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Venezuela Consumer Electronics Report Q1 2012
Business Monitor International, Jan 2012, Pages: 45
Business Monitor International's 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$3.6bn in 2012. 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.
Following a steep devaluation of the bolívar for ‘non-essential’ imports such as flat-screen TV setsdemand 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$4.2bn by 2016, 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 36% of Venezuela’s consumer electronics spending in 2011, with PC penetration only at below 20%. BMI forecasts computer hardware sales (including notebooks and accessories) of US$1.3bn in 2012. Computer hardware sales growth is expected to be -1% in US dollar terms over BMI's five-year forecast, with a growing contribution from sales of locally produced desktops and notebooks.
Audio/video (AV) devices accounted for about 27% of Venezuela’s consumer electronics spending in 2012. Venezuela’s domestic AV device market is estimated at US$989mn for 2012. 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 37% of Venezuela’s consumer electronics spending in 2011. Spending is expected to grow at a CAGR of 7.3% to US$1.8bn in 2016, with mobile subscriber penetration already above 100%. 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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