May 252015

china consumer tech market

China is expected to become the number one market for consumer technology in 2016, overtaking the United States, thanks to both strong local buying power and the rapid development of homegrown innovation, said a top industry executive at the opening of the inaugural CES Asia in Shanghai.

Shapiro, citing industry data and estimates, said the size of the consumer technology market in China, the world’s second largest economy, will grow by around 5 per cent to US$281 billion this year, most likely overtaking the US as a the primary market for consumer technology goods by 2016.

Chinese companies are increasingly focusing on innovation and building on their extraordinary strength in manufacturing.

Contributed By Sonia Narula

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