According to the semi-annual US Consumer Electronics Sales and Forecasts 2010-2015 study, sector revenues are expected to climb two per cent to $211.3bn, compared with $207bn of sales in 2013.
Looking ahead to next year, the CEA is forecasting a further 1.2 per cent increase, as industry revenues look set to reach a new record of $214bn – suggesting the sector is alive and well.
MORE: Best tech products to buy in 2014
The CEA's forecast expects revenues from emerging product categories, such as Ultra HD 4K TVs and smart wearable devices, to increase 242 per cent in 2014 and a further 108 per cent during 2015.
While this part of the sector contributes less than three per cent to the industry's overall revenues, it's still a segment that will bring in around $5bn – compared with its nominal worth a couple of years ago.
CEA president and CEO Gary Shapiro said: "Across the consumer electronics industry, companies are packing more innovative features than ever into products that have quickly become indispensable.
"Emerging tech categories including wearable devices, Ultra HD TV and 3D printers are generating tremendous consumer excitement and cementing their place as the next generation of must-have products."
MORE: Ultra HD 4K TV – reviews, news and everything you need to know
If the predictions are broken down further, it's currently thought that shipments of Ultra HD 4K displays will number 800,000 during 2014, generating $1.9bn in revenue – a 517 per cent increase on last year.
LCD TVs, however, will continue to dominate and will account for 94 per cent of all digital display sets sold this year – representing what the CEA says is the third-highest revenue driver across the sector.
Smartphones are currently the industry's sales leader, but there has been positive growth seen in the audio category too, with soundbars, headphones and wireless speakers among the top performers.
