Technology

CTA Projects Record Revenues for OLED TVs, VR

Says connected devices will reach 635 million units 7/19/2017 5:23 PM Eastern Last updated at 7/19/2017 5:27 PM

VR technology, OLED (organic light-emitting diode) TVs and drones are all projected to surpass the $1 billion revenue figure for the first time in 2017.

That is according to the Consumer Technology Association, which released its semi-annual U.S. Consumer Technology Sales and Forecasts report.

CTA estimates that technology revenue growth will be 3.2% in 2017, $321 of that retail and $251 billion wholesale.

RELATED: VR Market Still Set for ‘Modest’ Growth in 2017 (subscription required)

Sales of connected devices are projected to reach a record 635 million units, up 6% over 2016. Among those, 4K Ultra HD TVs, one of the fastest-growing segments, are projected to hit 16.7 million units, a whopping 59% increase over 2016 and generating $14.6 billion in sales (a 45% increase).

VR is projected to increase by 79% to $1.3 billion in sales, a 43% increase.

"More and more consumers are adopting connected products at a rapid pace, with several categories such as drones, VR and OLED TVs surpassing significant revenue milestones just a few years since their market entry," said Steve Koenig, senior director of market research, for CTA, in a statement. "At the same time, core categories, such as smartphones and laptops, continue to experience unit and revenue growth."

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