US electronic products have been rising in price for five consecutive years! Smart home is gaining attention

According to the latest survey data from NPD Group, sales of the US consumer electronics industry once again broke records in 2021, reaching US$127 billion, an increase of 9% based on the double-digit growth rate in 2020 .

However, starting from this year ( 2022), this high-speed growth trend will slow down. NPD Group predicts in its survey report that the revenue of the US consumer electronics industry will decrease by 5% year-on-year in 2022, 4% in 2023, and 1% in 2024 , but it will still be higher than the sales before the epidemic.

“The industry has experienced rapid growth over the past two years, and we expect demand to slow over the next three years as a result,” Stephen Baker, NPD vice president and industry advisor, said in a statement.

At the same time, another trend in the US consumer electronics industry is the increase in average selling price ( ASP). This year, the ASP of the consumer electronics industry has achieved five consecutive years of increase , and the overall average unit price has exceeded US$72, an increase of US$16 compared with 2018.

In 2021, the main reasons for the increase in the average selling price of consumer electronics products are the increase in transportation costs and the shortage of parts, especially in the second half of the year. NPD expects that in the future, due to the strengthening of consumer demand for high-end products and the weakening of demand for low-end products, the selling price of the consumer electronics industry will remain at a higher level.

Although the industry's overall sales will decline, NPD predicts that smart home will become a new growth point for the industry. In 2022, the sales volume of the smart home industry in the United States will increase by 6%, and sales will exceed US$4.1 billion , mainly due to the growth of the security market segment, among which security cameras will increase by 2%, smart doorbells will increase by 13%, and smart locks will increase by 8% .

“Smart home device sales had a strong 2021 holiday season , and we forecast that smart home unit sales and value will continue to grow between now and 2024 ,” said Ben Arnold, NPD executive director and technology industry analyst .

" At the same time, entertainment products are also an area of ​​focus for consumers , and sales of VR devices and large-screen TVs (65 inches and above) will also increase during this period . While VR provides a unique entertainment experience, large-screen TVs will continue to move towards larger screen sizes."

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