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Colombia Consumer Electronics Report Q1 2012
Business Monitor International, Jan 2012, Pages: 40
Business Monitor International's Colombia Consumer Electronics Report provides industry professionals and strategists, corporate analysts, electronics associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Colombia's consumer electronics industry.
Colombia'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$4.9bn in 2012. Despite current economic problems, the market is expected to grow at a CAGR of 10.8% to US$7.4bn by 2016, driven by demand for TV sets, notebook computers and digital cameras as well as rising incomes and greater credit availability.
Domestic demand is stronger than ever in Colombia as the burgeoning middle class and private sector credit growth continue to stimulate household consumption. Continued growth in spending should see per capita consumer electronics spend reach US$142 by 2016. Following the bounce back in 2010, BMI is now more bullish about consumer demand owing to the upbeat prospects for credit growth and a likely decline in persistently high unemployment levels.
Computers:
Computer hardware accountted for around 32% of Colombia's consumer electronics spending in 2011, with PC penetration at below 20%. BMI forecasts Colombia's domestic market computer hardware sales (including notebooks and accessories) to reach around US$1.5bn in 2012. Computer hardware CAGR for the 2012-2016 period is forecast at about 9.4%, driven by sales of notebooks and netbooks.
AV:
AV devices accounted for around 48% of Colombia's consumer electronics spending in 2011. Colombia's domestic AV devices market is projected at US$2.3bn in 2012. Sales of digital TV sets and digital cameras are projected to drive AV spending growth at a projected CAGR of 10.8% between 2012 and 2016. The Colombian government is using the European DVB standard for its migration to digital broadcasting, which is currently due to be completed by 2019.
Mobile Handsets:
Mobile handset sales accounted for around 20% of Colombia's consumer electronics spending in 2011. Colombia's market handset sales are expected to grow at a CAGR of 15.2% to US$1.8bn in 2016, as mobile subscriber penetration has passed100%. Many first time buyers will be in the rural regions of the country where incomes are lower, meaning growth is likely to be slower from now on. Sales will be dominated by the low-tier segment, but with stronger than expected growth in 3G subscriptions, there will be increasing demand for more sophisticated feature phones.
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