This one chart shows the iPhone's devastating effect on the consumer electronics market
It's hard to imagine life without a smartphone, but it's only been 10 years since Steve Jobs unveiled the first iPhone and kicked off the smartphone boom. Before that, buying a GPS system for your car or a new camcorder to use on vacation was totally normal.
But as time went on smartphones grew to include the same devices people once went to RadioShack for, and paying for and keeping track of cameras, iPods, and portable navigation systems became more of a hassle than a luxury.
Companies like Garmin and Cannon struggled and then were forced to diversify their products into other markets not yet dominated by the smartphone. Data from the Consumer Technology Association charted for us by Statista shows the staggering decline in sales for various types of electronics after 2007, the first year of the iPhone.
As the survey shows, some consumer electronics (the camcorder in particular) have practically become obsolete, and it's almost impossible to imagine them making a comeback as smartphones become even more advanced. Read » | | | |
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