U.S. Tech Industry Revenue to Hit Fresh Record in 2021

SEATTLE (Scrap Monster): The latest report published by the Consumer Technology Association (CTA) says that the retail sales revenue of tech industry in the U.S. is expected to hit a new record of $487 billion during the current year. This is significantly higher by 7.5% over the previous year.

The Covid-19 pandemic has further strengthened the relationship between consumers and technology, noted Gary Shapiro, CEO, CTA. The technology innovations have helped the country to remain resilient in the face of crises. There has been unprecedented rise in consumer demand for technology due to new lifestyles such as work from home, online schooling for children etc.,

The report predicts phenomenal growth for 5G smartphones, with shipments likely to skyrocket by 530% from 2020 to than 106 million, thus generating $61 billion in revenue. The overall smartphones shipments are expected to surge higher by 10% to 154 million units during the current year.

The record year-on-year growth trend for laptops during the previous year is likely to continue in 2021. The laptop shipments are projected at almost 76 million units, generating $45 million in revenue.  CTA predicts wireless earbuds shipment of nearly 88 million units, 27% higher than the previous year.

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