Consumer Electronics Market Surges to USD 1782.60 Billion by 2030, Propelled by 6.6% CAGR – Verified Market Reports | PR Newswire [Video]

The Consumer Electronics Market is driven by several key factors, including the rapid advancement of technology and the increasing demand for smart devices. The proliferation of the Internet of Things (IoT) and advancements in artificial intelligence are fueling growth as consumers seek more connected and intelligent devices.

, /PRNewswire/ — The Global Consumer Electronics Market is projected to grow at a CAGR of 6.6% from 2024 to 2030, according to a new report published by Verified Market Reports^®. The report reveals that the market was valued at USD 1138.83 Billion in 2023 and is expected to reach USD 1782.60 Billion by the end of the forecast period.

Changing lifestyles, urbanization, and a rising middle class in developing economies are driving up the demand for consumer electronics like smartphones, tablets, and wearables. On the other hand, the market faces significant restraints such as the high cost of production and technological obsolescence. The fast pace of innovation means that new devices can quickly …