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Kuwait Consumer Electronics Report Q3 2011
Business Monitor International, June 2011, Pages: 46
Business Monitor International's Kuwait Consumer Electronics Report provides industry professionals and strategists, corporate analysts, electronics associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Kuwait's consumer electronics industry.
Kuwait’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and video, audio and gaming products, is projected at about US$799mn in 2011. This is expected to increase to US$1.0bn by 2015, driven by growing popularity of flat-screen TV sets, smartphones, notebook computers and other premium products, as well as ongoing expansion of the electronics retail sector.
In 2011, an array of new product releases should help to stimulate Kuwaiti demand for electronics, despite overall weak household consumption. We forecast household consumption to only grow by 2.0% in 2011, suggesting that the recovery in loans to the private sector will be weak. However demand for high-tier products such as Android smartphones and LED TV sets will provide growth areas, with customers upgrading for the latest technologies and features.
BMI forecasts that per capita consumer electronics spend will reach US$263 by 2015, from US$214 in 2011. Key factors behind the forecast growth are a favourable long-term economic outlook, a sophisticated consumer base and high levels of disposable income. However, we do not see a return to the stellar growth rates of the last few years (real private consumption growth averaged 9.0% between 2002 and 2007.)
Computer hardware accounted for about 45% of Kuwaiti consumer electronics spending in 2010. BMI projects Kuwait’s domestic market computer hardware sales (including notebooks and accessories) of US$359mn in 2011, up from US$341mn in 2010. Computer hardware compound annual growth rate (CAGR) for the 2011-2015 period is forecast at about 7%, with the emergence of tablets helping to drive sales.
AV devices accounted for about 35% of Kuwaiti consumer electronics spending in 2010. Kuwait’s domestic AV device market is projected at US$273mn in 2011. The market is expected to grow at a CAGR of 4% from 2011-2015, to a value of US$323mn in 2015. More ‘big box’ electronics stores offering a wider choice and often better prices will help stimulate sales. Meanwhile, product innovation will drive demand in the AV product category, with a focus on features such as 3D, improved display quality and wider screens, as well as design and wireless capabilities.
Mobile handset sales accounted for about 20% of Kuwaiti consumer electronics spending in 2010. Kuwait’s market handset sales are expected to grow at a CAGR of 8% to US$228mn in 2015, as mobile subscriber penetration reaches 190%. Following the entry of new mobile network operator Viva, more competition will drive the replacement handset market and there will be growing demand for smartphones and 3G handsets. The upgrade of network infrastructure to support new data services will help to drive demand for 3G and higher-tier handsets.
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