Global consumer electronics market will grow 4% in 2019

The global market for consumer electronics continues to grow

Global consumer electronics market will grow 4% in 2019. Source: unsplash.com

The global market for consumer electronics ended the year 2018 with a 6% increase in sales while total sales of around €138 billion were recorded. All regions were able to make significant gains. GfK predicts growth of around 4% for 2019. There is still potential in smart devices equipped with upmarket features and integrated voice assistants. These are the results regarding the global market for consumer electronics produced by GfK for CES 2019.

The demand for consumer electronics on markets across the globe is influenced by global ‘mega-trends’, such as the increasing trend for premium devices. According to current GfK studies, almost half of consumers prefer to own fewer, but higher quality technological devices.

Manufacturers need to stay abreast of the trend towards premium devices and, correspondingly, offer products equipped with upmarket features. Given increasing saturation rates, sales potential can still be increased here. The factor which will determine success is the intuitive operability of the devices. Ever more consumers quickly lose interest in electronic devices if they are not easy to operate. The ease of use of different technological components is, then, a decisive purchase criterion
Markus Kick, a GfK expert in consumer electronics

With a sales volume of more than €100 billion in 2018, the market for television equipment accounted for around three-quarters of consumer electronics turnover globally and grew by more than 5%.

Total global revenue for headphones and mobile stereo headsets increased by almost 40 percent in 2018 to around €14 billion. More than half of the revenue was generated by devices with Bluetooth technology.

GfK regularly collects sales data in more than 70 countries worldwide as part of the retail panel regarding products in the consumer electronics sector such as televisions, audio products, and in-car electronics. All figures are related to the overall market, i.e. all of the devices sold in a country’s consumer electronics sector. Revenues are given based on a fixed exchange rate.

SEE ALSO: 10 cutting-edge solutions presented at CES 2019

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