The consumer electronics (CE) industry will see stronger than anticipated growth in 2012, according to the semi-annual industry forecast released today by the Consumer Electronics Association (CEA)®. The overall CE industry will grow an estimated 5.9 percent in the U.S. this year, two points higher than previously projected in January.
The U.S. Consumer Electronics Sales and Forecasts (July 2012) projects that industry sales will surpass $206 billion this year, the first time yearly industry revenues in the U.S. are expected to top the $200 billion mark. Sales growth is projected to continue into 2013, when industry revenues will likely grow 4.5 percent, reaching $215.8 billion.
“The CE industry is offering what consumers want during these uncertain economic times: innovation and value,” said CEA President and CEO Gary Shapiro. “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.”
Sales of mobile connected devices, led by tablets, have pushed overall industry revenues to record highs:
“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,” said Steve Koenig, CEA’s director of industry analysis. “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.”
Sales of innovative digital displays continue to increase despite an ongoing decline in overall TV sales, and remain critical to the industry’s bottom line.
The U.S. Consumer Electronics Sales and Forecasts also shows that continued consumer demand to integrate mobile devices into the vehicle has led to increased sales for in-vehicle electronics. As seen at the 2012 International CES, car companies are building more technology into the vehicle. Overall sales revenues for factory-installed systems is expected to increase $1.6 billion in 2012. The integration of mobile devices is also helping in the aftermarket. Unit growth for head units equipped with internet radio control or apps is projected to grow by double digits in 2012.
The U.S. Consumer Electronics Sales and Forecasts (July 2012) is published twice a year, in January and July. It was designed and formulated by CEA to be the most comprehensive source of sales data, forecasts, consumer research and historical trends for the consumer electronics industry. Please cite any information to the Consumer Electronics Association (CEA)®. The complete report is available free to CEA member companies. Non-members may purchase the study for $2,000 at the CEA store.
The Consumer Electronics Association (CEA) is the preeminent trade association promoting growth in the $206 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative advocacy, market research, technical training and education, industry promotion, standards development and the fostering of business and strategic relationships. CEA also owns and produces the International CES – The Global Stage for Innovation. All profits from CES are reinvested into CEA’s industry services. Find CEA online at www.CE.org, www.DeclareInnovation.com and through social media: https://www.facebook.com/#!/CEAfeed http://twitter.com/ceafeed http://blog.ce.org/.