The Consumer Technology Association (CTA), in its semi-annual review, announced that automotive technology from the factory is now the top 5 revenue winner in consumer electronics, behind smartphones, TVs, tablets, and laptops.
For the first time, automotive electronics joined the largest hardware revenue generators, with sales projected to hit $15 billion this year, a 12 percent increase over last year. Automotive technology includes sales from driver-assist features to entertainment systems.
By comparison the number 4 revenue generator, laptops, is projected to see sales of $28 billion this year.
Additionally the CTA said that total consumer electronics sales should grow by 3.2 percent this year, earning $321 billion in retail revenue or $251 billion wholesale. Drones, OLED TV and virtual reality (VR) technology will each cross the $1 billion revenue milestone for the first time this year.
“Driven by consumer demand for the products we already know and love, as well as new, innovative technologies, revenue growth in the consumer technology industry is exceeding expectations,” said Gary Shapiro, president and CEO, CTA. “Not only are breakthrough technologies changing our lives for the better – such as drones delivering medical supplies to remote areas or the use of VR in patient care – tech is also a key driver of the U.S. economy, outpacing GDP growth, and reinforcing America’s role as a global leader in innovation.”
The findings are part of the CTA’s U.S. Consumer Technology Sales and Forecasts report. For more information, visit CTA.tech/salesandforecasts.
See the full CTA press release here.
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