PRZOOM - /newswire/ -
Delhi, New Delhi, India, 2007/10/09 - The worldwide demand for latest devices and gadgets is pushing the consumer electronics market. US, the largest consumer electronics market, is seeing intense activity and expected to exceed US$ 155 Billion this year.
The consumer electronics market in US reached new heights in 2006 and this trend is likely to continue this year too, according to “Consumer Electronics Market Worldwide (2007)”, a recent market research report by the leading research company RNCOS. The US consumer electronics market garnered around US$ 144.5 Billion revenue in 2006, a market growth of around 13% over the previous year as against the expected hike of 8%. For 2007, the factory sales of consumer electronics in the country are estimated to rise to over US$ 155 Billion.
The comprehensive report on the global consumer electronics market attributes the growth in US market to remodeling of the industry to churn out products that consumers want to purchase, like MP3 players, Personal Digital Assistants (PDAs), High Definition TV (HDTV), and the latest in-thing, smartphones.
According to a Senior Research Analyst at RNCOS, the recent phenomenon swiping the US market is iPhone. The Apple device has become a concept in the US market rather than a smartphone. The huge success of the device has epitomized the consumer demand for converged wireless capabilities, subsuming web browsing, e-mail, Instant Messaging (IM), and audio and video entertainment.
The other must-have gadget in the US consumer electronics industry is MP3 player. The unit shipments, as per the RNCOS report, is projected to grow more than two-fold from 2005 to 2011. This year, MP3 players are expected to play hard by growing more than 14%.
The other segments that will move ahead strongly are video game consoles and consumer electronics accessory. The next-gen consoles will keep the video-game market worth watching in 2007 with more than 22.5% hike to over US$ 15 Billion. Also, the sales of consumer electronics accessory are anticipated to cross US$ 10 Billion, specifically because of an overall emphasis on portability by consumers.
The US consumer electronics market is just a component of the extensive RNCOS report - Consumer Electronics Market Worldwide (2007). The report discusses the region-wise consumer electronics markets, including major countries like UK, Germany, Japan, Taiwan, South Korea, India, China, and Vietnam. The report gives the latest information on market segmented by products and components, like LCD, DVR, DVD, IPTV, smartphones, HDD, PC notebook, etc.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.