Portable Electronics Market Size was valued at USD 605 Billion in 2022 and is projected to grow from USD 750 Billion in 2023 to USD 810 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.00% during the forecast period (2023 - 2030). The striking growth of portable electronic devices like smartphones, tablets, etc. is the crucial reason. Also, its various benefits such as user-friendly, portability, easy access, and integration of cloud-based systems are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The increasing demand for portable electronics, such as smartphones, laptops, tablets, and wearable devices, is a major factor driving the growth of the portable electronics market. These devices offer greater convenience, portability, and connectivity, which has made them an essential part of daily life for many people. In addition, advancements in technology have resulted in the development of more sophisticated and user-friendly devices, further boosting the demand for portable electronics. The growth of online services, such as cloud computing and e-commerce, has also contributed to the increasing use of portable devices, as they allow users to access these services anytime and anywhere. Overall, the convenience and versatility of portable electronics have made them an indispensable part of modern life, driving their growing popularity and widespread use.
The aging population is becoming an increasingly important demographic for the market, as older people are adopting portable devices for various reasons, such as staying connected with friends and family, accessing health and wellness information, and participating in online activities. As the older generation becomes more comfortable with technology, the demand for portable electronics specifically designed for their needs is likely to increase. This could include devices with larger displays, enhanced audio quality, and easier-to-use interfaces. Additionally, the increasing awareness of the health benefits associated with using wearable technology is also expected to drive demand for wearable devices among the older generation. Overall, the aging population is expected to play a significant role in shaping the future of the portable electronics market. Therefore, such factors related to Portable Electronics have enhanced the Portable Electronics market CAGR across the globe in recent years.
The Portable Electronics Market segmentation, based on product, includes Mobile Handsets, Personal Digital Assistants, Laptops, Media Players, Gaming Consoles, Digital cameras, Power Banks, Flash Drives, and Navigation Systems. The Personal Digital Assistants segment held the majority share 2022 of the Portable Electronics Market revenue. The Personal Digital Assistants (PDAs) segment has historically held the majority share of the market, due to the widespread popularity and widespread use of smartphones, which are often classified as PDAs. The continued evolution of technology is expected to result in the development of new and innovative portable electronics products, further fueling the growth of the market.
Based on end users, the Portable Electronics Market segmentation includes Residential, Industrial, Medical, and Commercial. The medical segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. The medical segment dominated the market in 2022 and is expected to continue to grow due to the increasing use of portable medical devices, such as wearable fitness trackers, smartwatches, and health monitors. These devices provide real-time health data and allow for remote monitoring, which is especially important during the COVID-19 pandemic. Overall, the diverse range of end-users for portable electronics highlights the versatility and widespread appeal of these devices. These all factors for Portable Electronics positively impact the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is expected to record the highest CAGR in the portable electronics market. This is due to several factors, including the rapidly growing economies in the region, the increasing purchasing power of consumers, and the high demand for technology. In addition, the presence of leading technology companies and the availability of low-cost labor and manufacturing resources have made the Asia-Pacific region an attractive destination for investment in the technology sector. Furthermore, the increasing awareness of the benefits of wearable technology and the growing popularity of wearable devices, such as fitness trackers and smartwatches, are also contributing to the growth of the portable electronics market in the region.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe is indeed the third-largest market for portable electronics, and there are several factors contributing to this position. One of the main reasons is the high adoption of technology in the region, as consumers in Europe are early adopters of new and innovative products. In addition, the presence of leading technology companies and a highly educated and affluent population also contribute to the growth of the market in Europe. Furthermore, the European Union's commitment to creating a digital single market and promoting digital innovation has created a favorable environment for the growth of the portable electronics market. Further, the Germany Portable Electronics market held the largest market share, and the UK Portable Electronics market was the fastest-growing market in the European region.
North America is a major market for portable electronics and is expected to continue to hold the largest market share in the industry. This is due to several factors, including the high adoption of technology in the region, the presence of leading technology companies, and the strong purchasing power of consumers. In addition, the United States is a major center for innovation and research in the technology sector, which drives the development of new and advanced portable electronics products. The widespread use of smartphones and other portable devices in North America has also contributed to the growth of the market, as consumers continue to demand more sophisticated and user-friendly devices. Moreover, the U.S. Portable Electronics market held the largest market share, and the Canada Portable Electronics market was the fastest-growing market in the North American region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Portable Electronics market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Portable Electronics industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Portable Electronics. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Portable Electronics industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Portable Electronics industry to benefit customers and expand the market sector. Major Portable Electronics market players, including Apple, Inc, Dell, Inc, Samsung Electronics Co., Ltd., Sony Corporation, Toshiba Corporation, HP, Nokia Corporation, Motorola Solutions, Inc, Eastman Kodak Company, Palm, Inc, and others, are attempting to increase market demand by funding R&D initiatives.
Apple, Inc. is an American multinational technology company that designs, develops, and sells consumer electronics, computer software, and online services. Apple is best known for its innovative products, such as the iPhone, iPad, Mac computers, Apple Watch, and iPod. Apple's product lineup also includes the Apple TV, HomePod, AirPods, and Mac Pro. In addition to its hardware offerings, Apple operates the App Store, a platform for downloading and purchasing software applications for its products, as well as the iTunes Store, which sells music, movies, and other digital content. Apple also offers online services, including the Apple Music streaming service, iCloud data storage, and the iWork suite of productivity tools.
Dell Inc. is an American multinational computer technology company that develops, sells, repairs, and supports computers and related products and services. Dell is one of the largest technology companies in the world, offering a wide range of products and services, including personal computers, servers, storage devices, networking equipment, and software. Dell's product portfolio includes desktops, laptops, workstations, thin clients, tablets, and servers, as well as storage, networking, and security solutions. In addition, Dell provides a range of software and services, including cloud computing, data protection, and virtualization. The company's portfolio also includes the Dell EMC brand, which offers data storage, information security, and virtualization products.
January 2022: Samsung Electronics announced the launch of its all-new portable screen and entertainment device.
October 2022: Motorola Solutions announced the acquisition of Futurecom Systems Group that is a provider of radio coverage extension solutions.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 605 Billion |
| Market Size 2023 | USD 750 Billion |
| Market Size 2030 | USD 810 Billion |
| Compound Annual Growth Rate (CAGR) | 10.00% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Apple, Inc, Dell, Inc, Samsung Electronics Co., Ltd., Sony Corporation, Toshiba Corporation, HP, Nokia Corporation, Motorola Solutions, Inc, Eastman Kodak Company, Palm, Inc |
| Key Market Opportunities | Well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity |
| Key Market Dynamics | The increasing demand for digital technologies Growing technological advancements  Growing need for a portability feature |
Frequently Asked Questions (FAQ) :
The Portable Electronics Market size was valued at USD 605 Billion in 2022.
The global market is projected to grow at a CAGR of 10.00% during the forecast period, 2023-2030.
North America had the largest share in the Portable Electronics Market.
The key players in the market are Apple, Inc, Dell, Inc, Samsung Electronics Co., Ltd., Sony Corporation, Toshiba Corporation, HP, Nokia Corporation, Motorola Solutions, Inc, Eastman Kodak Company, and Palm, Inc.
The personal digital assistant category dominated the market in 2022.
The medical had the largest share in the global market for Portable Electronics.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
