A new research from the Consumer Technology Association (CTA) estimates that in 2018, a 3.9 per cent rise in the U.S. consumer technology industry would be marked with record-breaking retail revenues of $351 billion and $266 billion in wholesale. The drivers for the growth will be the resilience of historically leading categories and the interest about emerging technologies.
“Consumers are rapidly adopting new, emerging technology products – with voice-activated smart speakers as the stand-out of 2017 and 2018 – sparking growth in smart home devices, as voice interaction adds a new level of convenience and excitement to our lives”, the report said.
The U.S. Consumer Technology Sales and Forecasts includes for the first time the consumer spending on music and video streaming services. The industry has been valued at $19.5 billion in revenue in 2017 and was more than 35 percent higher compared to last year. The report included internet-enabled services which deliver on-demand or linear video content such as Netflix, Hulu and Sling TV and on-demand audio content such as Spotify, Pandora or Apple Music. The report predicts that the total revenue growth of the industry would be of 2.2 per cent in 2018 keeping out addition of streaming services.
“Technology is improving our lives in more ways than ever – and consumer enthusiasm is growing just as quickly as companies can bring their innovations to market,” said Gary Shapiro, president and CEO, CTA. “Our forecast incorporates several key economic factors including a strong stock market, continued job growth and stable rules for international trade to forecast these record-setting sales for breakthrough technologies and longtime market leaders alike. And the driving themes of 2018, including voice computing, artificial intelligence and connectivity that make our lives better and more efficient, will be on display across the show floor this week at CES 2018.”
CTA is U.S.’s largest tech trade association and the report reflects U.S. factory sales-to-dealers for more than 300 consumer tech products.
“Consumers are rapidly adopting new, emerging technology products – with voice-activated smart speakers as the stand-out of 2017 and 2018 – sparking growth in smart home devices, as voice interaction adds a new level of convenience and excitement to our lives,” said Brian Markwalter, senior vice president of research and standards, CTA. “At the same time, core categories – such as smartphones, laptops and TVs – continue to surpass expectations. 2018 will prove to be a milestone year for TVs, especially as LCD 4K UHD TVs make up half of all TVs sold in 2018.”
(Adapted from Businesswire.com)