Electronics Biz Rakes in US$1 Trillion in 2014

Published Date : Jan 06, 2015

Maybe it’s just the inflation, but the electronics industry has scaled new heights in the bygone year. Having exceeded the trillion-dollar mark in 2013 for the first time ever, the electronics industry carried on breaking the records, not just reaching the coveted mark but posting sales figures up by 1% on the 2013 figure. The Consumer Electronics Association (CEA) released the data ahead of the dearly awaited Consumer Electronics Show (CES) in Las Vegas.

The bumper year was a result of rapidly increasing sales of new mobile and tablets, which have now become the flagship of the electronics world.

“When you look at the global marketplace, it comes down to a small number of devices,” commented Steve Koenig, director of industry analysis at the CEA. The mass sales in the emerging economies of China and India, the only two countries with a population exceeding one billion, are expected to prop up electronics sales in 2015 as well. Both China and India have populations more than those of the next five most populous countries put together, and this is expected to further increase Asia’s lead over North America in spending over technology.

The CES expects 1.5 billion mobile handsets to be sold in 2015, up by 19% from last year. Furthermore, smartphones and tablets are expected to take up a massive 46% share in the global electronics market in 2015.

Innovations in TV technology, such as 4K screens, will help sell more than 250 million TV sets in 2015, up by more than 2% from 2014.