Future Market Insights has predicted that the global consumer electronics market will expand at a 5.6% CAGR, with total revenue expected to be US $17 billion by 2031.

“Global consumer electronics market growth is mainly driven by increasing disposable income, expanding urban population, growing internet penetration and availability of strong distribution network,” an Analyst at Future Market Insights says.

“Moreover, increasing adoption of smartphones in the Asia Pacific region, especially in the populous countries of China and India is supporting the growth of [the] global consumer electronics market.”

Future Market Insights has broken down the segment for consumer electronics devices into the following sub-segments: smartphone, feature phone, tablet, smart TV, other TV, set-top box, personal computer, digital camcorder & camera, digital media adapter, digital video recorder (DVR), game console, printer, and other consumer electronics device.

The smartphone sub-segment alone has a market share of more than 25%, outperforming all the others when it comes to how much revenue it contributed to the consumer electronics device segment.

Further, the smartphone sub-segment is predicted to have the fastest CAGR of more than 20%.

However, because consumers are switching from feature phones to smartphones, Future Market Insights predicts the feature phone sub-segment will see negative CAGR over the projected period.

Tablets and smartphones have also become equally as competitive as game consoles, putting a strain on the game console sub-segment.

Moreover, the smart home device segment is further divided into smart kitchen appliances and security & HVAC systems, while the wearable device segment includes smart accessories and other wearable devices.

The consumer electronics market is divided into seven regions, including North America, Latin America, Western and Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan, the Middle East and Africa, and North America.

APEJ and North America dominated all other regions, accounting for more than 40% of the global consumer electronics market in 2014.

Furthermore, the APEJ consumer electronics market is anticipated to experience the fastest CAGR during the forecast period.

Major players in the global consumer electronics market continue to innovate by including advanced features into consumer electronic devices.

Additionally, major participants such as Apple and Samsung have been focusing on operational expansion in order to gain competitive advantage.

Key players included in the global consumer electronics market are Apple, Samsung, HP, LG Electronics, Sony, Toshiba, Panasonic and Hitachi.

A previous study by Future Market Insights revealed that the mobile phone accessories market is likely to grow at a CAGR of 6.7% through 2031.

The study also revealed that smartphone shipments increased from 1.1 billion units in 2013 to 1.2 billion units in 2014, with around 45% of these being shipped to China.

In line with these increasing trends, FMI expects the rising smartphone ownership will create secondary demand for products that are not usually included in the box, such as power banks and protective cases.