CE Revenue Seen Topping $200 Billion
The domestic consumer electronics industry is expected to cross $200 billion in revenue for the first time this year, according to a forecast released Tuesday by the Consumer Electronics Association.
The industry, according to CEA's U.S. Consumer Electronics Sales and Forecasts, is forecast to grow 5.9 percent this year, two points higher than CEA projected earlier this year. Revenue is also expected to grow in 2013, reaching $215.8 billion.
CEA also found that the tablet category will reach 29.1 billion in shipment revenue, an upward adjustment of nearly $11 billion from January's number. Smartphone revenue is expected to reach $33.7 billion this year, up 24 percent.
“Tablets are the fastest-growing product category in the history of the CE industry, and sales will continue to increase as more products hit the market, offering consumers more choices in size, price, operating systems and app ecosystems,” Steve Koenig, CEA’s director of industry analysis, said as part of the announcement. “With U.S. household penetration of smartphones surpassing the 50 percent threshold, we’re seeing slowing sales of dedicated devices, as consumers seek singular devices that can perform multiple functions. We expect this trend to continue into 2013.”
The CE industry is offering what consumers want during these uncertain economic times: innovation and value,” CEA President and CEO Gary Shapiro said in a statement. “Consumers’ desire for connected devices is pushing projected revenues higher than originally anticipated, but the long-term health of our industry relies on a strong and growing U.S. economy.”