The Consumer Electronics Association has forcasted massive growth for the consumer electronics market in 2011 to $964 billion – a 10 percent growth which is twice as fast as the overall global economy.
GDP is only expected to grow 4.5 percent in 2011.
With such growth, it’s easy to see why CEA analyst Steve Koenig described electronics as a “vanguard” leading the way during the economic recovery, and if things progress more advantageously than expected, consumer electronics may even reach $1 trillion in 2011.
Market sales worldwide were up 13 percent in 2010 to $873 billion, compared to a 9 percent drop in 2009 to $770 billion while the recession was in full swing. The most growth in 2010 was attributed to smartphones, which were up 51 percent for the year, and are expected by the CEA to grow 59 percent in 2011 with mobile PCs growing 26 percent.
In 2011, the CEA expects overall sales in North American to be up 15 percent, Western Europe up 23 percent, and Japan up 8 percent.
China’s overall market is expected to grow from 13 percent in 2010 to 15 percent in 2011 due to consumer electronics sales bolstering the emerging markets, as last year consumer electronics alone grew 25 percent in China despite lower sales across all regions of the world in the electronics category.
Game consoles are not expected to fare as well this year as the category slipped in sales for the second year in a row in 2010 due to reaching “near saturation” in the marketplace.
The CEA is holding the Consumer Electronics Show in Las Vegas this week.
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