Competitor Strategies in Consumer Electronics

January 2024

The global consumer electronics market is projected to grow more than 23% over the forecast period driven by consumers upgrading, especially those in developing regions and middle-income households. Manufacturers are also driving innovation while still maintaining affordability to gain competitive advantage. At the same time, smart home and artificial intelligence will play a huge part in the growth of consumer electronics.

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This report comes in PPT.

Key Findings

More accessible premium features on mid-priced products

Companies are seeing more demand for premiumisation from emerging and developing regions such as Asia Pacific and Latin America where consumers are willing to pay more to have access to premium features on their electronic products.

Pursuit of value from young consumers brings opportunity for new entries

Honor’s success in becoming the number one smartphone brand in China in 2023 shows that young consumers look for the best value, where products offer innovation at an affordable price. This open opportunities from new entries in the market.

Samsung and Apple continue to lead the market through innovations

Samsung and Apple have significantly more resources and budgets when it comes to developing new products and features. This helps them gain a competitive advantage to not only provide the best technology for today, but also bet on future technologies.

Rise of smart home will benefit electronics sales

Tablet and smart speaker sales will benefit from the growing awareness of the smart home in the market, especially with the release of Matter interoperability standard towards the end of 2022.

Artificial intelligence (AI) to elevate user experience

Elevating experience in a digital space is increasingly important as consumers are now spending more time interacting with each other virtually. Manufacturers continue to incorporate AI features to gain competitive advantage.


Key findings
Companies at a glance
Samsung and Apple fight off competition with innovation
Honor is looking to expand overseas
Xiaomi focuses on flagship products, while BBK’s Oppo and Vivo continue to lose ground
Huge resources allows Apple and Samsung to bet on the future
Manufacturers continue to introduce innovation in mid-priced products
Affordable innovation in mid-priced products
Wireless speakers and tablets will benefit the most from smart home uptake
Companies are entering the smart home trend early
Increased interest in artificial intelligence to elevate user experience
Company activities in artificial intelligence

Consumer Electronics

Consumer Electronics refers to the sales of Computers and Peripherals, In-Home Consumer Electronics, In-Car Entertainment and Portable Consumer Electronics to the end consumer.

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