Top 10 Consumer Electronics Companies in the World 2024
In this article, we have prepared the list of top consumer electronic companies in the world 2024 based on business parameters of Revenue. With the increase in customer demand, the business of consumer electronics companies has increased manifold in the last decade. There have been several fast advancements in technologies which have driven innovation in consumer electronics and have made them more affordable for people worldwide. Consumer electronics consists of a wide product range like smartphones, TVs, refrigerators, desktops, cameras, laptops, tablets etc.
Top Consumer Electronics Companies Ranking 2024 by Revenue
The top consumer electronics companies in 2024 include Apple, Samsung, Microsoft followed by Dell, Sony, Panasonic, LG etc. Here is a list of the top 10 consumer electronics companies in the world 2024.
Quick Glance:
1. Apple
Apple has been consistently the biggest consumer electronics brands globally with an immense & advanced product portfolio.
Image: pixabay
Brand loyalty is the main perk for this company which it attained through constant delivery of quality over the years and so also it has been consistently ranked as the world's most valuable brand. Apple has taken the world of electronics by storm with its flagship products iPhone, iPad, Mac etc.
Every year the company launches a new & updated version of its flagship products which have an immense demand world over. It was formed on April 1, 1976, by Steve Jobs, Steve Wozniak and Ronald Wayne. The first product that the company gave to the world was the Apple 1. This was a computer that was designed and produced by Wozniak. It was introduced to the world at the famous Homebrew computer club. The Apple was sold for 2867$. Later on this company grew from few partnerships with Microsoft and also by introducing products with innovation and best design on the market. Products like iPad, iPhone, iPod etc were an instant success given the brand equity and consumer friendly design of the products and software in these products. All these help APple become the top consumer electronics company in 2024.
Sales revenue (USD Bn): 383
2. Microsoft
Microsoft was founded by Bill Gates and Paul Allen on April 4, 1975.
Image: pixabay
At a point in time Microsoft was the world’s largest software maker measured in terms of revenues and it is also the most valuable company. The company invests a lot in research and development and this is shown in the continuous product updates and product development over the years. It launched the Microsoft windows and then later with commoditization of the MS office and the later standardization it benefitted immensely because the consumers of the MS office found it very useful and easy to use software. Therefore, it gained wide popularity as a top consumer electronics company in the world. The cloud business solutions and the software solutions support it provides to its users is again a leverage point on which it capitalized over the years and milked profits from this segment. It focused on innovation and differentiating with the help of new products from time to time. Network effects is what is proving to be the biggest advantage for this company. Since many people are using windows, the company gained a unique market share and customer’s pocket and mind that the competition is actually only almost with Apple & Samsung- it’s closest rival in the industry.
Sales revenue (USD Bn): 211
3. Samsung
Samsung is a South-Korean company founded in 1938 but was actually meant to be a trading company.
Image: pixabay
Now, it has many subsidiaries across the globe and is one of the biggest in terms of sales of the phones and smartphones across the globe. The marketing of the company is the best across the globe in terms of what is considered as the phones segment. The acquisition of Hanguk Jeonja Tongsan- a telecommunications giant proved to be a strategic decision in its growth. This company is also into fire and marine insurance, life insurance, heavy industries. The major landmark reached by this company was when it became the biggest producer of microchips instead of outsourcing it to others. Later it produced the first Liquid Crystal Display screen and this revolutionized the television segment across the globe. It gained popularity from this step and innovation, and became one of the best consumer electronics brands. From then on the product development was given much more importance and later very sleek models of television sets were released by the company. This is one company that relied only on innovation and research and became a global player.
Sales revenue (USD Bn): 194
4. DELL
Dell is an MNC of computer technology with headquarters in Texas, California.
Image: pexels
It is in design, development, maintenance and support of the computer products and provides the necessary service. It is one of the largest employers in the world with more than 100,000 employee worldwide, and it has differentiated itself with “Build-To-Order” model and direct-sales model in the industry which helped it to create a targeted market. Its range of products vary from Personal Computers, Servers, peripherals, smartphones to televisions. Dell was just a hardware manufacturing company before acquiring Perot Systems after which it became an IT service provider and top consumer electronics company. Dell was taken private through a leverage buyout before which it was a part in NASDAQ 100 and S&P 500. The organization is outstanding for its advancements in inventory network administration and electronic trade, especially its immediate deals model and its "Build-To-Order" or "configure to order" way to deal with assembling—conveying singular PCs arranged to client details. From its initial beginnings, Dell worked as a pioneer in the "configure to order" way to deal with assembling—conveying singular PCs designed to clients’ particulars. Interestingly, most PC producers in those circumstances conveyed expansive requests to intermediaries on a quarterly basis. To limit the postponement amongst buy and conveyance, Dell has a general approach of assembling its items near its clients. This additionally takes into consideration executing a with a Just-In-Time (JIT) fabricating approach, which limits stock expenses. Low stock is another mark of the Dell plan of action—a basic thought in an industry where parts deteriorate quickly.
Sales revenue (USD Bn): 102
5. Sony
Sony is one of the leading consumer electronics brand in the world, having a presence worldwide.
Image: pixabay
Sony Group is the parent company of Sony Corporation, which is the electronic business unit. It has subsidiaries like Sony Global Manufacturing and Operations Corporation (SGMO), Sony Semiconductor Manufacturing Corporation, Sony Storage Media and Devices Corporation among many others. It had forayed into multiple arenas like audio, computing, photography and videography; semiconductor and components, television and home cinema, mobile, accessories and smart devices; energy storage and cables. It forecasts highest-ever profit this year by focusing on electronics and entertainment firm on image sensors and gaming. This is expected because of the restructuring drive in the unprofitable electronics businesses and building its stronghold on the smartphone segment with its image sensors. The company also focuses on its new products in TV segment with 4K technology. The company’s focus on high-quality products with a differentiated approach as Apple did made the company overturn its unprofitable segment to profitable segment leading to records profits of the parent company this year. The sales of the PlayStation is expected to attain close to 100 million units annually this year and this segment will be one of the biggest contributor to the revenues.
Sales revenue (USD Bn): 85
6. Hitachi
Hitachi, Ltd., is a Japan based multinational company. It is currently headquartered in Chiyoda, Tokyo, Japan.
image: flickr(Karlis)
Hitachi has around and operates in eleven business segments. Some of them are: Info & Telecomm Systems, Social Infra, High Functional Materials, Finance, Power, Electronic Systems, Automobile systems, Railway Systems, Digital Media and Other Systems. IT and Telecommunication systems such as big data, storage and analytics solutions accounted for $16 billion, Social Infrastructure and Industrial systems which includes the escalator and elevator business, smart cities and system integrators accounted for $13 billion, High functional materials such as wire cable products and chemical materials accounted for $12 billion, electronic systems and equipment such as power tools, broadcast equipment, MRI scanners etc. accounted for $9 billion, automotive systems that cover the fields of "environment", "safety" and "information “accounted for $7 billion, construction machinery accounted for $6.8 billion, Smart life and eco-friendly systems accounted for $6 billion, Power systems accounted for $3 billion and Financial services accounted for $3 billion. The globalization of markets and the commoditization of electronic products continue to intensify the price competition in the business sectors in which Hitachi competes. This coupled with some of its businesses being in stagnant industries has made the business scenario very challenging for Hitachi. Hitachi, like always, it a leading consumer electronics brand even in 2024.
Sales Revenue (USD Bn): 70
7. LG
LG is a south-korean company MNC with a presence in over 80 countries across the globe.
Image: flickr.com/photos/linsinchen/
It was previously known as Rak-Hui chemical industrial corp which is actually pronounced as lucky when it was into the production of plastics. Goldstar produced radio for South Korea, and it also produced many other consumer electronics. Later the merger of Rak-Hui and goldstar came to be known as LG. this brand was in the initial years famous for soaps, toothpaste etc. then later on this dissolved and the company now is known for the consumer electronics business. In the chemical industry the cosmetics industry and the consumer electronics industry consistency in quality is a must and LG delivered this expectation and soon became the world’s renowned brand. Currently the company employs around 2200 staff members, and 80,000 workforces in approximately 120 countries worldwide. A major problem this company faced was that it was largely a decentralized business and therefore the purchasing decisions were done by many small units and the purchases were duplicated. Therefore, the company recognized this problem of not taking advantage of economies in bulk purchase and instituted a centralized purchasing department wherever possible in the company. The matrix structure was established in the company to monitor the purchases. Soon, the profitability of the company was restored and it became one of the top three in the world in profitability in the segment.
Sales revenue (USD Bn): 64
8. Panasonic
The company was originally called as Matsushita Electric Industrial Co ltd and then later was renamed to Panasonic.
Image: pexels
This company has its feet in many varied products and services and it was initially producing bulb attachments and other electrical fittings. Later on, Panasonic delved into products like air conditioners, projectors, bicycles, electronic items, batteries, cameras etc. it got involved in the very profitable business of TV sets manufacturing and put in enough amount in research and development to produce cutting edge innovations. Panasonic has become one of the best consumer electronics companies worldwide. Later on, it sold off this entire business segment and liquidated its stake in any subsidiary that it owned in this business. The company then took some sweeping acquisitions and mergers and partnerships which improved the stock position in the market. The partnership with Tesla motors in the battery production in the famous giga factory in the US and then the partnership with photon interactive and the acquisition of ITC global- a satellite communication provider and also the acquisition of an Indian company – fire pro systems which was in the business of infrastructure protection and security solutions. Panasonic also was involved in the sponsorship of the formula one team in the Toyota racing. Talking of it’s environmental records, it is ranked among the top in the greenspace’s guide to greener electronics. This actually ranks the producers of electronics based on the policies the company takes in the process of production and also the products of Panasonic are said to have long life.
Sales revenue (USD Bn): 59
9. HP
This HP company was set up in a garage in Palo Alto by two people named William bill Redington Hewlett and David Packard.
Image: pexels
They initially produced few electronic test equipment for their initial clients. It was the world's leading pc manufacturer for around many years from starting from 2007, and later Lenovo raced up against HP and took its place. The company majorly focused on services like computing devices, software, printers, software services etc. during its tenure. The company also got into the consulting business about it’s products. The marketing of HP was mainly focused on medium sized business, imaging products etc. and therefore the marketing was online distribution, retail supplies, and also partnering with small software manufacturers. HP is one of the largest consumer electronics companies globally. The main products are cameras, calculators, printers, computers, laptops, scanners. The services mainly include consulting and support to IT infrastructure.
Sales revenue (USD Bn): 53
10. Fujitsu
Fujitsu is one of the leading consumer electronics and technology company in the world.
Image: company website
The company has a strong worldwide presence having business and offices spread over 100 countries, with close to 150,000 employees. The company has a over 75000+ patents which includes electronics items, servers, IT services etc. The company was established in 1935 and is headquartered in Tokyo in Japan. The company has been listed in the Tokyo Stock Exchange. Fujitsu has its major revenues from technology solutions like services and system platforms. Electronic components, device solutions, PCs, mobiles, laptops etc. form the other share of revenues for the company. Electronics products by the company consist of products like
-Telecommunications Equipment
-Computers
-Components
-Solutions/Services
30% of the global revenue for the company comes from countries outside Japan. Owing to its wide product range, Fujitsu is among the top consumer electronics companies in the world.
Sales revenue (USD Bn): 26
Rank Methodology for Top Electronics Brands 2024
1. The largest & top consumer electronics companies are considered
2. The latest revenues are considered for each company
3. The final rank is evaluated on the basis of annual revenues
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