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Vietnam Consumer Electronics Report Q1 2012
Business Monitor International, Dec 2011, Pages: 50
Vietnam’s consumer electronics devices market, defined as the addressable computing devices, mobile handsets and video, audio and gaming products, is projected to be worth about US$5.2bn in 2012. This is expected to increase to US$8.9bn by 2016, driven by growing affordability of key products. The electronics devices market is forecast to increase at an overall compound annual growth rate (CAGR) of 14% through to 2016. The country’s vast, underpenetrated rural market offers the most growth potential, with Hanoi and Ho Chi Minh City accounting for most sales.
Vietnamese retail demand for consumer electronics products grew robustly in 2010, despite pressure on consumer incomes from rising inflation. Vendors and retailers introduced a series of aggressive retail promotions, which resulted in steep discounting of LCD TV sets and other products.
Computers accounted for about 38% of Vietnam’s consumer electronics spending in 2011. BMI forecasts Vietnamese domestic market computer hardware sales (including notebooks and accessories) of US$2.0bn in 2012, up from about US$1.7bn in 2011.
Computer hardware CAGR for the 2012-2016 period will be about 15%, with notebooks accounting for more than 30% of shipments currently.
AV Devices
AV devices accounted for about 28% of Vietnamese consumer electronics spending in 2011. Vietnam’s domestic audio, video and gaming device market is forecast at US$1.4bn in 2012. The market is expected to grow at a CAGR of 13% between 2012 and 2016 up to a value of US$2.3bn at the end of the forecast period. The government’s plan for digital TV broadcasting migration by 2020 will encourage replacement TV purchases, while there is a niche market for high-end devices such as 3D TV sets..
Mobile Handsets
Vietnamese mobile handset sales accounted for about 33% of Vietnamese consumer electronics spending in 2010. Total Vietnamese market handset sales are expected to grow at a CAGR of 12% to 25.2mn units in 2016 as mobile subscriber penetration soars towards 256% in 2012. The inaugural Vietnamese 3G mobile services launch by VinaPhone will provided a boost to mobile broadband uptake, with 29% of the operator’s subscribers reported to be smartphone users by April 2011.
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