Boston, MA -- (ReleaseWire) -- 04/09/2014 -- Although the Serbian consumer electronics market is one of the least lucrative and developed in the region, it has strong growth prospects over the medium term which attracts investments from global vendors. We project Serbian consumer electronics spending will grow by about 7% in US dollar terms in 2013 to US$1.2bn, and continue to outperform regional markets over the medium term to 2017. Sales growth rates will be higher than elsewhere in the region as incomes rise and vendors tap the low penetration rates for many consumer electronics devices. Household PC penetration, despite more than doubling over the previous five years, remains at below 30%, while smartphone penetration of around 15% is also a long way below the regional average, and could more than double over the next two years.
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Headline Expenditure Projections:
- Computer Hardware Sales: US$480mn in 2013 to US$477mn in 2014; -0.7% in US dollar terms. Low device penetration rates offer faster growth rates than elsewhere in Europe, however, weak economic conditions and a shift in consumption to cheaper tablets will limit value growth.
- AV Sales: US$420mn in 2013 to US$436mn in 2014; +3.8% in US dollar terms. Flat-screen TV sets will be the main growth driver as Serbia continues its steady migration to digital broadcasting.
- Handset Sales: US$293mn in 2013 to US$311mn in 2014; +6.4% in US dollar terms. The handset market is the most dynamic segment of the consumer electronics market as affordable smartphones drive growth, pushing up the average selling price for handsets.
Key Trends & Developments
The PC market in Serbia is expected to exhibit mixed performance in 2014, but has solid medium term growth potential. The Serbian PC market is relatively undeveloped, with household PC penetration reaching 59.9% in 2013, 20pps below the EU-27 average of 80%. Low penetration means there is still an opportunity for vendors to tap the first-time buyer market, as well as the upgrade/replacement market. However, data for 2013 show sales have shifted from notebooks to low-cost tablets, particularly among consumers that only require low-level functionality. The lower price points of tablets, particularly as the range of Android tablets widens, will enable greater sales volumes but mean that increases in market value will trail growth in unit terms.
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