Record $377 Billion Expected in 2018 in Total Consumer Tech Revenue
Consumer Technology Association’s mid-year update of the U.S. Consumer Technology Sales and Forecasts report shows an expected $377 billion in industry retail revenue. Due to positive economic factors such as tax reform and the high employment rate, consumers are able to invest their money into innovative new technologies.
In the emerging category of the tech market, smart speakers, smart home, whole home Wi-Fi solutions, drones and wearables are projected to significantly increase overall unit and revenue growth. A common thread between these products is the application of Artificial Intelligence (AI) technology. AI produces connectivity between smart phones, connected cars, and smart home devices, enhancing the services available.
The top three revenue drivers of the tech industry that show continued growth and strength are: smartphones, laptops/notebook PCs, televisions, factory installed automotive technology, and streaming services. With the introduction of 5G connectivity, CTA projects smartphone revenue to grow 13% over 2017. Additional growth is expected in televisions as digital display technology expands with 4K Ultra High Definition and OLED becoming industry standard. Customers are also more inclined to purchase streaming subscriptions due to the exclusive content offered by TV and music streaming providers.
- 3% growth is expected for laptop sales, projected at 50.1 million units.
- CTA expects 44% growth over 2017 in smart speaker unit sales.
- Driver-assist features in factory installed automotive technology are expected to contribute $15.7 billion in revenue.
For more information on CTA’s mid-year update, click here.