The global e-commerce electronics market size is expected to reach USD 856.4 billion by 2028, registering a CAGR of 4.2% from 2022 to 2028. According to a new report by Grand View Research, Inc. This can be attributed to the growing demand for electronics appliances from e-commerce platforms in emerging economies owing to increasing internet penetration.
The electronics appliances market is one of the fastest-growing industries accredited to the development of new technologies. Prompt advancements in technology to cater to consumer demands will generate market opportunities in the coming years. Also, with the help of advanced technology such as augmented reality, the e-commerce platform is likely to increase its consumer base and generates revenue, which in turn, led to a remarkable impact on the market.
Key Insights & Findings from the report:
- North America is expected to show lucrative growth of 4.6% from 2022 to 2028 owing to rising demand for consumer electronics such as smartphones, desktops, and laptops.
- Consumer electronics type segment contributed to the highest share of 80% in the global revenue in 2021 due to rising demand for consumer electronics from developed regions.
- Asia Pacific dominated by contributing over 35% in the global revenue in 2021 due to rising demand for household appliances owing to the growing inclination of consumers toward budget-friendly products in this region.
- Household appliances type segment is expected to foresee the fastest revenue growth, with a CAGR of 4.6% from 2022 to 2028 due to growing consumers’ inclination toward energy-efficient electronic appliances.
E-Commerce Electronics Market Growth & Trends
Moreover, a lockdown circumstance has been observed throughout the COVID 19 pandemic, and it showed an impact on the electronics appliances market due to the delayed supply of raw material products. However, it significantly impacts the supply chain of the electronics appliances market and the manufacturing of electronic products across the globe. Moreover, the increasing acceptance of e-commerce channels from customers owing to changing buying patterns after the COVID pandemic will create opportunities for the market players. Thus, the market is expected to witness a healthy market growth rate in the forecast period.
The growing per capita income coupled with the increasing standard of living of individuals in the emerging nations is also expected to generate demand for household appliances. Additionally, advertisement and promotion activities carried out by prominent industry participants have positively amplified the market growth, and this trend is anticipated to continue in the forecast period.
The consumer electronics segment is projected to show good growth in this e-commerce electronics market over the forecast period. This growth is credited to the accumulative demand for consumer electronics products in developed nations such as the U.S. and U.K. Additionally, the rising usage of smartphones in some developing countries such as China and India may also play a positive role in the growth of this segment. Moreover, technological development such as the internet of things (IoT) across devices is expected to propel the segment growth over the forecast period.
Europe is expected to show lucrative growth in this market in the forecast period. U.K. customers are open to foreign products and brands. High spending power coupled with increased penetration of smart devices and the internet is the main driving factors for the growth of this market in this region during the forecast period. Moreover, changing consumers’ preferences and lifestyles is expected to propel market growth in the forecast period. Furthermore, the increasing demand for energy-efficient appliances in this region will accelerate the market growth in the forecast period.