The huge domestic market with rising income along with favorable tax incentives provides tremendous opportunity to local manufacturers to provide electronics products at affordable prices and expand the market at a faster pace. Additionally, the growth in digital economy is driving the growth of electronics and IT market even further. Overall electronics and electrical equipment market are expected to surpass USD 12 billion by 2025 with consumer electronics market expected to cross USD 10 billion by 2030.
The electronic and electrical equipment industry consist of a wide range of consumer and industrial electronics products. There are 3,000 organizations involved in the sector employing around 1 million people. The electronics industry in Bangladesh mostly produces consumer such as Mobile Phone, Home appliances like Refrigerators, Air Conditioners, Televisions, Electronics fans, Oven, Blenders, and Grinder. Electrical equipments such as switch, socket, light, fan, and circuit are highly demanded for industrial and home and few other electrical types of machinery are also highly used in industries and home such like accumulators, transformers, elevators. The industry is expected to grow at a rate of 15% per annum and reach around USD 12 billion by 2025. The size of the consumer electronics market was estimated to be around USD 2.4 billion in 2020 and it is expected to reach USD 10 billion by 2030. The most popular consumer electronics product is Mobile Phone followed by Refrigerator, Television and Air Conditioner. The market for accumulator and batteries are also growing rapidly.