China Soon to Overtake US in Consumer Electronics: says Shapiro
Published By : 25 May 2015 | Published By : QYRESEARCH
When it comes to consumer technology, China promises to emerge in a big way in 2016. The leading manufacturers in the country are on a cusp of surpassing the United States facilitated by the strong local purchasing power and the robust innovation, as told by a top executive from one of the leading companies in China at the inaugural event of the CES China in Shanghai.
Chief executive officer and President of the Consumer Electronics Association in China, Gary Shapiro, which is the official organizer of the Consumer electronics Show – one of the most celebrated technology and innovations event worldwide, organized every year at Las Vegas described Shanghai as the “City for the Future” during the event. He reiterated the very promising growth prospects exhibited by the country in terms of consumer electronics in the event on Monday. This year CES for the time in its history is held outside the United States.
Shapiro, drawing reference to the relevant data and estimates claimed that China at present is the second largest market for consumer electronics in the world and the incumbent market trends indicate growth at the rate of at least 5 per cent for the industry. According to Shapiro, the consumer electronics industry in China is likely to reach US$281 billion by the end of this year, hence it is most likely to overtake its US counterpart by 2016.
One of the primary factors propelling the consumer electronics industry in China is continued efforts my manufacturing companies located in the country to boost their research and development activities by increase the funding for the same. Shapiro also told during his speech in the CES event that development staged by China is very crucial to the global manufacturing industry as well.