OLED TV, VR and Drones Pass $1B in Revenue
Drones, virtual reality and OLED TVs are now billion dollar industries, as the latest “U.S. Consumer Technology Sales and Forecasts” report from CTA has each emerging tech crossing the $1 billion revenue milestone for the first time in 2017. Those industries are just part of the revenue growth for 2017, as CTA’s report predicts a 3.2 percent growth to $321 billion in retail revenues ($251 billion wholesale) for the year.
Shipments of VR headsets are projected to grow to 5.3 million units this year (a 79 percent increase) and $1.3 billion in revenues (a 43 percent increase). Total drone sales are expected to rise 40 percent to 3.4 million units and 44 percent in revenue to $1.1 billion. Other emerging technologies that are expected to see significant growth in revenue this year include wearables, smart home devices, 4K UHD TVs and digital assistant devices.
More mature technology like smartphones, tablets, TVs, laptops and automotive technology still make up more than half of total industry revenue (53 percent). TVs and tablets are due to decline slightly in 2017, though smartphones, laptops and automotive technology—in the top five for the first time—are expected to see growth. Smartphones will be the biggest contributor with an expected revenue of $55.6 billion.
“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 of CTA.
The full version of CTA’s semi-annual “U.S. Consumer Technology Sales and Forecasts” report can be found here.