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Philippines Consumer Electronics Report Q1 2012
Business Monitor International, Dec 2011, Pages: 48
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$4.7bn in 2012. 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 6% to US$6.0bn by 2016, 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 2012, 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
Computers accounted for around 42% of Philippine consumer electronics spending in 2011. BMI forecasts Philippine domestic market computer hardware sales (including notebooks and accessories) of US$2.0bn in 2012, up from US$1.9bn in 2011. Computer hardware CAGR for the 2012-2016 period is forecast at about 8%, with much growth coming from increasing PC penetration, which is less than 10% currently.
AV
AV devices accounted for around 16% of Philippine consumer electronics spending in 2011. The Philippine domestic AV device market is projected at US$781mn in 2012. The market is expected to grow at a CAGR of 9% during 2012-2016 to a value of more than US$1.1bn in 2016. The main driver will be demand for LCD TV sets in the Philippines’ 9mn TV household market.
Mobile Handsets
Mobile handset sales will account for around 39% 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 17.0mn units in 2016, as mobile subscriber penetration reaches 114%, 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 2011.
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