Continuous innovation to the technology and rising per capita spending upon these products is growing the demand for consumer electronics and appliances in the United States.
According to TechSci Research report, “United States Consumer Electronics and Appliances Market By Type (Audio Visual Equipment, Home Appliances, Kitchen Appliances, Personal Care Appliances), By Application (Residential and Commercial), By Distribution Channel (Electronic and Specialty Retailers, Hypermarket/ Supermarket, Online Channels, and Others (Institutional Stores, etc.)), By Region, By Top 10 Leading States, Competition, Forecast & Opportunities, 2026F”, the United States consumer electronics and appliances market is forecast to grow at a CAGR of 3.70% to reach approximately USD165 billion by 2026F.
Consumer electronics refers to a diverse range of electronic gadgets that perform one or more functions in the home or for a specific person. Originally, the phrase referred to electrical gadgets that were placed or utilized solely within a home or residence. Consumer electronics include mobile and computing gadgets, such as a cell phone or a tablet PC, that can easily be transported outside the home.
The United States consumer electronics and appliances market growth is attributed to the following driving forces such as the evolution of the smart lifestyle from home interior to smart home appliances results in faster adoption of these modern appliances. Furthermore, the increasing population, rising disposable income, and changing lifestyle of the younger generation are some of the influencing factors driving the demand for consumer electronics and appliances in the United States.
In addition, with the changing consumer's preferences towards customized home appliances with appealing designs, a variety of colors and textures, and advanced features like smart technology-driven consumer appliances and touch solutions, further resulting in rising demand for the smart consumer electronics and appliances market during the forecast period.
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Moreover, manufacturers in the consumer electronics industry are primarily focusing on product developments to achieve a competitive advantage, which is paving the way for significant market growth. For instance, Apple launched its new range of iPhones under the product name of iPhone 13 and iPhone 13 mini, with innovative features like a sleek and durable design, an advanced new dual-camera system that supports photos and videos even in dim lighting.
Also, Canon has announced in the early 2021 that it would be releasing the XF505 video camera by the end of the year which features such as 15x integrated zoom lens, one-inch picture sensors, and smart battery system BP-A batteries.
The coronavirus pandemic has influenced the efficient functioning of many sectors in various parts of the world including the United States. This is owing to lower sales because of the lockdown, as well as a halt in logistics and electronic manufacturing. Furthermore, the factors like lower income caused the downfall in the demands of luxurious consumer electronics and appliances such as smartwatches, advanced remote-controlled appliances, hair straighteners, and other few appliances.
The United States consumer electronics and appliances market is segmented based on product, application, structure, distribution channel, region, top 10 leading states, and company. In terms of product, the United States consumer electronics and appliances market can be segregated into audio visual equipment, home appliances, kitchen appliances, personal care appliances.
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Out of these, audio visual equipment such as television, laptop, smartphones, speakers, smartwatch, earphones/headphones, and a few other similar products have registered the largest market share of around 68% in 2020 due to its diverse product portfolio and pocket-friendly range, with multi-functional features such as digital connectivity, voice-assistance, sound, camera, and other novel features being added by the market's leading companies such as Apple Inc., Samsung Electronics America, Inc., and others.
The United States consumer electronics and appliances market is further divided into two applications segments as residential and commercial. Among them, the residential segment dominates the consumer electronic market, due to a large number of households and an increasing female working population.
In terms of distribution channels, the United States consumer electronics and appliances market is divided into electronic and specialty retailers, hypermarket/ supermarket, online channels, and others (institutional stores, etc.). Among them, the most preferred source of purchasing consumer electronics and appliances is electronic and specialty retailers with a market share of approximately 36%, whereas online channels are becoming a more popular source of distribution channel with rising discounts and quick servicing facilities within the consumer electronics and appliances.
In terms of regional analysis, the United States is segmented into four regions namely, the South Region, the West Region, the Mid-West region, and the Northeast region. Among all the regions, the South region is dominating the market due to its large population base and presence of states like New York, California which has the highest Gross Domestic Product (GDP) in comparison with other regions and high per capita income. The South region has a market share of around 37% in 2020 whereas the West region is expected to be the fastest-growing due to rising disposable income.
The electronics market in the United States is enormous. In the United States, there are some of the oldest and most prestigious electronic companies. Several electronic companies have sprung up as a result of the expansion in consumer electronics. Some of the major companies are Apple Inc., LG Electronics USA, Inc., Samsung Electronics America, Inc., Whirlpool Corporation, Sony Group Corporation, XIAOMI CORPORATION, Panasonic Corporation, AB Electrolux, Hitachi, Ltd., ATL International LLC (Koninklijke Philips N.V.).
“In the United States, price, performance, capacity, convenience, and appearance are the major qualities of consumer electronics and appliances, and these features have a crucial impact on the image of the company. Furthermore, to obtain a competitive advantage, manufacturers in this field are continuously focusing on innovating their product offerings, changing marketing strategies, involved in strategic alliances, mergers & acquisitions, to capture a large consumer base.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Consumer Electronics and Appliances Market By Type (Audio Visual Equipment, Home Appliances, Kitchen Appliances, Personal Care Appliances), By Application (Residential and Commercial), By Distribution Channel (Electronic and Specialty Retailers, Hypermarket/ Supermarket, Online Channels, and Others (Institutional Stores, etc.)), By Region, By Top 10 Leading States, Competition, Forecast & Opportunities, 2026F”, has evaluated the future growth potential of consumer electronics and appliances in United States and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the United States consumer electronics and appliances market.
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