CTA Predicts Peak Revenues for U.S. Consumer Tech Industry in 2018

SEATTLE (Scrap Monster): The mid-year update of ‘U.S Consumer Technology Sales & Forecasts 2014-2019’ report by the Consumer Technology Association (CTA) foresees 6% jump in consumer technology revenues in 2018. The report states that the revenues are likely to touch new record of $377 billion. Also, whole home wi-fi solutions, wireless earbuds and augmented/virtual reality headsets revenues will cross the milestone of 1 billion for the first time ever.

According to CTA, Smartphones, Laptops/Notebook PCs and Televisions are likely to emerge as the top three revenue drivers. The report predicts the smartphone revenue to touch $78 billion in 2018, reflecting a growth of 13% over the previous year. The total shipments are expected to grow marginally by 1% to 169.4 million. The unit sales of Laptops/Notebook PCs are expected to grow by 3% to total 50.1 million, with revenues remaining mostly unchanged at $28.4 billion. Meantime, the total revenue from Televisions is likely to exceed $21 billion. The CTA predicts 6% decline in total unit sales.

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The key categories that are likely to contribute significantly to the projected revenue growth include Smart Speakers, Smart Home, Whole Home Wi-Fi Solutions, Drones and Wearables. Smart Speakers revenues are predicted to record 64% surge over the previous year to touch $3.2 billion. Smart Home devices are likely to post earnings of $4.6 billion, rising significantly by 36%. The revenue from Whole Home Wi-Fi Solutions is expected to more than double. CTA predicts 4% jump in revenues from Drone sales. The revenues from Wearables are likely to see 10% growth during 2018.

Gary Shapiro, president and CEO noted that the current state of the industry is exciting as increasing number of consumers are seen bringing remarkable tech innovations into their lives. Innovations in AI, voice and connectivity will continue to drive tech adoption and sales, Shapiro added.