Consumer Tech U.S. Sales to Reach Record $422 Billion in 2020; Streaming Services Spending Soars, Says CTA
Summary
ARLINGTON, Va.--(BUSINESS WIRE)--Skyrocketing popularity of streaming services and wireless earbuds along with 5G connectivity and artificial intelligence (AI)-enabled devices will drive revenue growth for the U.S. consumer tech industry to a record $422 billion in retail revenues in 2020 – nearly 4% growth over last year, according to a new Consumer Technology Association (CTA)® report. The digital health category is projected to sell 64 million devices and total $10 billion dollars this year. “We’ll see advancements in 5G connectivity and AI play out across the CES 2020 show floor this week – from digital health to self-driving vehicles and smart homes – vital technologies that are changing our lives for the better.” Spending on software and streaming services (including music, video and video gaming) is projected to reach a new high of $81.2 billion in 2020 (11% growth over last year). Wireless Earbuds: Devices such as Apple AirPods and Samsung Galaxy Buds will help propel the category in 2020 to nearly 67 million units in 2020 (up 35%), earning $8.2 billion in revenue (up 31%), after a breakaway year of sales in 2019. 5G smartphones will hit their stride, with 20.3 million units sold (a 12x growth spurt over last year’s initial introduction) and generate $15.3 billion in revenue (10x percent jump), with the build out of U.S. 5G capabilities.