NEW YORK, July 6, 2023 /PRNewswire/ -- As per Zion Market Research study, the global Technical Consumer Goods (TCG) market size was worth around USD 1413.26 billion in 2022 and is predicted to grow to around USD 1958.76 billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.16% between 2023 and 2030
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Technical Consumer Goods (TCG) Market: Overview
A consumer good is also known as a final good. It is an item that is ready for sale to be used by the final consumer and does not require any more processing. It is different from an intermediate product which has to pass through additional processes to be ultimately used as per its intended application. Technical consumer goods (TCG) are a part of the broader consumer goods segment since these items are powered by energy and technology plays a crucial role in determining the functional aspects of TCG, unlike other non-technical products such as a bicycle or food products. The companies operating in the TCG sector deal with constant technological evolution and hence tend to be more high-tech. During the forecast period, the companies providing such products may register steady growth.
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Key Industry Insights & Findings of the Technical Consumer Goods (TCG) Market Reports:
- As per the analysis, the Technical Consumer Goods (TCG) market is likely to grow above a CAGR of around 4.16% between 2023 and 2030.
- The Technical Consumer Goods (TCG) market size was worth around US$ 1413.26 billion in 2022 and is estimated to hit approximately US$ 1958.76 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The technical consumer goods market is projected to grow at a significant rate due to the higher reliance on modern technology for functional purposes
- Based on product segmentation, telecom was predicted to show maximum market share in the year 2022
- Based on end-user segmentation, personal was the leading user in 2022
- On the basis of region, North America was the leading revenue generator in 2022.
Zion Market Research published the latest report titled " Technical Consumer Goods (TCG) Market By Product (Telecom, Home Equipment, Consumer Appliances, Information Technology & Equipment, And Others), By End-User (Business-Oriented And Personal), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 - 2030" into their research database.
Market Dynamics:
Technical Consumer Goods (TCG) Market: Growth Drivers
The global technical consumer goods (TCG) market is projected to grow owing to the rising applications of these products ranging from personal level to professional level. The expansion trajectory is further led by the rising investments directed toward product innovation, feature upgrades, and product diversification. For instance, until the last decade, smartphones were considered highly exclusive. However, as of 2023, these advanced TCG items are available across price ranges and cater to the needs of diverse consumer groups.
Furthermore, rising initiatives by regional governments to attract international players while also promoting domestic businesses could be beneficial in higher supply and subsequent consumption of technical consumer goods such as laptops, video games, home security systems, and other items. A 2021 report by the Economic Times pointed out that India's foreign direct investment (FDI) in the technology sector between April and September 2020 grew by 336%. Other factors such as increasing job opportunities, rising employment rate, and strengthening of purchasing power are important for the TCG manufacturers since it allows consumers to spend on items that may not be an absolute necessity but a long-awaited want.
Technical Consumer Goods (TCG) Market: Restraints
The global technical consumer goods industry may register growth limitations due to the overall economic slowdown period which is currently in its initial phase resulting in people becoming more cost-conscious. Moreover, the rapid rate of technical innovation, in certain instances, may work against the market due to the availability of multiple options leading to confusion and indecisiveness in the consumer segment.
Technical Consumer Goods (TCG) Market: Opportunities & Challenges
The increasing adoption of smart home systems would provide higher growth opportunities whereas the rising sale of counterfeit or low-quality products is a major challenge for businesses.
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Global Technical Consumer Goods (TCG) Market: Segmentation
The global technical consumer goods (TCG) market is segmented based on product, end-user, and region.
Based on product, the global market segments are telecom, home equipment, consumer appliances, information technology & equipment, and others. The TCG sector registered the highest growth in the telecom segment. It deals with devices and systems used for communication purposes and includes smartphones, feature phones, landline phones, routers, and related accessories. In recent times, telecom products have witnessed massive growth and demand led by increased sales of smartphones along with rising undertakings by network service providers to launch new technologies and systems that aid better connectivity. This segment is not specific to a single user type since it is crucial for companies, individuals, businesses, government sectors, and private companies. In 2022, the global telecom industry was worth more than USD 1.8 trillion.
Based on the end-user, the technical consumer goods industry divisions are business-oriented and personal. The highest CAGR was observed in the personal segment in 2022 due to the higher consumption of several technical consumer goods that are used in residential settings or for personal purposes. For instance, products such as laundry machines, microwaves, home security systems, audio devices, gaming consoles, and other products are used by individuals to improve their quality of living and include factors such as convenience, safety, and entertainment. Business-oriented TCG items are more restricted in terms of range when compared to their counterparts. With the growing purchasing power of individuals and the rising adoption of technical systems for everyday activities, the personal segment is expected to continue its growth streak. As of July 2022, PS2 has become the world's best-selling video game with sales worth more than 158 million units.
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Competitive Players
The report contains qualitative and quantitative research on the global technical consumer goods (TCG) market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness.
Some of the main players in the global technical consumer goods (TCG) market include;
- Apple Inc.
- Samsung Electronics Co. Ltd.
- Sony Corporation
- LG Electronics Inc.
- Panasonic Corporation
- Huawei Technologies Co. Ltd.
- Xiaomi Corporation
- Microsoft Corporation
- Lenovo Group Limited
- Dell Technologies Inc.
- HP Inc.
- Canon Inc.
- Nikon Corporation
- GoPro Inc.
- Fitbit Inc.
- Garmin Ltd.
- Sonos Inc.
- Bose Corporation, and others.
Key questions answered in this report:
- What is the growth rate forecast and market size for Technical Consumer Goods (TCG) Market?
- What are the key driving factors propelling the Technical Consumer Goods (TCG) Market forward?
- What are the most important companies in the Technical Consumer Goods (TCG) Market Industry?
- What segments does the Technical Consumer Goods (TCG) Market cover?
- How can I receive a free copy of the Technical Consumer Goods (TCG) Market sample report and company profiles?
Report Scope:
Report Attribute | Report Details |
Market Size in 2022 | USD 1413.26 Billion |
Market Forecast in 2030 | USD 1958.76 Billion |
Growth Rate | CAGR of 4.16% |
Base Year | 2022 |
Forecast Years | 2023- 2030 |
Key Companies Covered | Apple Inc., Samsung Electronics Co. Ltd., Sony Corporation, LG Electronics Inc., Panasonic Corporation, Huawei Technologies Co. Ltd., Xiaomi Corporation, Microsoft Corporation, Lenovo Group Limited, Dell Technologies Inc., HP Inc., Canon Inc., Nikon Corporation, GoPro Inc., Fitbit Inc., Garmin Ltd., Sonos Inc., Bose Corporation, Philips Electronics N.V., TCL Technology Group Corporation, Sharp Corporation, Haier Group Corporation, Whirlpool Corporation, Electrolux AB, and Miele & Cie. KG. |
Segments Covered | By Product, By End-User, and By Region |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
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Recent Developments:
- In March 2023, Google announced that the company will roll out its Google Play Games for PC Service in the European and Japanese markets. They also mentioned adding new tools and titles for game developers
- In February 2023, Clikon, a fast-growing supplier of electronics and home appliance products, launched a new range of stylish and highly functional microwave ovens called Retro. The product not only simplifies reheating but also speeds up the process
- In October 2022, India witnessed the launch of new series of LG microwaves called LG Charcoal Microwave
Regional Analysis:
The global technical consumer goods (TCG) market is expected to be dominated by North America during the forecast period due to the presence of key players in the United States region and the growing projects undertaken by them to sustain their dominance in the technical field. Furthermore, favorable government policies, growing per capita income, and high purchasing power are additional factors impacting regional growth trajectory.
Asia-Pacific is projected to register considerable revenue mainly driven by rising population along with growing demand for technical consumer goods. Increasing adoption of digital systems in the education sector may also play a crucial role in determining future growth trajectory along with surging numbers of new product launches and innovations. The international market is targeting Asia-Pacific for the sale of TCG keeping in view the growing potential of regional countries.
Global Technical Consumer Goods (TCG) Market is segmented as follows:
By Product Outlook (2023-2030)
- Telecom
- Home Equipment
- Consumer Appliances
- Information Technology & Equipment
- Others
By End-User Outlook (2023-2030)
- Business-Oriented
- Personal
By Region Outlook (2023-2030)
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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