The consumer segment in recent years has gained significant popularity in the selling product categories in the retail industry. Consumer electronics are the electronic devices that are in use for everyday use for the purpose of entertainment and communications.
The consumer electronics segment is categorized into different products which include Mobile Devices, Wearables, TV Sets, Laptops, and White goods.
China is among the major consumer of consumer electronics in the world as the rapid urbanization and growth in the disposable income of its citizens has given impetus to the growth in the consumption of consumer electronics products in the region. Moreover, the technological advancement in the region has boosted local players in the manufacturing of consumer electronics.
The consumer electronics segment in China reached a value of $28 billion in 2021, witnessing a significant increase of 9% from the previous year this was mainly on account of growth in the retail product categories as the world saw a recovery in the overall demand post-pandemic Covid-19. Moreover, the demand for consumer electronics improved as the covid wave boosted demand for communications and entertainment devices such as mobile devices, TV, and laptops. Additionally, both brick & mortar and online businesses resumed their operations after a duration of almost two years.
The market size of the Consumer Electronics segment in the region has seen a compound annual growth rate of 0.6% from the period 2017-2021. The reduction in CAGR was mainly on account of the Covid-19 pandemic which impacted the region in 2020. Although the demand for consumer electronics continued to remain during the pandemic supply chain disruptions due to lockdown restrictions hampered the market.
The major consumer electronics brands that dominate the Chinese consumer electronics industry, and are namely Huawei, Konka, Oppo and Xiaomi.
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