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Venezuela Consumer Electronics Report Q1 2011
Business Monitor International, Nov 2010, Pages: 45
The Venezuela Consumer Electronics Report provides industry professionals and strategists, corporate analysts, electronics associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Venezuela's consumer electronics industry.
Venezuela’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and video, audio and gaming products, is estimated at US$3.2bn in 2011. The country’s consumer credit binge of the past five years has now ended and BMI projects a lower rate of growth over its five-year forecast period, after negative growth in consumer electronics sales in 2010. Following the announcement in 2010 of a steep devaluation of the bolívar for ‘non-essential’ imports such as flat-screen TV sets, demand is likely to be constrained as consumers grapple with runaway inflation, restricted credit availability and the erosion of real wages.
Despite this challenging trading environment, continued, if slower, growth in spending should see per capita consumer electronics spend rise from US$108 in 2011 to US$135 in 2014.
The market is expected to grow at a compound annual growth rate (CAGR) of 5.6% to US$4.1bn by 2015, driven by underlying demand for notebooks, digital cameras and digital TV sets. Venezuelan consumers also continue to show enthusiasm for high-end consumer electronics devices such as BlackBerry smartphones.
Computers
Computer hardware accounted for around 34% of Venezuela’s consumer electronics spending in 2009, with PC penetration only at around 12%. BMI forecasts computer hardware sales (including notebooks and accessories) of US$1.2bn in 2011, with local PC production and increased broadband penetration among the drivers. Computer hardware CAGR for the 2011-2015 period is projected to be 7.4%, with a growing contribution from sales of locally produced desktops and notebooks.
AV Devices
AV devices accounted for around 30% of Venezuela’s consumer electronics spending in 2009. Venezuela’s domestic AV device market is estimated at US$915mn for 2011. With Venezuela pledged to embark on digital broadcasting migration, sales of digital TV sets are projected to drive AV spending growth at a CAGR of 7.0% between 2011 and 2015.
Mobile Handsets
Mobile handset sales accounted for around 36% of Venezuela’s consumer electronics spending in 2009. Spending is expected to grow at a CAGR of 4.5% to US$1.4bn in 2015, with mobile subscriber penetration passing 102% in 2015. Sales will be dominated by the replacement market, with locally produced handsets taking an increased share. Lower priced handsets will help to drive market growth in more rural areas.
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