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Hungary Consumer Electronics Report Q3 2011
Business Monitor International, June 2011, Pages: 50
Business Monitor International's Hungary Consumer Electronics Report provides industry professionals and strategists, corporate analysts, electronics associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Hungary's consumer electronics industry.
Hungary’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and video, audio and gaming products, is projected at around US$2.3bn in 2011.
Revenues growth remained sluggish in 2010 thanks to lower prices, but spending is expected to increase at a CAGR of 76.1% to US$2.9bn by 2015. The main drivers include the growing popularity of digital lifestyle products such as LCD TV sets and notebook computers, as well as lower prices and more flexible terms. .
The impact of the economic crisis has led to profitability crises for several Hungarian market consumer electronics retailers, with leader ElectroWorld requesting bankruptcy protection in Q111. Household consumption has begun to show signs of improvement in recent months, but, due to the burden of foreign-denominated debt, BMI does not forecast a stronger pick-up in household spending over the medium term.
Despite this, rising incomes, product innovation and favourable social and demographic trends should support a long-term growth trajectory for consumer electronics spending. Mobile telecoms penetration in Hungary remains much lower than in neighbouring markets, while digital television subscriptions now account for a majority of Hungary’s almost 3mn television subscribers.
Computers:
Computer hardware accounted for around 54% of Hungary’s consumer electronics spending in 2010. BMI forecasts Hungary’s domestic market computer hardware sales (including notebooks and accessories) worth US$1.3bn in 2011. Computer hardware CAGR for the 2011- 2015 period is forecast at about 7.4%, driven by sales of feature-rich notebooks and netbooks.
AV devices accounted for around 34% of Hungary’s consumer electronics spending in 2010. Hungary’s domestic AV device market is forecast at US$778mn in 2011. Demand for flatscreen TV sets will be the main driver of a 2011-2015 AV spending CAGR of 4.8%, as Hungary moves towards digital broadcasting, while video devices such as flat-screen TV sets, digital cameras and VCR players account for more than 80% of demand.
Mobile handset sales accounted for around 12% of Hungary’s consumer electronics spending in 2010. Hungary’s market handset sales are expected to grow at a 2011-2015 CAGR of 5.9% to a value of US$342mn in 2015, as the mobile subscriber penetration rate reaches 131%. Sales will be dominated by the replacement market, with growing demand for smartphones and 3G handsets. The promotion of Android models will drive smartphone sales in 2011 and Hungarian mobile operators are planning to place mobile broadband and data services centrestage in the months ahead.
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