 6.77 trillion yuan).

## Future demand will be driven by the smart home and wearable market, says TechInsights Driven by advanced technology products, the industry will grow at a compound annual growth rate of 4% by 2028, reaching nearly US$1.2 trillion (currently approximately RMB 8.56 trillion).

With the integration of innovative cutting-edge technologies such as artificial intelligence, the consumer electronics industry will lead a technological transformation and drive new growth potential.

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

• Free report shows: By 2024, consumer electronics industry revenue will exceed $1 trillion

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