U.S. consumer technology will grow 4% to $351 bn in revenue

Nubia Z11 smartphone priceThe U.S. consumer technology industry will grow 3.9 percent to reach $351 billion in retail revenues in 2018, according to new research from the Consumer Technology Association (CTA).

Consumer spending on music and video streaming services is valued at $19.5 billion in revenue, 35 percent higher than last year.

“Technology is improving our lives in more ways than ever – and consumer enthusiasm is growing just as quickly as companies can bring their innovations to market,” said Gary Shapiro, president and CEO, CTA.

Overall, U.S. sales of connected devices are projected to reach 715 million units in 2018 – a 6.6 percent increase year-over-year.

Smart Speakers — including Amazon Echo and Google Home — sales increased 279 percent in 2017, and CTA projects 2018 unit sales will reach 43.6 million units (60 percent increase) and earn $3.8 billion in revenue (93 percent growth).

Smart Home – including smart thermostats, smart smoke and carbon monoxide detectors, IP/Wi-Fi cameras, smart locks and doorbells, smart home systems, and smart switches, dimmers and outlets – will reach 40.8 million units in 2018 (41 percent increase over 2017), earning $4.5 billion (34 percent increase).

Virtual Reality (VR) shipments are projected to grow to 4.9 million units (25 percent increase) tallying $1.2 billion in revenues (18 percent increase).

Drone sales are expected to reach record highs of 3.7 million units in 2018 (20 percent increase) earning $1.2 billion in revenue (17 percent increase).

Wearables – including fitness activity trackers, other health and fitness devices, hearables, over-the-counter hearing devices, smartwatches and, for the first time, sports tech – is expected to reach 49.3 million units in 2018 (four percent increase) and earn $6.4 billion (one percent increase).

The top five revenue categories will contribute just over half of total wholesale industry revenue (51 percent) in 2018.

Smartphones volume will reach 189 million smartphones (two percent increase) shipping in 2018, with revenues expected to reach $62.9 billion (three percent increase).

The commercial and consumer laptop market will sell 50.1 million units, up three percent over last year, and earn $28.4 billion in revenue.

Televisions sales are projected to reach 44.2 million units (two percent increase) and $22.1 billion in revenue (two percent increase).

4K UHD TVs will make up half of all total digital displays sold in 2018, with unit sales forecast to hit 22 million units (27 percent increase) generating $15.9 billion in revenue (14 percent increase).

Automotive Electronics technology is projected to contribute $15.9 billion in revenue (5.9 percent increase).

Tablet sales will decline in 2018. CTA expects sales of 45.6 million units (12 percent decrease) and revenues of $12.5 billion (13 percent decrease).

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