With connected devices sales increasingly rapidly, revenues for the consumer electronics (CE) industry are projected to grow 2% in 2014 to reach a record high of $211.3 billion, according to data from the Consumer Electronics Association (CEA).
A new report from the organization forecasts CE sales through 2015. The report, reflecting U.S. factory sales-to-dealers, covers more than 100 CE products.
The reports forecasts U.S. CE sales in 2014 to be $211.3 billion, up 2% from 2013's sales of $207 billion. Sales in 2015 are forecast to grow 1.2%, which would give the industry another year of record sales at $214 billion.
Revenues from emerging product categories are expected to grow 242% year-over-year in 2014 and another 108% in 2015. Developing technology categories include 3D printers, health and fitness devices, smart watches, Ultra HD television displays, and smart thermostats, a new sales category in the report.
Emerging product category revenue accounts for less than 3% of the CE industry, but still expected to be almost $5 billion in 2014.
CEA called that total "an astounding jump" from two years ago, when revenue from these categories was too small to track.
CE industry revenue growth has slowed, from 7.7% in 2011 to 1.7% in 2013, but CEA noted that total revenue topped $200 billion for the first time in 2012 and the association said revenue shows no signs of retreating below that level.
“Industry revenue is reaching all-time highs, fueled in large part by a few specific categories, while much of the industry is still experiencing relatively flat growth due in large part to the continued decline of average selling prices,” said Shawn DuBravac, chief economist and senior director of research, CEA.
to Daily News