By Josh Perry, Editor
The Consumer Technology Association (CTA), which organizes the annual Consumer Electronics Show (CES) that kicked off on Jan. 8 in Las Vegas, Nev., has released its semi-annual U.S. Consumer Technology Sales and Forecasts report and announced that the consumer technology market will set a new record of $398 billion in retail revenue in 2019.
The latest in augmented and virtual reality at CES 2018.
(Consumer Technology Association)
This dollar amount reflects a 39 percent growth year-over-year thanks in part to the growth in artificial intelligence (AI) and fast-connectivity.
The CTA revealed several products that it expects to drive growth in the consumer sector this year, including smart speakers ($3.2 billion), smart home products ($4.6 billion), wireless earbuds ($2 billion), smartwatches ($4.7 billion), and drones ($1 billion).
Steve Koenig, vice president of market research, CTA, said, “2019 will mark the introduction of 5G-enabled devices and smartphones and next-gen screen technology such as 8K UHD televisions to the market. And constantly-evolving content from streaming services that enhances the experience across ‘the three screens’ – TVs, smartphones, laptops – will help push consumer spending in tech to new levels.”
The top products in revenue for 2019 are expected to be smartphones ($80 billion), laptops ($28.4 billion), televisions ($22.6 billion), and in-vehicle technology ($17 billion).
CTA releases its report in January and July each year. For more information about the report, visit https://www.cta.tech/Research-Standards/Reports-Studies/Studies/2019/U-S-Consumer-Technology-Sales-Forecasts-2014-20.aspx.