New Consumer Goods market report from Business Monitor International: "Saudi Arabia Consumer Electronics Report Q2 2013"
Boston, MA -- (SBWIRE) -- 05/24/2013 -- We see the Saudi consumer providing good growth for the consumer electronics market, at around 5% in 2013 and rising to 6-7% in the following years of our forecast. These trends are supported by wage hikes and government investment policies. Demand in 2012 was supported by a favourable trading environment with Saudi King Abdullah's US$93bn in handouts, including wage increases, supporting spending on big-ticket lifestyle products such as smartphones and flat-screen TV sets. We expect the market to remain a key part of the Middle East's consumer electronics outlook and a key hub for vendors in the region.
Headline Expenditure Projections
- Computer Hardware Sales: US$2.2bn in 2013 to US$2.6bn by 2017. Lower PC sales growth in early 2012 still weighs on our forecast.
- AV Sales: US$3.4bn in 2013 to US$4.6bn in 2017. The latest flat-screen TVs will continue to generate strong growth in the country's outlook and maintain AV as the key component of the consumer electronics market.
- Handset Sales: US$1.2bn in 2013 to US$1.6bn by 2017 as smartphones and connected devices for internet usage gain in popularity. Vendors are bringing devices to the market more quickly than previously, catering to the strong demand for the latest developments in the market.
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Key Trends And Developments
Saudi Arabia's oil-rich economy has created a booming market for new consumer electronic products. Youthful population demographics, a regional economic boom and a buoyant real estate sector will all drive retail growth over the next five years. Saudi electronics retailers are reporting high footfall and strong demand for consumer electronics products, stimulated by a range of promotions on leading brands. Items in demand include smartphones and flat-screen TV sets, with screen sizes of more than 42 inches.
Trading conditions should remain favourable for retail sales of handsets. Vendors expect good sales of smartphones. Mobile subscriber penetration is forecast to pass 200% by 2017, so sales will largely be driven by the replacement market. Smartphones based on the Android operating system are expected to remain a growth area and drive the market. Android is now the most popular operating system in the Middle East ahead of RIM and Symbian.
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