The US, the biggest consumer of electronic goods worldwide, is expected to rise 6.1% and earn around $171 Billion this year, despite the fears of rising energy cost and economic slowdown.

According to a RNCOS report, “Consumer Electronics Market Worldwide (2007)”, the US consumes the largest amount of electronic products in the global consumer electronic (CE) industry. The consumer electronic industry is one of the prominent industries in US economy. As new products are being launched rapidly, people have wide options to choose from and they are also spending more on consumer electronics.

A consumer electronics industry body recently forecasted that the sale of electronic goods would rise this year, despite the fears of economic slowdown.

The Consumer Electronics Association (CEA) trade group, at the International Consumer Electronics Show organized at Las Vegas, predicted that the industry revenue would rise to 6.1% this year and earn $171 Billion, despite escalating energy costs, sluggish housing industry and meltdown of subprime lending.

The association also announced that the shipments rose by around 8.2% in 2007 to $161 Billion around as compared to 2006. The CEA is expecting lower growth this year in comparison to 2007, however, it is quite near to the industry’s historic average. The prediction is much higher as compared to the predictions of other industries, including auto and housing industries.

EA CEO and President, Gary Shapiro, said, “CE industry sales have exceeded our expectations once again, despite a challenging domestic economic situation.” as reported by Reuters on January 7, 2008. “It’s clear that the spirit of innovation will continue to sustain and grow our industry. Indeed, we are seeing this innovation on display here at the 2008 international CES. This is especially healthy growth when compared to that of any other industry,” added Shapiro.

The sale of consumer electronics is increasing in the US. Consumer electronic industry is playing the most important role by launching new products in the market which people like to buy. Manufacturers of consumer electronics are reaping benefits of the technological changes taking place in the digital media and these technological changes are making audio and video devices smaller.

The consumer electronics industry will fortify in future with rising demand for advance audio and video products like television and audio devices. The US consumers are excessively buying electronics goods, thus further supporting the electronics industry.