eCommerce: Consumer Electronics

Online Consumer Electronics Market: Key Insights 

• Market Trends & Growth: Online consumer electronics market, the largest sub-category in the total eCommerce market, is projected to increase its eCommerce revenue share, with remarkable growth during the pandemic aiming for a trillion-dollar revenue by 2028. 

• Product Types: Telecommunications products are at the forefront of eCommerce revenue in the global consumer electronics market, followed by computing devices and a varied array of other electronics. 

• Top Names: Apple.com consistently leads in online consumer electronics, closely followed by Amazon.com and JD.com, all significantly outperforming other competitors despite occasional ranking changes over the years.

Have you ever wondered how the surge in online shopping has impacted the way we buy our favorite gadgets? From the humble beginnings of online commerce to today's advanced digital storefronts, consumer electronics have found a significant foothold in the virtual shopping world. 

What does this mean for the larger electronics sector and the choices available to you at just a click, and how has the landscape of online consumer electronics sales evolved? Here’s ECDB’s take on the topic.

Understanding the Market 

Consumer electronics represents the larger of two sub-categories within the broader electronics market (the other sub-category is electrical appliances), accounting for nearly 60% of the total electronics market. 

By 2023, the online segment of the consumer electronics retail market had a share of about 39%. After a big jump from 30% in 2019 to 37% in 2020, the online share continued to grow in 2021, reaching nearly 40%, before dropping to 36% the following year. Since last year, however, it has regained momentum and is forecast to grow by an average of 5% annually, reaching 52% by 2028.

Financially, the broader online electronics market is on a strong upward trajectory. Already accounting for almost a quarter (23.8%) of the total eCommerce market, it's projected to reach a total value of US$1.22 trillion by the end of this year. Within this, the online consumer electronics market alone is anticipated to hit US$721 billion. 

But how has the market performed in terms of revenue over the past few years?

Online Consumer Electronics Market: Trillion US$ Mark in a Few Years 

Online consumer electronics market has come along a long way, enjoying a substantial boost during the pandemic. 

While Consumer Electronics is the largest sub-category in the global eCommerce market, it is followed by Apparel (under the Fashion category) with sales of US$644 billion and Electrical Appliances with US$450 billion. 

Back in 2017, revenue stood at US$273 billion. By 2019, just before the COVID-19 pandemic, this figure had risen to US$372 billion, showing steady growth. The pandemic marked a pivotal year for online consumer electronics with a dramatic 30% jump in revenue, reaching US$483 billion in 2020.

Post-pandemic, the growth continued: By 2023, the market revenue reached US$665 billion. The upward trend is projected to continue, with the revenue forecast to increase to US$721 billion by the end of 2024. 

With an anticipated revenue of US$938 billion, the market is expected to nearly reach the trillion-dollar mark by 2028, at which point the share of online consumer electronics revenue in the broader online electronics market is expected to be slightly lower, at 57.6%.

Telecommunications is the Largest Category of the Online Consumer Electronics Market 

According to our 2023 numbers, telecommunications products hold the largest share of the net eCommerce revenue in the global consumer electronics market, accounting for 42%. Computing devices, including laptops, desktops, and tablets, represent the second-largest category, contributing 22% of the revenue. 

TV and video products, encompassing everything from smart TVs to streaming devices, account for 11.3% of the market revenue, while the “Others” category, which includes a variety of products such as audio equipment, cameras, printers, scanners, game consoles, and fitness trackers, collectively contributes 24.7% to the market revenue.

Top Online Stores for Consumer Electronics 

Apple.com leads the market with a substantial revenue of US$47 billion, as per our numbers for 2023. Following closely, amazon.com generated US$38 billion, while JD.com holds the third spot with US$29 billion. These top three online stores not only lead in revenue but also set themselves apart by a wide margin compared to other competitors.

While walmart.com, bestbuy.com and amazon.de scored revenues of around US$5 billion, amazon.co.uk and vmall.com are in the mid-US$4 billion region. With respective revenues of US$3.5 and US$3.4 billion, amazon.co.jp and vivo.com.cn round out the list. 

Over the years, however, the top names in the industry have changed, with the top 10 seeing new entries and exits.

Apple, Amazon and JD Lead the Market 

Despite a small hiccup in 2020 when amazon.com jumped to #1, apple.com has been at the top of the market for a few years now. After its claim to the top, amazon.com found itself back in second place in 2021 and has been there ever since. On the other hand, jd.com at #3 has been very consistent and has held the position since 2019, unfazed by the pandemic.

Walmart.com in 4th place is a success story: the U.S. online store has climbed decisively from 11th place in 2019 to 4th place in 2023. While bestbuy.com, amazon.de and amazon.co.uk had rather smaller ups and downs to end up in 5th, 6th and 7th places respectively, vmall.com lost ground to fall from pre-pandemic 5th place to 9th place (but recovered to 8th place last year). 

We see amazon.co.jp at #9, making a comeback from 2021’s 11th spot, and vivo.com.cn at #10 displays another success story. Jumping three positions in 2021, the main domain of Vivo Communication Technology Co., Ltd. has since ascended at least one rank each year, reaching its current position.

Online Consumer Electronics Market: Closing Thoughts 

The smartphone craze that began with the release of the 1st generation iPhone in June 2007 doesn't seem to be going anywhere. Even in some struggling economies like Turkey, people can’t just give up on buying the latest version of their favorite smartphone.

As we discussed in our mobile commerce analysis, mobile devices are becoming increasingly important for online shopping. They're not just a trend, but rather a staple of our digital lives, reshaping the way we shop and interact. With the online share of the total consumer electronics market on the rise (39% in 2023, expected to reach 52% in 2028), it's safe to assume that online consumer electronics is a topic we'll be discussing for a long time to come.