The U.S. consumer electronics market (CE) has seen significant growth in retail revenue over the past decade. Starting from 2012, the sales of consumer electronics have been soaring high and setting new records every year. The trend has continued till 2021 and is expected to grow even further in the coming years.
According to reports, the CE market generated a total retail revenue of $263.83 billion in 2012. This figure gradually increased to $416 billion by 2019, with an average annual growth rate of approximately 7%. Despite facing economic challenges during this period, including recessions and natural disasters, consumer electronics sales never stopped growing. The US is the second largest CE market in the world, only topped by China.
The COVID-19 pandemic also played a major role in boosting the sales of consumer technology products and manufacturing of electronics such as laptops, tablets, smartphones, and gaming consoles.
An Overview of Market Revenue From 2012 to 2021
The retail sales of consumer electronics (CE) in the United States continually developed during the period extending from 2012 to 2021. In 2012 the industry generates revenues of $263.83 billion, in 2013 it earns $295 billion, in 2014 it generates $308 billion, in 2015 it makes sales totaling $315 billion, and in 2016 it generates $318 billion.
The electronics market continued to flourish after 2016, and the market’s revenue in 2016 and 2017 remained constant, with an overall worth of $365 billion annually. In 2018, the revenue was $392 billion. In 2019, revenue was $416 billion. In 2020, revenue was $442 billion. In 2021, it is projected to be $461 billion in revenue.
The Current Market Revenue in 2023
According to recent projections, the consumer electronics market in the United States is set to reach unprecedented heights by 2023. In fact, it’s expected that retail sales within this industry will hit $485 billion dollars, marking a major milestone in terms of revenue generated. This impressive growth has been attributed to numerous factors including increased spending on smart devices and home automation technologies.
In fact, OLED TVs and portable gaming consoles are expected to generate billions of dollars in revenue by 2023. According to a recent report, OLED TVs alone are forecasted to produce 2.3 billion U.S. dollars in revenue. This technology is predicted to lead the TV market in the US during the coming years.
This trend could be attributed to the increasing demand for smart home technologies and high-quality entertainment systems. With advancements in technology, consumers now have access to a wider range of options when it comes to purchasing electronic devices that cater to their needs and interests. As such, companies are investing heavily in research and development to create innovative products that can capture this growing market.
Portable gaming consoles are also expected to contribute significantly with an estimated $1.5 billion U.S. dollars in revenue by 2023.
Although the COVID-19 pandemic was initially expected to slow down the growth of consumer electronics markets globally, it appears that demand for these products has only continued to increase. With more people than ever before working from home or attending school remotely, there has been a surge in demand for laptops, tablets, and other smart devices. Additionally, advancements in technology have made it possible for consumers to easily integrate their devices with other aspects of their lives such as fitness tracking and home security systems.
Market Revenue Stats of Famous Products
According to recent research, the largest consumer electronics sales category in 2020 was tablet computers. The total revenue for slate and detachable tablets reached approximately US $60 billion worldwide. This figure highlights the significant demand for these devices among consumers globally.
According to recent data, the installed base of smartphones globally in 2021 is about 4.3 billion, versus 1.4 billion computers or half a billion tablets. This shift towards smartphones has also impacted the revenue of the consumer electronics market. In 2020, it was estimated that global smartphone sales reached $460 billion compared to $297 billion for personal computers and laptops. This trend is expected to continue with an increasing number of people relying on their mobile devices for work and entertainment purposes.
The popularity of tablets can be attributed to their versatility and convenience. They offer users a portable option for browsing the internet, streaming videos, playing games, and more. Additionally, with detachable capabilities, they can serve as both laptops and tablets – providing a two-in-one device that appeals to many users.
This trend is expected to continue throughout the next few years as new technology advancements emerge. Therefore, it’s crucial for companies within the consumer electronics market to invest in developing innovative products that will meet customer needs and preferences while staying ahead of competitors in this highly competitive industry.
Main Reasons For Revenue Growth in US Consumer Electronics
In 2021, Americans spent roughly the same amount of time each day on each device: roughly four hours per day on their computer or tablet, just over four hours every day on their smartphones, and approximately four and a half hours using a TV set for television programming. By overviewing these stats, we can easily understand the main reason behind the great revenue of the consumer electrics market. The more humans use the technology the more revenue of the market increases every year. The increasing demand is also driving always faster iterations of product versions and designs of electronics items.
Wrapping Up
I hope you will enjoy this blog and quickly get essential facts about the increasing revenue of the consumer electronics market. we will discuss the revenue stats of the market through past years and also discuss the current size of market. More recent CE product trends can found here.
