Artificial intelligence (AI) and fast connectivity will be the drivers behind nearly $400 billion in U.S. consumer technology sales this year, according to a consumer electronics revenue forecast from the Consumer Technology Association. The projected 2019 sales will be 3.9% ahead of 2018.Consumer Electronics Revenue Forecast
The top drivers of the 2019 CTA consumer electronics revenue forecast are expected to be:
- Smart speakers: Consumers are expected to purchase 36.6 billion of the voice-controlled units, including Amazon Echo and Google Home, representing a 5.5% increase compared to 2018. The sales of other voice-controlled devices such as TVs, smart home devices and other audio products are expected to grow more slowly
- Smart home devices: Consumers are starting to warm to these products, including smart thermostats, smart smoke and carbon monoxide detectors, IP/Wi-Fi cameras, smart locks and doorbells, smart home systems, and smart switches, dimmers and outlets. CTA expects purchases to grow to 29.4 million units in 2019, a 23% increase compared to the previous year.
- Wireless earbuds: Double digit growth is projected for the next few years, starting with a 44% jump in 2019.
- Smartwatches: These are starting to become preferred over more simple fitness trackers, so CTA projects 20.5 million units sold in 2019, a 25% increase over 2018.
“The future is bright for many tech products consumers already know and love, as stalwart revenue drivers including smartphones, laptops and televisions continue to innovate,” said Steve Koenig, CTA vice president of market research, in a prepared statement. “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.”