The consumer electronics industry consists of manufacturers and distributors of devices such as televisions, computers & peripherals, cell phones, tablets, gaming consoles, MP3 and other music players, cameras, accessories (ear buds, chargers, cords & cables), and data-storage devices. Companies in this industry sell to leading electronics retailers such as Best Buy, Wal-Mart and Amazon.
Consumer electronics in the U.S. generated more than $339 billion in revenue during 2017, with the industry heavily affected by consumers’ disposable income and the introduction of new technologies (mostly new cell phone models). Globally, consumer electronics is expected to rake in more than $1 trillion in 2018, an increase of 4% from the previous year. The three largest markets for consumer electronics, China (23%), Europe (22%) and North America (23%), should account for nearly 70% of that revenue.
TV prices, previously on the decline, have inched upward again thanks to new technologies like 4K OLED. Tablet and camera sales have been declining as more people use their smartphones to take photos, but smart-home devices such as Google Home and Amazon Echo also are helping pick up the slack and there has been increased investment in interconnected devices, a trend dubbed the Internet of Things. Cell phones also remain a key driver, with new phone releases from big names like Apple and Samsung driving industry revenue.