E-Commerce Electronics Industry Overview
The global e-commerce electronics market size was valued at USD 641.2 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 4.2% from 2022 to 2028.
This can be attributed to the growing demand for electronics products on e-commerce platforms from developing nations. Also, the promptly growing demand for consumer electronics devices, like laptops, and smartphones, in developed countries is the main factor driving the market. The industry has progressed considerably over the last few years due to numerous new technological developments. The emergence of smart devices and technological proliferation is anticipated to be the crucial factor driving the growth of this market in the coming years. Additionally, an upsurge in the number of nuclear families is also projected to drive the demand for household appliances in the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global E-Commerce Electronics Market
The COVID-19 pandemic had a significant impact on electronics products around the world. A fall in exports and production of electronics components, owing to the temporary shutdown of international borders and production facilities, considerably impacted the overall market growth during the pandemic. Though, as governments begin to steadily relax lockdown rules and permit businesses to function with instructions of social distancing, the market can expect a period of relief in the short term owing to the growing demand for electronics products from the middle-class populations. Advancements and development in augmented reality technology have improved the online shopping experience of the customer which may accelerate the market growth. Augmented reality solutions allow consumers to imagine products in reality, from the ease of their homes. The 3D visualizations via augmented reality, which provides an opportunity for customers to see how products can look in their space before they promise to purchase, thereby accelerating the market growth. In addition to this, augmented reality solution helps online retailers to significantly reduce product returns by offering the try-before-you-buy digital experience.
The growing online shopping for electronic products among the consumer owing to the rising use of smartphones is propelling the market growth. In addition to this, shopping for electronics products has become more convenient and easier for the customers due to the rising internet penetration. Moreover, the companies are providing a heavy discount on online electronics buying and easy access to a wide range of products, this may save time and money which further accelerates the market growth.
Moreover, the growth of the e-commerce electronics market has been triggered by the increasing internet and smartphone penetration across the globe. In India, the number of internet connections in 2021 has increased significantly to 830 million, driven by the Digital India campaign. Out of the total internet connections, approximately 55% of connections were in urban areas, of which 97% of connections were wireless. This is expected to accelerate the market growth in the forecast period.
Furthermore, product innovation by manufacturers has been playing a dynamic role in boosting market growth over the last few years. Additionally, advancements such as the emergence of IoT (Internet of Things) across devices like fitness bracelets are also expected to impel the demand for consumer electronics in coming years. Likewise, promotional strategy and advertisement by the main player’s aids in the growth of the market. However, a primary disadvantage of e-commerce shopping is that there is a risk of purchasing unsatisfactory products via e-commerce. Some customers may receive defective or wrong products from online shopping. And this is an important factor challenging the growth of this market in the forecast period.
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- Augmented Reality Market – The global augmented reality market size was estimated at USD 25.33 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 40.9% from 2022 to 2030. Companies are putting a strong emphasis on finding unique ways to exploit the potential of augmented reality (AR) technology and providing a unique and interactive experience to end-users is expected to drive the growth of the market over the forecast period.
- E-commerce Market – The global e-commerce market size was valued at USD 9.09 trillion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027. Increasing penetration of the internet is bolstering the smartphone-using population across the world.
E-Commerce Electronics Market Segmentation
Grand View Research has segmented the E-Commerce Electronics Market based on type, and region.
E-Commerce Electronics Type Outlook (Revenue, USD Million; 2017 – 2028)
- Consumer Electronics
- Household Appliances
E-Commerce Electronics Regional Outlook (Revenue, USD Million; 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global E-commerce electronics market include
- Walmart, Inc.
- Amazon, Inc.
Order a free sample PDF of the E-Commerce Electronics Market Intelligence Study, published by Grand View Research.
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