ARLINGTON, Va. -- (BUSINESS WIRE) -- Revenues for the consumer electronics (CE) industry are projected to grow 2.4 percent in 2014, reaching a new record high of $208 billion, according to The U.S. Consumer Electronics Sales and Forecasts, the semi-annual industry report released today by the Consumer Electronics Association (CEA)®. The forecast was announced by CEA President and CEO Gary Shapiro in his opening remarks today at the 2014 International CES®, the world’s gathering place for all who thrive on the business of consumer technologies, running January 7-10, in Las Vegas, Nevada.
The forecast projects that new, emerging product categories will grow by 107 percent year-over-year in 2014. These new technology categories, including 3D printers, Bluetooth wireless speakers, convertible PCs, health and fitness devices, smart watches and Ultra HD television displays, are cumulatively expected to contribute more than $6 billion to the overall CE industry in 2014. While these emerging product categories represent less than three percent of the entire CE industry, they drive 65 percent of total industry revenue growth.
“We are at the forefront of a momentous wave of innovation,” said Shapiro. “The incredible growth that emerging product categories such as Ultra HDTV, wearable electronics and 3D printers will experience this year underscores the significant role new technologies play in the total consumer electronics story. These innovations will take center stage at the 2014 CES this week, and despite a recovering economy, the products on display will push the CE industry to reach new revenue levels in 2014.”
Sales of mobile connected devices, specifically smartphones and tablets, will continue to contribute significant unit sales and revenue to the total CE bottom line in 2014. Although revenue growth has slowed, unit sales will continue to see steady increases.
“In a short amount of time, mobile connected devices have become ingrained and indispensable in consumer’s lives,” said Steve Koenig, CEA’s director of industry analysis. “The market for these products, now found in millions of households, is exceptionally competitive, naturally resulting in slowed revenue growth. Yet we find ourselves at an interesting inflection point in technology, as these same products are creating opportunities and growth across several other categories in the industry.”
Bright spots within the television category will help drive revenue growth this year, as larger screen sizes and innovative display features have consumers upgrading their video experience. Although, total unit sales of displays are predicted to remain even with 2013 levels, total TV sets and display sales are projected to reach $21.3 billion in 2014, up two percent from 2013’s better than expected revenue level of $21 billion.
Elsewhere in the industry, a number of other categories are expected to see positive growth in 2014, including:
The U.S. Consumer Electronics Sales and Forecast 2009-2014 (January 2014) is published twice a year, in January and July, reporting U.S. factory sales-to-dealers. It was designed and formulated by CEA, the most comprehensive source of sales data, forecasts, consumer research and historical trends for the consumer electronics industry. Please cite any information to the Consumer Electronics Association (CEA)®. The complete report is available for free to CEA member companies at members.CE.org. Non-members may purchase the study for $2,000 at the CEA Store.
The Consumer Electronics Association (CEA) is the technology trade association representing the $208 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative advocacy, market research, technical training and education, industry promotion, standards development and the fostering of business and strategic relationships. CEA also owns and produces the International CES – The Global Stage for Innovation. All profits from CES are reinvested into CEA’s industry services. Find CEA online at www.CE.org, www.DeclareInnovation.com and through social media.