Study: global consumer electronics industry to grow by $700 billion by 2008
Posted by Dennis Sellers 
Jul 10, 2008 at 7:17am
Worldwide revenue for consumer electronics (CE) will grow nearly ten percent this year, hitting the US$700 billion mark by 2009, according to new data from the Consumer Electronics Association (CEA) and the GfK Group.
According to the report, consumers around the world continue to embrace technology to improve their lives. Consumers will spend $42 billion more on CE products in 2009 over 2008. Countries with fast growing economies and large emerging middle classes, such as the BRIC countries (Brazil, Russia, India and China), will lead the way in new CE revenue growth. By 2009, China will account for nearly 15 percent of global CE revenue, trailing only North America (22 percent share) and Western Europe (16 percent share).
Consumers’ ongoing desire for mobility makes this the largest CE category worldwide both in terms of unit sales and revenue. Collectively, sales of mobile products will top a staggering 1.5 billion units in 2008. Topping the list are portable navigation devices (GPS), with expected worldwide revenue growth of nearly 20 percent in 2008. Laptop computers (up 15 percent) and mobile phones/smartphones (up 14 percent) will also see strong sales.
“No matter where consumers are, whether it’s on the coast of Turkey or the mountains of Peru, they crave access to information, entertainment and two-way communication,” says Tim Herbert, CEA’s senior director of market research. “Many regions of the world face high population densities or underdeveloped infrastructures. Mobile products help consumers overcome these hurdles.”
“In today’s fast-paced world, the need for a moment of relaxation has never been greater,” says Anthony Rode, GfK’s director of digital convergence. “Consumers have responded to this desire by continuing to upgrade their home video and audio entertainment experience.”
Global revenue for LCD TVs will grow nearly 28 percent this year, resulting in more than 100 million units sold worldwide. Flat-screen TV sales (LCD and plasma) will account for nearly 20 percent of worldwide CE sales in 2008. DVD players, with expected sales of 127 million units in 2008, and video game consoles with expected sales of 89 million units are further testament to consumers’ use of CE products for entertainment and leisure time with friends and family.
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Contributor
Dennis Sellers
Dennis has been a newspaper editor/reporter (seven years) and teacher (seven years). He has over 4,000 magazine, newspaper and online articles to his credit. He has also covered the Mac and tech industries for over a decade for such online publications as MacCentral, MacMinute and now MacsimumNews.
