(iTers News) - Revenues for the consumer electronics industry are projected to grow 2.4% in 2014, reaching a new record high of US$208 billion, according to The U.S. Consumer Electronics Sales and Forecasts, the semi-annual industry report released today by the Consumer Electronics Association (CEA).

The forecast was announced by CEA president and CEO Gary Shapiro in his opening remarks held today for 2014 International CES.

The forecast projects that new, emerging product categories will grow by 107 % year-over-year in 2014, including 3D printers, Bluetooth wireless speakers, convertible PCs, health and fitness devices, smart watches and UHD television displays.

All combined, they will collectively contribute more than US$6 billion to the overall CE industry in 2014.

While these emerging product categories represent less than 3% of the entire CE industry, they drive 65% of total industry revenue growth.

“We are at the forefront of a momentous wave of innovation,” said Shapiro. “The incredible growth that emerging product categories such as Ultra HDTV, wearable electronics and 3D printers will experience this year underscores the significant role new technologies play in the total consumer electronics story. These innovations will take center stage at the 2014 CES this week, and despite a recovering economy, the products on display will push the CE industry to reach new revenue levels in 2014.”

Sales of mobile connected devices, specifically smartphones and tablets, will continue to contribute significant unit sales and revenue to the total CE bottom line in 2014. Although revenue growth has slowed, unit sales will continue to see steady increases.

Smartphones are expected to maintain their position as the sales leader of the industry in 2014, with unit shipments projected to reach 152 million this year, up from 138 million units sold in 2013.

Smartphones to lead growth   

Additionally, smartphone revenues are expected to generate US$41 billion in 2014, a 4.6 percent increase from US$39 billion in 2013. Unit sales of tablets are projected to reach 89.3 million this year, up from 77.4 million in 2013.

Revenues for tablets will reach US$27.3 billion this year, up by 3%.

“In a short amount of time, mobile connected devices have become ingrained and indispensable in consumer’s lives,” said Steve Koenig, CEA’s director of industry analysis. “The market for these products, now found in millions of households, is exceptionally competitive, naturally resulting in slowed revenue growth. Yet we find ourselves at an interesting inflection point in technology, as these same products are creating opportunities and growth across several other categories in the industry.”

Bright spots within the television category will help drive revenue growth this year, as larger screen sizes and innovative display features have consumers upgrading their video experience. Although, total unit sales of displays are predicted to remain even with 2013 levels, total TV sets and display sales are projected to reach US$21.3 billion in 2014, up two percent from 2013’s better than expected revenue level of US$21 billion.

LCD flat-panels continue to dominate the total number of sets sold each year. Both unit sales and revenues for LCD displays are projected to increase slightly, with 39 million LCD TVs expected to ship to dealers in 2014, resulting in US$19 billion in revenue. Innovative features such as Ultra HD and OLED within the display category are beginning to gain awareness. Unit shipments of Ultra HD displays are expected to surpass US$1 billion for the first time this year, while OLED displays will reach US$836 million.

Elsewhere in the industry, a number of other categories are expected to see positive growth in 2014, including audio: soundbars, headphones and Bluetooth wireless speakers remain the standout products of this category.

Soundbar shipments are projected to increase 22% to US3.5 million units and reach US$676 million in revenue. Headphones are expected to sell 71 million units, earning US$1.5 billion in revenue; while Bluetooth wireless speakers are expected to generate US$430 million in total revenue in 2014, an increase of 12% year-over-year.

The growth of new vehicle sales in 2014 will drive factory-installed systems to reach US$11 billion in revenues, marking a whopping increase of 20%. The release of next generation gaming consoles are projected to propel unit shipment growth, up 42 % year-over-year, to reach revenues of US$5.7 billion in 2014.