The Consumer Electronics Association (CEA) said that the revenue of the global consumer electronics industry is expected to reach $700 Billion by 2009. The association forecasts that the expenditure on consumer electronic goods in 2009 will be up by $42 billion. Moreover, China will account for around 15% of the global electronic products revenue in 2009, following the US and Western Europe with 22% and 16% respectively. The sales of mobile products will dominate the rest of products with 1.5 billion units in 2008.

Consumers’ craze for mobile products has made it the largest selling category in terms of both volume and revenue. Portable navigation devices (GPS) are expected to glean the highest revenue due to their excessive use in cars and other vehicles. Apart from this, the sales of laptops, mobile phones and smartphones will surge due to rising popularity of advanced features and portability factor of notebooks.

The high sales growth in electronic goods indicates continuously rising consumer demand, breaking previous records as it is a volatile industry that relies on innovative products which make consumers’ lives more comfortable.

Furthermore, the rising popularity of mobile products is cementing expectations that the consumer electronics market will reach $700 billion by 2009. Mobile phones sales will play an important role in this growth as they dominate other products both in terms of sales and revenue.

The global consumer electronic goods sales are expected to spurt primarily due to growing demand for such products as LCDs, plasmas and mobile handsets all through the world, with major growth stemming from the emerging markets of Asia, Eastern Europe, MEA and Latin America. However, with continuous innovation, saturated or developed markets will also add to the overall sales. This represents immense opportunities in the electronics industry, particularly in developing countries.

Related Market Research Reports: Global Portable Electronics Market