The consumer electronics industry will see overall shipment revenues top $173 billion in the United States in 2008, according to new data released today by the Consumer Electronics Association (CEA).

The semi-annual U.S. Consumer Electronics Sales and Forecast shows CE shipment revenues will grow by 7.3 percent this year, reaching more than $183 billion by 2009.

"The CE industry is a backbone of economic activity in this country," said CEA President and CEO Gary Shapiro. "In a tough economy, consumers turn to CE products for many reasons - from entertaining in the home to telecommuting to save gas. Such factors - and access to global consumers through free trade - help the CE industry to flourish while growth rates of other industries have either stalled or declined. Consumers don't want to live without CE products and continue to crave the latest gadgets and innovations our industry has to offer."

This latest forecast increases CEA's projection for 2008 shipment revenues, last updated in January 2008, by $2 billion. Leading the way are digital displays, with shipment revenues approaching $28 billion. DTV shipments represent 16 percent of all CE shipment revenues. With the switch to digital television occurring on February 17, 2009, unit sales for digital displays will accelerate, climbing 24 percent this year, while retail prices will fall by 11 percent.

Video games also remain a hot category as revenues once again reach record highs. Video gaming wholesale revenues will total more than $21 billion in 2008. Video game software is the dollar driver, buoyed by a burgeoning installed base of next-generation consoles. With the help of blockbuster gaming titles and franchises, gaming software shipment dollars will grow 27 percent this year and 23 percent in 2009. Portable video game systems will also shine in 2008 as consumers continue to seek CE products they can use anywhere, anytime.

Based on the above numbers it looks like we are all set for a huge Thanksgiving and holiday shopping season 2008.

Via the CEA site.