Recently published research from Business Monitor International, "Hungary Consumer Electronics Report Q4 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 10/25/2013 -- View: The Hungarian consumer electronics market is forecast to achieve only moderate growth in 2013 in US Dollar terms, as spending remains constrained by the weak economic environment. The Hungarian consumer faces yet another tough year, as fiscal austerity, tighter credit conditions, weakening confidence, a still-large overhang of debt and elevated unemployment levels all pose major challenges to households. However, there should be a few growth areas such as tablets, ultrabooks and smartphones. Even with these growth sub-segments of the market, overall the outlook is mixed as tablets are cannibalising sales of higher priced notebooks, while smartphone sales are also a threat to sales of digital cameras and MP3 players. As a result, even with an improving economy over the medium term, we do not expect a significant acceleration in growth.
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Headline Expenditure Projections
- Computer Hardware Sales: US$1.15bn in 2012 to US$1.21bn in 2013, an increase of 5.1%. We downgraded our forecast for market value as consumers are substituting the purchase of notebooks for lower cost tablets.
- AV Sales: US$789mn in 2012 to US$816mn in 2013, +3.4% in US dollar terms. Forecast in US dollar terms unchanged, but growing penetration of digital TV is driving demand for flat-screen TV sets.
- Handset Sales: US$355mn in 2012 to US$395mn in 2013, +11.3% in US dollar terms. Demand for smartphones and operator subsidies are helping to support market growth despite the constraints on Hungarian consumers.
Key Trends And Developments
The smartphone market is developing rapidly, with smartphone penetration crossing 30% in H113. Devices running Google's Android OS have dominated the market in recent years by offering a wider range of specifications and price points compared to Apple, which had taken an early lead. However in 2013 there are indications of Windows Phone gaining growth momentum, and we believe Nokia has the potential to leverage its legacy brand strength in Hungary against attractive premium and mid-range devices and provide serious competition to the leading Android vendor - Samsung - which has dominated the market in recent years.
Credit is still tight throughout the economy and consumers continue to deleverage, putting pressure on markets for big-ticket items such as PCs. This, combined with competition from tablets, has resulted in a relatively steep drop-off in desktop and notebook sales. There is scope for medium-term resurgence in notebook sales through ultra-thin and hybrid/convertible devices - however in the short term tablets will outperform and continue to cannibalise notebook sales.
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