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Electronics device market grows
Viet Nam's consumer electronic device market is projected to be worth around US$4.3 billion in 2010 and is expected to increase to $6.6 billion by 2014, driven by the growing affordability of key products, says a Viet Nam consumer electronics report for the second quarter of 2010.
The report, posted by the Companies and Markets website on Monday, adds that in the final quarter of 2009, festive sales of popular electronic products surged due to aggressive promotions and price cutting, with prices of many goods cut by up to 50 per cent.
Demand for LCD TV sets continued to grow, although price cuts hit margins, especially as the price of the US dollar had increased by 6.12 per cent by October in local currency terms.
The electronic device market, including computing devices, mobile handsets and video, audio and gaming products, is forecast to increase at an overall compound annual growth rate (CAGR) of 11 per cent through 2014.
The vast and relatively under-penetrated rural market presents a significant growth opportunity as the Government rolls out measures to boost rural incomes.
According to the report, computers accounted for around 35 per cent of Viet Nam's consumer electronic spending in 2009. Viet Nam's domestic market computer hardware sales (Including notebooks and accessories) are forecast to be worth $1.5 billion in 2010, up from $1.3 billion in 2009. Computer hardware CAGR for the 2010-14 period will be around 14 per cent, with notebooks accounting for about 30 per cent of shipments.
Audio-video devices accounted for around 26 per cent of Vietnamese consumer electronics spending in 2009. Viet Nam's domestic audio, video and gaming device market are forecast at $1.1 billion in 2010. The market is expected to grow at a CAGR of 15 per cent between 2010 and 2014 up to a value of $1.8 billion at the end of the forecast period. Video applications account for around 76 per cent of the total market.
Total Vietnamese market handset sales accounted for around 39 per cent of Vietnamese consumer electronics spending in 2009 and are expected to grow at a CAGR of 11 per cent to $2.3 billion in 2014, as mobile subscriber penetration soars towards 256 per cent.
The inaugural Vietnamese 3G mobile services launched by VinaPhone will provide a boost, but the market remains dominated by low-priced handsets.
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