Hungary Consumer Electronics Report Q2 2012

Business Monitor International
March 20, 2012
55 Pages - SKU: BMI3816775
Countries covered: Hungary

Hungary’s consumer electronics devices market, defined as the addressable market for computingdevices, mobile handsets and video, audio and gaming products, is projected at US$2.4bn in 2012.Revenues growth remained sluggish in 2011 due to consumer deleveraging, but spending is expected toincrease at a CAGR of 6.0% to US$3.0bn by 2016. The main drivers include the growing popularity ofdigital lifestyle products such as LCD TV sets and notebook computers, as well as lower prices and moreflexible terms. .

The Hungarian consumer faces yet another tough year in 2012, as fiscal austerity, tighter creditconditions, weakening confidence, a still-large overhang of debt and elevated unemployment level allpose major challenges to households. The effect of the economic crisis has led to profitability crises forseveral Hungarian market consumer electronics retailers, with leader ElectroWorld requestingbankruptcy protection in 2011. The decision by the government to allow foreign currency mortgageholders to fix their interest payments to a more manageable exchange rate is a broadly positivedevelopment for consumption. However, the effects are unlikely to be felt until unemployment and creditconditions demonstrate a more concerted improvement.

Despite this, rising incomes, product innovation and favourable social and demographic trends shouldsupport a long-term growth trajectory for consumer electronics spending. Mobile telecoms penetration inHungary remains much lower than in neighbouring markets, while digital television subscriptions nowaccount for a majority of Hungary’s nearly 3mn TV subscribers.

Computers

Computer hardware accounted for about54% of Hungary’s consumer electronicsspending in 2011. BMI forecastsHungary’s domestic market computerhardware sales (including notebooks andaccessories) will be worth aroundUS$1.3bn in 2012. Computer hardwareCAGR for the 2012-2016 period isforecast at 6.5%, driven by sales offeature-rich notebooks and netbooks.

AV Devices

AV devices accounted for 34% ofHungary’s consumer electronicsspending in 2011. Hungary’s domesticAV device market is forecast atUS$813mn in 2012. Demand for flatscreenTV sets will be the main driver ofa 2012-2016 AV spending CAGR of5.1%, as Hungary moves towards digitalbroadcasting, while video devices such asflat-screen TV sets, digital cameras andVCR players account for more than 80%of demand.

Mobile Handsets

Mobile handset sales accounted for 12%of Hungary’s consumer electronicsspending in 2011. Hungary’s markethandset sales are expected to grow at a2012-2016 CAGR of 6.0% to a value ofUS$383mn in 2016, as the mobilesubscriber penetration rate reaches 120%.

Sales will be dominated by thereplacement market, with growingdemand for smartphones and 3Ghandsets. The promotion of Androidmodels will drive smartphone sales in 2012 and Hungarian mobile operators are planning to place mobilebroadband and data services centre stage in the months ahead.



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