With computer and consumer electronics ranking among the fastest-growing consumer products in 2023, the industry is certainly showing huge sales potential as a dropshipping niche

Knowing that, it should come as no surprise that revenues from the consumer electronics industry have been increasing steadily over the past few years.

According to a recent report, the global consumer electronics market is set to bring in $723.6 billion in revenue in 2023, marking a 31.9% annual increase. The soaring revenue expected in 2023 follows a 21.1% dip in 2022, which experts attribute to global events such as the war in Ukraine, rising inflation, and lockdowns in China.

Of the products in the consumer electronics market, those related to telephony are set to perform the best. Revenue from these products is projected to hit $218.9 billion—30.3% of the consumer electronic industry’s total.

This is followed by TV, radio, and multimedia products, at $145.3 billion, computing products, at $132.8 billion, and TV peripheral devices, at $2.7 billion.

The consumer electronics market size has been growing over the past few years. From 2018 to 2022, its annual growth rate averaged 2.7%. The biggest growth in this period was seen in 2020, when the industry’s revenues soared 20.8%, year-over-year. In comparison, the industry grew at a fractional 0.92% in 2018 and 2.8% in 2019. 

Analysts credit the surge in revenue in 2020 to the COVID-19 pandemic, which forced offices to close and employees to work from home. This, in turn, prompted huge electronics purchases as people started to set up home offices. 

Start selling online now with Shopify

Start your free trial

Consumer electronics industry: Growth forecast

The consumer electronics market is projected to continue growing in the coming years, albeit at a slower pace.

Its total revenue is expected to increase by 6.1% in 2024, to $767.8 billion. This is set to continue rising to $838.6 billion in 2025 and $871.8 billion in 2026, before topping $913.4 billion in 2027. The industry’s average annual growth rate from 2023 to 2027 is forecasted at 11.2%, more than four times the previous years’ average.

Telephony products are expected to continue their dominance in the consumer electronics industry market share. Revenue from these products is set to hit $226.4 billion in 2024, which is 29.5% of the industry’s total. 

Overall, from 2017 to 2027, the consumer electronics market is set to grow by 81.6%, with an average annual growth rate of 7%.

Start selling online now with Shopify

Start your free trial

Want to learn more?