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Philippines Consumer Electronics Report Q3 2011
Business Monitor International, May 2011, Pages: 46
Philippines Consumer Electronics Report provides industry professionals and strategists, corporate analysts, electronics associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Philippines's consumer electronics industry.
The Philippines’ consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and AV products, is projected to be worth around US$4.5bn in 2011. Demand likely to remain strong in the coming quarters, boosted by supportive domestic economic conditions and continued growth in remittance inflows. BMI projects that the Philippine consumer electronics market will grow at a compound annual growth rate (CAGR) of 7% to US$5.9bn by 2015, driven by rising household penetration of PCs (less than 20% currently) and LCD TV sets.
Demand in the AV and mobile categories is expected to strengthen in 2011, in line with BMI’s prediction of continuing strong growth in domestic demand. Much growth is projected to come from areas outside Metro Manila. Given the Philippines’ low PC penetration, many provincial markets are relatively untapped territories, while rural populations contain the largest number of potential first-time mobile handset purchasers. Vendors will seek profits from product innovation such as smartphones based on the Android operating system, and 3D and LED TV sets.
Computers accounted for around 42% of Philippine consumer electronics spending in 2010. BMI forecasts Philippine domestic market computer hardware sales (including notebooks and accessories) of US$1.9bn in 2011, up from US$1.7bn in 2010. Computer hardware CAGR for the 2011-2015 period is forecast at about 11%, with much growth coming from increasing PC penetration, which is less than 10% currently.
AV devices accounted for around 16% of Philippine consumer electronics spending in 2010. The Philippine domestic AV device market is projected at US$700mn in 2011. The market is expected to grow at a CAGR of 10% during 2011-2015 to a value of US$1.0bn in 2015. The main driver will be demand for LCD TV sets in the Philippines’ 9mn TV household market.
Mobile handset sales will account for around 42% of Philippine consumer electronics spending during BMI’s five-year forecast period. Philippine market handset sales are expected to grow at a CAGR of 8% to 15.8mn units in 2015, as mobile subscriber penetration reaches 122%, although a proposed tax on texting could restrain growth. Sales will be dominated by lower priced mass market phones, but the Philippines is viewed as a promising market for smartphones. Demand for models based on Android was boosted by a series of new product launches in Q410.
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