Boston, MA -- (ReleaseWire) -- 03/07/2014 -- Hungary retains the potential to be a growing market for consumer electronics devices over our five-year forecast period to 2018. The Hungarian consumer electronics market still has considerable latent growth potential. Home computer penetration remains low compared with peer group countries while internet penetration is also relatively low as a percentage of households. In the handset market, consumers are increasingly becoming data-centric, offering scope for smartphone adoption as vendors offer low-cost devices.
Headline Expenditure Projections
- Computer Hardware Sales: US$1.21bn in 2013 to US$1.24bn in 2014, an increase of 2.8%. Although unit growth remains strong, competition from low-cost Android tablets is putting downward pressure on prices across the market and limiting increases in market value.
- AV Sales: US$816mn in 2013 to US$855mn in 2014, +4.8% in US dollar terms. Penetration of digital TV is driving demand for flat-screen TV sets as consumers upgrade to take advantage of new services.
- Handset Sales: US$395mn in 2013 to US$432mn in 2014, +9.4% in US dollar terms. The declining price of smartphones, particularly in the Android ecosystem, is sustaining sales growth. Operator subsidies are also helping to support market growth despite the constraints on Hungarian consumers.
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Key Trends And Developments
The Media-Saturn group of companies unveiled a dual online marketing strategy to reach a wider market and target price-conscious consumers. Although most Hungarians prefer to make final purchases offline, Google Think Insights research found that Hungarians aged 14 and over were looking online for price comparisons and reviews in 2011. As vendors gain consumer trust, BMI believes online retail could hit a niche market.
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