(MENAFN- GlobeNewsWire - Nasdaq) The global consumer electronics packaging market size is anticipated to grow from USD 20 billion to USD 51.87 billion in 10 years. The market will experience rapid growth due to technological advancements in consumer electronics packaging during the forecast period.Newark, May 06, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 20 billion in 2023 global consumer electronics packaging marke t will reach USD 51.87 billion in 2033. For electrical gadgets like computers, TVs, and smartphones, consumer electronics packaging acts as a barrier between manufacturers and consumers, protecting and promoting their products. It increases the devices' commercial attractiveness while protecting them throughout storage, display, and transit. Protection is the main purpose of packaging for consumer electronics. Protecting the gadgets from harm guarantees that clients will receive them in perfect, original condition. Made from solid materials, including cardboard, foam, and polymers, this packaging offers a robust defence against impact and hard handling. Another important feature is customization; the packaging is made to match the precise measurements of the gadgets it is intended to protect.
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Packaging for consumer electronics is a branding and marketing strategy and provides protection. Its visual Appeal and design cues draw customers in and make a product stand out. Packaging reinforces brand identification by utilizing branding features, logos, and visually striking images. Packaging for consumer gadgets also provides information. It provides consumers with guidance on using and maintaining the equipment by providing important product facts, specifications, and usage instructions.
Scope of Carbon Wheels Market
| Report Coverage | Details |
| CAGR | 10% from 2024 to 2033 |
| Market Size in 2023 | USD 20 billion |
| Market Size by 2033 | USD 51.87 billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Material Type, Packaging Type, Application |
Key Insight of the Global Consumer Electronics Packaging Market
Asia Pacific will grow the fastest during the forecast period.
The region is a major manufacturing hub for consumer electronics products, driven by rising disposable incomes, urbanization, and increasing technological adoption. Lower production costs and technological advancements make Asia Pacific an attractive destination for consumer electronics manufacturing, driving demand for packaging materials and solutions. Additionally, rapid urbanization in the region changes consumer lifestyles and preferences, leading to increased demand for electronic devices and their corresponding packaging. The booming e-commerce sector further accelerates this growth, requiring protective packaging solutions for online shipping.
In 2023, the plastic segment dominated the market, with a 40% market share and revenue of 8 billion.
The material type segment is divided into plastic, metal, paper, paperboard, foam, and others. In 2023, the plastic segment dominated the market with a 40% market share and revenue of 8 billion.
In 2023, the paperboard boxes segment dominated the market with the largest market share of 38% and revenue of 7.60 billion.
The packaging type segment is divided into corrugated boxes, paperboard boxes, thermoformed trays, blister packs and clamshells, and others. In 2023, the paperboard boxes segment dominated the market with a 38% market share and revenue of 7.60 billion.
In 2023, the mobile phones segment dominated the market, with a 39% market share and revenue of 7.80 billion.
The application segment is divided into mobile phones, computers, TVs, music systems, printers, cameras, game consoles, electronic wearables, and others. In 2023, the mobile phones segment dominated the market with a 39% market share and revenue of 7.80 billion.
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Advancement in market
Following the quick certification of American-made product packaging by NVison, Inc., a Texas-based engineering services provider in 3D non-contact optical scanning and measurement, some American multinational technology companies specializing in consumer electronics, computers, and online services are returning a portion of their manufacturing to the United States. New electrical gadgets were able to reach the market sooner as a result of the quick certification.
Market Dynamics
Driver: The rising demand for consumer electronics.
New and improved electronic gadgets are developed due to ongoing technological breakthroughs, which lower production costs and increase accessibility for a larger market. The demand for consumer electronics is also driven by the digital transformation of sectors and growing disposable incomes in emerging nations. Additionally, the popularity of consumer electronics has increased because of the growing emphasis on aspects related to health and well-being. Consumer electronics packaging will always be more important as long as there is a growing need for these devices. As a result, the growing market for consumer electronics is expected to be driven by a corresponding rise in the demand for consumer electronics packaging.
Restraints: The effects of consumer electronics packaging waste on the environment.
The manufacturing of packing materials uses many natural resources, including water, minerals, and fossil fuels, degrading the environment and destroying habitats. Pollutants from manufacturing operations are released into the land, water, and air, endangering human health and ecosystems. Furthermore, abandoned packaging adds to the production of solid waste, particularly when the materials are not biodegradable or recyclable, exacerbating pollution and overpopulation in landfills. Packaging improperly disposed of, especially plastics, can wind up in rivers and the ocean, damaging ecosystems and marine life. Carbon emissions from transporting packaging materials add to air pollution and climate change. Landfill expansion causes habitat degradation and biodiversity loss by encroaching on agricultural land and natural areas. Moreover, hazardous compounds are included in certain packing materials. Moreover, hazardous compounds found in some packaging materials have the potential to leak into the environment and contaminate groundwater and soil. These detrimental environmental issues will constrain the market's expansion.
Opportunities: Innovations in consumer electronics packaging technology.
Innovations in technology, such as smart packaging incorporating RFID or NFC tags for tracking the supply chain and facilitating consumer engagement, provide features like digital content access and product identification. Advanced printing methods and tamper-evident seals are two examples of anti-counterfeiting solutions that guarantee the security and authenticity of products. Recycled cardboard and biodegradable plastics are examples of eco-friendly products that can be used to lessen their negative environmental effects. Cutting-edge cushioning materials save material waste and maximize safety for delicate electronics. Active packaging systems also use temperature-monitoring sensors and moisture control packages to prolong product shelf life and ensure peak performance. Over the projection period, the market will increase due to these technological breakthroughs and ongoing research & development that fuel innovation in the industry.
Challenges: The highly saturated consumer electronics market.
Market saturation in the consumer electronics industry leads to a slowdown in new purchases and a reduction in overall demand. High adoption rates and extended replacement cycles result from durable and reliable products, diminishing the pool of potential new customers. Moreover, mature markets and saturated product categories experience limited growth opportunities. Economic downturns further dampen consumer willingness to spend on non-essential items. The impact of market saturation extends beyond consumer electronics demand to affect consumer electronics packaging. With fewer new purchases, there's reduced demand for packaging materials and services. Moreover, the slowdown in innovation and differentiation within the consumer electronics industry can trickle down to packaging, leading to fewer opportunities for packaging innovation and creativity. Therefore, the market saturation of the consumer electronics industry has downstream effects on the packaging industry and will challenge the market's growth.
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Some of the major players operating in the global consumer electronics packaging market are:
. Dordan Manufacturing Company
. DS Smith Plc
. Dunapack Packaging Group
. Hangzhou Xunda Packaging Co.
. JJX Packaging LLC
. Mondi Group
. Pregis Corporation
. Smurfit Kappa Group PLC
. Sonoco Products Company
. WestRock Company
Key Segments covered in the market:
By Material Type
. Plastic
. Metal
. Paper
. Paperboard
. Foam
. Others
By Packaging Type
. Corrugated Boxes
. Paperboard Boxes
. Thermoformed Trays
. Blister Packs and Clamshells
. Others
By Application
. Mobile Phones
. Computers
. TVs
. Music Systems
. Printers
. Cameras
. Game Consoles
. Electronic Wearables
. Others
By Region
. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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