Tech Device Spending to Surpass $1 Trillion

by CXOtoday Staff    Jan 09, 2012

The global electronics market will exceed $1 trillion this year, according to a forecast by the Consumer Electronics Association (CEA).

This is an increase of five percent over last year’s figure of $993 billion.

Developing countries like India and China will drive global sales of consumer electronics as per the findings.

“Despite slowing growth in developed markets, robust growth in emerging markets, particularly Emerging APAC and Central and Eastern Europe has helped sustain global spending in 2011 at the relatively healthy level of right percent”, according to Steve Bambridge, Business Director for GfK Boutique Research.

Using the latest global market data and forecasts from GfK Digital World, the presentation analyzed key product trends within a global market context; highlighting the importance of mobile connected devices as a key driver of spending growth. Additionally, the presentation addressed the importance of developing markets in driving growth in global spending.

Sales of tablet PCs, which are estimated to have reached $39 billion this year, are predicted to show a strong double digit increase in 2012.As per the study, tablet sales are projected for a growth of around 65 percent year-on-year, and are expected to garner five percent of the worldwide consumer electronics (CE) market.

Smartphones have been predicted as the prime driver for tech spending this year. The report says that these devices are expected to collect 22 percent of all CE spending, up from 18 percent in 2011.

“Today, consumers from every corner of the globe crave the latest tech innovations,” said Steve Koenig, Director, Industry Analysis for Consumer Electronics Association. “Rising consumer demand for mobile connected devices underpins the growth in global retail sales of CE we are projecting this year.”