The Consumer Technology Association (CTA) released a new study that predicts overall demand for consumer electronics products will contract slightly this year. But it singled out two car electronics product categories that should see increased demand in the next 12 months.
The CTA’s 2023 U.S. Consumer Technology Ownership & Market Potential Study found that remote start and dashcam demand should rise as consumers hold onto their cars longer in the face of high interest rates and high car prices.
An estimated 20 million new households are interested in remote start and dashcams, said the report.
While these two products were singled out in a recent CTA announcement, the association’s full mid-year report on other car audio products won’t be available until next month.
For consumer electronics in general, unit sales are predicted to fall by 3.7 percent in the next 12 months versus 2022, the CTA found.
Note that Best Buy has also predicted a sales decline of 3 to 6 percent for its current fiscal year and it saw an 11 percent decline in sales for the recent quarter.
Here are other findings from the study:
37 percent of households plan to purchase a new smartphone in the next 12 months. New devices like the Pixel Fold and iPhones are driving this trend.
TV is still the most popular screen, with an estimated 259 million TVs installed. This compares to smartphones (~255 million), tablets (~115 million) and laptops (~149 million).
Gaming continues to rise and more than half of US households own a console. 26 percent plan to purchase a console in the next 12 months.
The cord-cutting trend continues. Media streaming devices will help fuel an estimated $46 billion in consumer spending on video streaming services in 2023.
Ownership of wireless personal audio products now exceeds wired devices.
The annual CTA study covers over 80 products.
To view the study abstract click here.
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