Business Insider’s Josh Krulewitz has compiled a list of the top 10 consumer products that are expected to make up the largest percentage of the $9.2 trillion global market in 2020.
The U.S. consumer electronics industry is expected to account for more than $5 trillion in spending in 2020, and the top-selling devices in 2020 include Apple, Microsoft, Dell, Samsung, Sony and LG, according to the report.
In 2018, the top consumer products were smartphones with the Apple iPhone 7, Apple iPhone 8, Samsung Galaxy S8 and LG G6, followed by Samsung’s Galaxy S9 and Samsung Galaxy Note 10.
Consumer electronics accounted for more revenue than all other industries combined in 2020 ($4.7 trillion), with Samsung expected to generate $1.8 trillion in sales, while Apple will generate $3.4 trillion in revenue, according the report released Tuesday.
The top five consumer product categories in 2020 are laptops, computers, tablets, digital cameras and gaming consoles.
In 2018, digital media accounted for about half of all consumer spending, with the majority of consumer spending on digital cameras, tablets and digital cameras.
In 2020, digital video accounted for nearly one-third of consumer video spending.
Consumer electronic spending grew 11% in 2020 compared to the same year last year, with consumer electronics spending rising by 12% year over year.
Overall consumer spending grew 6% in 2018, with spending on household electronics growing by 11%.
In 2018 and 2019, consumer spending in emerging markets grew by 13% and 12% respectively, the report said.
Consumer spending in China grew by 2.9% in 2019, the largest increase in the global consumer electronics market since 2015.
In China, consumer electronics spend grew by 16% in 2017, according a Reuters poll.