U.S. CE Industry to Reach $173 Billion in 2008, Data Shows
CEA data says the industry will grow 7.3% and reach $183 billion in 2009.
Shipment revenues for the consumer electronics industry will top $173 billion in the United States in 2008, according to data released by the Consumer Electronics Association (CEA).
“The U.S. Consumer Electronics Sales and Forecast” says CE shipment revenues will grow by 7.3 percent this year to reach more than $183 billion by 2009.
A recent report published by the CEA and the GfK Group says the global CE industry will grow ten percent this year and hit the $700 billion mark by 2009.
“The CE industry is a backbone of economic activity in this country,” says CEA president and CEO Gary Shapiro.
Shapiro, who recently debated with CNN anchorman Lou Dobbs, says free trade is aiding this growth.
The CEA also recently launched a nationwide tour to educate people on the benefits of free trade.
“In a tough economy, consumers turn to CE products for many reasons – from entertaining in the home to telecommuting to save gas, Shapiro says.
“Such factors – and access to global consumers through free trade – help the CE industry to flourish while growth rates of other industries have either stalled or declined.
“Consumers don’t want to live without CE products and continue to crave the latest gadgets and innovations our industry has to offer.”
This latest forecast is $2 billion more than what the CEA projected in January. Digital displays are leading the way with shipment revenues approaching $28 billion.
DTV shipments represent 16 percent of all CE shipment revenues.
“With prices continuing to drop, consumers are deciding the time is right to upgrade to digital,” says Steve Koenig, CEA’s director of industry analysis.
“By the end of the year, more than 60 percent of U.S. households will have at least one digital television.”
The data shows video games remain a hot category as revenues reach record highs—wholesale revenues will total more than $21 billion in 2008.
Consumer demand to stay entertained and informed at all times will increase smartphone revenue 51 percent this year, according to the report.
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Steve Crowe has been writing about technology since 2008. He lives in Belchertown, MA with his wife and daughter. Have a suggestion or a topic you want to read more about? Email Steve at firstname.lastname@example.org
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