Americans’ appetite for environmentally friendly technologies and consumer products is grossly underserved, with a potential $104 billion in sales this year, according to the 2007 National Technology Readiness Survey (NTRS) released today.
71% of adults are interested in green technology, acording to the survey sponsored by the University of Maryland’s Robert H. Smith School of Business and technology research firm Rockbridge Associates Inc.
Furthermore, the study said there is a large gap between the number of products consumers own now and the number they say they would like to own.
The $104 billion market opportunity represents the annual sales potential of the 11 product categories measured in the NTRS. More than half, $54 billion, is the potential for sales of "green" vehicles.
"Our research found that green technology trends are led by a small, yet powerful group of influencers that actively act as evangelists to a secondary group of adopters," said P.K. Kannan, director of the Center for Excellence in Service.
The survey found that people most committed to the environment–10% of adult consumers–are also very enthusiastic about technology. These "green tech leaders" are the same consumers who are often approached by others for advice on technology and the latest gadgets and devices. The researchers urge marketers to target this segment when introducing green products and services.
Kannan said. "This market segment tends to be younger, heavier users of online social media and more enthusiastic about technology in general. They write blogs and advise others, and they also create a strong social networking effect that is critical for diffusing green technology to the larger market."
Other 2007 NTRS Findings
- 83% of adults want to preserve and protect the environment
- 42% of adults said products and services that help the environment are hard to find
- 59% of adults say they like trying new technologies that help the environment
- 56% of adults say gadgets designed to help the environment would be fun to own
- 68% of adults like to do business with companies that are environmentally responsible
- 72% of adults say they resent companies who say they care about the environment but are not sincere
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