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Wearable Tech to Drive Record-High Consumer Electronics Growth in 2015

Revenues for the consumer electronics industry are projected to increase three percent in 2015, to achieve an all-time high of $223.2 billion, according to a study released by the Consumer Electronics Association (CEA).

The U.S. Consumer Electronics Sales and Forecasts, the semi-annual industry report, also shared the revenue for new product categories is expected to double, increasing 108 percent (year-over-year) in 2015. Among these new product categories include wearable technologies like health and fitness devices, smartwatches and smart eyewear.

CEA president and CEO, Gary Shapiro said, “Consumer technology is all about continued innovation. In the blink of an eye, consumer demand has taken off for emerging categories such as wearables, unmanned aerial vehicles and 4K Ultra HD – categories that were too small to track just three years ago.”

The CEA report predicts overall wearable unit sales will achieve 30.9 million units, a 61 percent increase from last year, with revenues of $5.1 billion, up 133 percent.

Health and fitness devices will account for 20 million units, with revenue expected to exceed $1.8 billion during this upcoming year.

It is also expected that 10.8 million smartwatches will be sold, a 359 percent increase, bringing in roughly $3.1 billion in revenue, up 474 percent last year.

Sales of other technologies such as smartphones, tablets and 4K UHD TVs are also expected to experience positive growth.