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The consumer electronics market represents the intersection of communication, entertainment, and technology. Given consumers’ natural interest in each of these categories individually, it makes sense that the combination of the three generates significant excitement.
Potential for expansion within the consumer electronics industry is particularly strong in emerging markets, which offer retailers the benefit of accessing potential customers in regions not yet saturated by similar products.
The U.S. Consumer Electronics Sales and Forecasts report suggests that industry revenue will reach 214 billion USD in 2015, up from previous years and indicating overall growth of the market. “Industry revenue is reaching all-time highs, fueled in large part by a few specific categories, […] and consumer enthusiasm for new features and emerging product categories provide reasons for long-term optimism about continued overall growth,” said Shawn DuBravac, CEA chief economist and senior director of research.
Wearable technology — smart watches, fitness devices, etc. — fall into the emerging technology division of the consumer electronics industry.
While emerging technology currently represents only 3 percent of revenue amid the entire consumer electronics industry, it’s worth a serious nod, given that revenues from this area of the market are growing at a staggering rate: a projected 242 percent growth in 2014 another 108 percent expected in 2015, according to a CEA press release. Add to that the fact that in two years, emerging technology went from being untrackable in terms of revenue, to contributing 5 billion USD to the consumer electronics industry, and it’s clear that this is an area to watch.
In the future, expect to see emerging technologies (including, but not limited to wearables) continue to expand their scope of influence consumer electronics industry. In an interview for Euromonitor International, Senior Consumer Electronics Analyst, Mykola Golovka confirmed that wearables would see increased popularity going forward, in particular products like the FitBit and others within a similar price range (appx. 100 USD). Others, he predicts, like full-featured smart watches, will not see the same height in sales volumes as the more budget-friendly, single-purpose devices. Smart watches, though, should not be written off, as some sources estimate their growth to go from 1.5 million units sold in 2014 to 4 million units sold in 2017.
The Internet of Things
In large part, what remains to be seen is how wearables and other consumer electronics will interact with products categorized under The Internet of Things (IoT). The Internet of Things spans medical monitoring implants, cars with built-in sensors, smart home devices, and much more, and can generally describes devices that utilize machine-to-machine (M2M) communication.
The short, understated summary is that the interaction between IoT, wearables, and other electronics will be an all-encompassing, game-changing shift in the way we view technology. The extent of it simply remains to be seen, and there are challenges to overcome along the way (before its full potential is realized IoT must first “build basic trust in the minds of average consumers” who have yet to fully buy into it, or who are fearful of data and privacy abuse, explains TechCrunch), but the power of its influence should not be underestimated.
“It’s very positive you see the experimentation happening in the market,” he said. “We are still very early on in how it will roll out,” said DuBravac.
Shipwire offers enterprise-grade storage and fulfillment solutions for brands looking to expand their global footprint. Our growing network of global fulfillment centers are powered by a state-of-the-art software platform that integrates with 90+ top shopping carts and marketplaces.
By using Shipwire for your electronics fulfillment, you can:
Types of products and integrations
Shipwire has helped many consumer electronics brands with their global order fulfillment and shipping needs and has worked with products including, but not limited to:
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