ARLINGTON, Va.—The Consumer Technology Association has released retail sales revenue projections for the tech industry in 2021. How will the TV market follow the record-setting 2020?
As detailed in its twice-yearly “U.S. Consumer Technology One-Year Industry Forecast,” CTA expects the demand for TVs—which saw a record number of TV shipments—to remain high heading into 2021. While TV shipments are expected to drop by 8%, per CTA estimates, that would still come to about 43 million units, which would be the second-highest volume on record; revenues, meanwhile, would decline just 1% to $22 billion.
Some areas of growth for TV in 2021 are likely to include sets over 70 inches (3.3 million units, up 6%) and 8K UHD TVs (1.7 million units, up 300%), according to CTA.
Related to the TV market, streaming and software spending is projected to continue its meteoric rise. After growing 31% in 2020 over 2019, a record $112 billion is expected to be spent on streaming and software (11% growth).
Overall, the technology industry is projected to reach $461 billion in 2021, which would represent a 4.3% increase year-over-year.
“Tech demand in the first several months of 2021 will look a lot like the last few months of 2020,” said Rick Kowalski, director of industry analysis and business intelligence, CTA. “Streaming services, 5G connectivity and digital health devices will push consumer tech forward in the year ahead as innovative technologies prove their resilience during challenging times. The industry’s ability to meet societal needs in a variety of circumstances will bring growth in 2021 as the world emerges from the pandemic.”
For more information, visit www.CTA.tech/forecasts.
