The global market for technical consumer goods is expected to grow 2.5 percent in 2020, after flat sales in 2019, according to forecasts released by GfK to coincide with CES. Telecoms will lead the increase, with estimated growth of 3 percent, as well as increased sales of domestic appliances. Sales of IT, office products and other consumer electronics are expected little changed this year.
The expansion of 5G networks is expected to help the telecom sector return to growth this year. Demand for smartphones in China and emerging Asian markets are also major growth drivers, the market researcher said. Overall, telecom products will account for 43 percent of the market, or EUR 454 billion in spending.
The strongest growth is expected from the small domestics appliance market this year. GfK expects this segment to grow 8 percent to EUR 97 billion.
Individual products expected to show strong growth this year include Oled TVs (+19%), gaming notebooks (+15%) and cordless hand-stick vacuums (+23%).
