Research Support Specialist, USA
The global e-commerce consumer electronics market size is expected to reach USD 707.8 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 4.1% from 2021 to 2028. The market growth can be attributed to the growing demand for consumer electronics from emerging economies owing to the increasing internet penetration.
Augmented reality (AR) technology augments the experience of online shopping. AR technology is a solution for online customers’ 'uncertainty' regarding a product that they desire to buy online. AR solutions let consumers imagine products in real time, from the comfort of their homes. Thus, these advanced technologies help the e-commerce platforms in expanding their consumer base and generating revenue, which, in turn, fuels the growth of the market.
The increasing standard of living, burgeoning middle class, and growing per capita income in the developing nations are leading to a rise in the demand for consumer electronics. Advertisement and promotion activities carried out by prominent industry participants have positively amplified the market growth, which is anticipated to continue over the forecast period.
Intensifying investments by key players in the latest technologies and focus on innovative product launches are further anticipated to boost the industry sales. Moreover, advertisement and promotional strategies by the key players aid in the growth of the market. However, a lack of incorporated end-to-end logistics platform for the delivery of consumer electronics bought online is a significant factor challenging the growth of this market. The logistics performance fluctuates considerably in each country. The variations include warehousing, mode of delivery, delivery choices, and local logistics infrastructure.
The peripheral and accessories type segment is projected to witness considerable growth over the forecast period. This growth is credited to the accumulative demand for these products in developed nations, such as the U.S. and the U.K. The peripheral and accessories segment includes game consoles and computer storage units. Additionally, the rising usage of gaming consoles in some developing countries, such as China and Japan, may positively affect the growth of this segment.
Europe is expected to witness lucrative growth during the forecast period. The customers of the U.K. are open to foreign products and brands. They are more aware of the environment and overconsumption. Customers are very precise about the quality of the product, its price, and its composition, thereby driving the market.
The report “E-commerce Consumer Electronics Market Size, Share & Trends Analysis Report By Type (Consumer Electronics, Communication Electronics, Peripheral and Accessories), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global e-commerce consumer electronics market on the basis of type and region:
E-commerce Consumer Electronics Type Outlook (Revenue, USD Million, 2017 - 2028)
E-commerce Consumer Electronics Regional Outlook (Revenue, USD Million, 2017 - 2028)