Gen Z consumers are poised to dominate the tech market in 2024, representing a quarter of the global consumer base for technology products. This insight was shared by Jessica Boothe, director of research at the Consumer Technology Association (CTA), and Brian Comiskey, director of thematic programs, during the opening session of CES 2024 in Las Vegas.
“CES is where the spark of innovation comes to life,” Comiskey stated, highlighting the event’s role in shaping technological trends. The CTA, with a century of experience in consumer research, notes that Gen Z encompasses approximately 69 million individuals in the U.S. and a significant portion of the global population, particularly in emerging markets.
While 92% of the U.S. population is online, internet penetration varies worldwide: only 46% in India, 55% in Nigeria, 73% in China, and 87% in the European Union. The CTA predicts that by 2027, an additional billion people will connect to the internet, driven in part by initiatives like Elon Musk's Starlink, alongside advancements in 6G wireless technology and the Internet of Things.
Among the innovations highlighted at CES is Li-Fi, a method of transmitting data through light. Comiskey emphasized that the future of consumer gadgets will revolve around AI and robotics, with key topics including sustainability and inclusivity. He also noted the rapid growth of generative AI, referencing major chipmakers like Intel, AMD, Nvidia, and Qualcomm investing heavily in AI technologies. Microsoft's introduction of the Copilot key to Windows signifies a major technological evolution.
Comiskey pointed out that nine out of ten U.S. adults are familiar with AI and generally view it positively. However, concerns about privacy, misinformation, and job displacement persist, with 74% of respondents advocating for federal regulation on AI safety.
A noteworthy focus at CES is the industrial metaverse, where companies like Siemens are using digital twins to optimize factory designs through robotics technology. Innovative technologies include lightweight exoskeletons, enabling users to lift significantly heavier loads; for example, the Muscle Suit from Innophys can make lifting 25 pounds feel like five.
Sustainability emerged as both a revolutionary and evolutionary trend. Significant progress in nuclear fusion was achieved in 2023, and efforts in electric vehicles, renewable energy, and consumer electronics recycling are advancing as we approach climate goals set forth in the Paris Agreement.
In the U.S., $97 billion is earmarked for achieving carbon-free electricity by 2035 and net-zero energy by 2050. Products like Air Farm from Nit Bar demonstrate sustainable food production, even in desert climates.
Boothe also highlighted the importance of inclusive tech design, noting that companies with diverse management teams achieve 19% higher revenue. With an estimated 1.8 billion people globally living with disabilities, there is a significant market for accessible products, such as the Iris Signbot, which interprets sign language.
CES is recognized as the world's largest mobility show, featuring electric vehicles and innovative technologies like wireless EV charging. Companies like Brunswick are showcasing electric motors for boats, while Supernal presented designs for flying cars.
According to Boothe, TVs are evolving into intelligent hubs for the smart home, with LG leading the charge in integrating home automation into television platforms.
The gaming sector continues to thrive, evident in the success of films like The Super Mario Bros. Movie, which grossed $1.36 billion, and the expansion of television shows like The Last of Us. With about three billion gamers worldwide, the industry anticipates further growth, driven by new adaptations and retro game remakes. The CTA also noted a notable shift in consumer electronics revenue, with 64% generated from hardware and the remainder from software.
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