Boston, MA -- (ReleaseWire) -- 05/30/2014 -- A strong consumer growth story underpins our view that Peru will remain one of the more dynamic markets in Latin America over our forecast period. Economic growth is relatively broad-based compared to some other regional markets, boosting consumption of devices such as notebooks, tablets, smartphones and flat-screen TVs. However, in 2014 Peru continues to trail the majority of its regional peers in terms of device penetration rates in most consumer electronics device categories. This feature does have upside, allowing vendors to capitalise on strong growth if they are competitive on price. BMI forecasts consumer electronics sales to grow by 8.3% in 2014, backed by a rise in consumer spending and low penetration of devices such as PCs and smartphones. Meanwhile, the launch of 4G LTE by Movistar in January 2014 should boost sales of mobile handsets at the higher end of the market.
Headline Expenditure Projections
Computer Hardware Sales: USD762mn in 2013 to USD841mn in 2014, +10.4% in US dollar terms. Tablet sales are driving growth higher, but there remains growth potential in both the desktop and notebook markets despite the impact of cannibalisation.
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AV Sales: USD912mn in 2013 to USD998mn in 2014, +9.4% in US dollar terms. Flat-screen TV sets expected to provide the most dynamic development.
Handset Sales: USD739mn in 2013 to USD774mn in 2014, +4.7% in US dollar terms. Smartphones are increasing as a share of device sales, boosting average selling price for the overall handset market, but intense price competition in the Android ecosystem is countering this effect in the smartphone market.
Key Trends & Developments
- Competition is intensifying in the smartphone market, which BMI expects to drive increases in penetration. As is the case for most Latin American markets, penetration rates trail comparative rates in Southeast Asian markets, but with Chinese Android vendors including Lenovo, Huawei and CoolPad shifting from China to an international focus we expect 2014 to see strong growth. Furthermore, the launch of Firefox OS in collaboration with Telefonica and ZTE, has seen the price of smarpthones drop to below USD100 and the improving quality of 3G internet access should create more demand.
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