Emerging Markets to Lead Tech Sector Growth in 2015
The global consumer electronics market has been stagnant at around $1 trillion for the past three years. However, while mature markets are in a slump, there are other countries that continue to see considerable growth. According to a recent GfK report, the Top 10 growth markets in 2015 will all be emerging economies.
Contrary to the common assumption that China is the largest growth market for the tech industry, GfK predicts that India's market for tech devices will see the biggest growth in 2015. GfK expects total sales of tech devices in India to reach $34.8 billion in 2015, up $4.8 billion from this year's expected total. Smartphones are the main growth driver in India, as handset prices have come down to a price that is affordable to many Indians.
China's tech market, while much bigger in size than India's, is predicted to grow by $1.8 billion in 2015, which would be a meager 1% increase over the estimated 2014 total but still enough to make China the second largest growth market in dollar terms.
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