According to the Consumer Technology Association (CTA), the growing popularity of streaming services, artificial intelligence AI-enabled emerging devices and in-vehicle technology will help drive the U.S. consumer tech industry to a record-breaking $401 billion in retail revenues in 2019, amounting to a growth of 2.2% growth over last year.
CTA has released its semi-annual U.S. Consumer Technology Sales and Forecasts report reflecting U.S. factory sales-to-dealers for 300+ consumer tech products, and related software and services.
TVs are still one of the top revenue drivers for the CE industry at large, with a staggering 38.8 million digital displays predicted to find new homes in 2019, and first shipments of 8K UHD TVs reaching a forecast $734 million in revenue. OLED, meanwhile, will surpass one million units this year (up 30% over 2018) with double-digit growth anticipated through 2023.
Across music, video and gaming services, consumers are choosing cloud-based, subscription streaming models, which will total $75.6 billion in revenue (+14%). Live TV streaming and exclusive content through subscriptions will push consumer spending on video streaming services to $17.7 billion in 2019, up 25%.
Two of the key growth product sectors include smart home products (Wi-Fi cameras, smart thermostats etc.), slated to reach 28.6m units with sales of $4.5bn (16% increase), and smart speakers (Amazon Echo, Google Home, soundbars etc.) with an expected 35.2 million units sold (1% increase over last year).
“More than ever, consumers want premium technology experiences – especially within the smartphone, TV, laptop, smartwatch and wireless earbuds categories,” said Steve Koenig, vice president of market research, CTA. “The lightning-fast pace of tech means we can upgrade our ‘everyday tech’ and get extraordinary experiences. While this level of quality and efficiency means some replacement cycles are getting longer, technologies such as AI and 5G promise to usher in the next era of innovation, delighting consumers and driving our economy.”
CTA publishes the U.S. Consumer Technology Sales and Forecasts twice a year, reporting factory sales to U.S. dealers. If you wish to read further, visit CTA’s research/forecast pages here.