RETAILOBSERVER.COM OCTOBER 2017
60
A S S O C I A T I O N N E W S
2017 TECH GROWTH
EXCEEDS EXPECTATIONS
Industr y revenue to reach record
levels as emerging categories soar
C O N S U M E R E N T H U S I AS M F O R B OT H E M E R G I N G T E C H N O LO GY A N D R E S I LI E N T M AT U R E CAT E G O R I E S I S
E XC E E D I N G E X P E CTAT I O N S — D R I V I N G T H E U . S . C O N S U M E R T E C H N O LO GY I N D U ST RY TO A N E ST I M AT E D
3 . 2 P E R C E N T R E V E N U E G R OW T H I N 2 0 1 7, E A R N I N G $ 3 2 1 B I LLI O N I N R E TA I L R E V E N U E S ( $ 2 5 1 B I LLI O N
W H O LE S A LE ) , AC C O R D I N G TO N E W R E S E A R C H F R O M T H E C O N S U M E R T E C H N O LO GY AS S O C I AT I O N ( CTA ) .
The latest edition of CTA's semi-annual industry report, U.S.
Consumer Technology Sales and Forecasts, projects drones,
OLED TV and virtual reality (VR) technology will each cross the
$1 billion revenue milestone for the first time this year.
"Driven by consumer demand for the products we already
know and love, as well as new, innovative technologies, revenue
growth in the consumer technology industry is exceeding
expectations," said Gary Shapiro, president and CEO, CTA.
"Not only are breakthrough technologies changing our lives for
the better, (such as drones delivering medical supplies to
remote areas or the use of VR in patient care) but tech is also a
key driver of the U.S. economy, outpacing GDP growth, and
reinforcing America's role as a global leader in innovation."
CTA's semi-annual report serves as a benchmark for the
consumer technology industry, charting the size and growth of
underlying product categories. The CTA consensus forecast
reflects U.S. factory sales-to-dealers for more than 300
consumer tech products.
EMERGING TECHNOLOGY SOARS
Among categories tracked by CTA's forecasts, U.S. sales of
connected devices are projected to reach 635 million units in
2017 — a record high total and 6% year-over-year increase
from 2016.
• Wearables: The total wearables market - including fitness
activity trackers, other health and fitness devices, hearables
(over-the-counter hearing devices, ) and smartwatches - is
expected to reach sales of 48 million units in 2017 (9%
increase) and earn $ 5.6 billion.
• Smart Home: Harnessing the Internet of Things (IoT) to
provide personalized home automation experiences, smart
home is one of the most popular emerging tech categories.
