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Venezuela Consumer Electronics Report Q3 2011
Business Monitor International, June 2011, 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, BMI expects an expanding population, rising disposable income and easier access to consumer credit to have positive effects on Venezuela’s consumer electronics sales over the long term. The market is expected to grow to US$3.7bn 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.
Computer hardware accounted for around 37% of Venezuela’s consumer electronics spending in 2010, 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 sales are expected to be flat in revenue terms with a growing contribution from sales of locally produced desktops and notebooks.
Audio/video (AV) devices accounted for about 28% of Venezuela’s consumer electronics spending in 2010.
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 handset sales accounted for about 34% of Venezuela’s consumer electronics spending in 2010. Spending is expected to grow at a CAGR of 4.8% to nearly US$1.4bn in 2015, with mobile subscriber penetration reaching 100% 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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