China Consumer Electronics Market Projected to be Worth US$263.4bn by 2015
China’s consumer electronics devices market, defined to include computing devices, mobile handsets and video, audio and gaming products, is projected to be worth about US$162.1bn in 2010, and this is expected to increase to US$263.4bn by 2015. In H110, consumer electronics sales were robust, boosted by strong sales during the Chinese New Year peak shopping season. Sales of smartphones grew strongly, with shipments projected to increase 68% in 2010, although a significant portion of sales will inevitably be accounted for by grey market devices.
A second phase of the government’s rural consumer electronics subsidy programme is projected to drive sales of flat-screen TV sets and other products in the second half of the year in rural areas. Spending on consumer electronics products is projected to grow at a CAGR of 9.4% through 2015, with demand for computers and TV sets in rural areas and tier-three to tier-six cities a key driver, along with the increased popularity of high-end items such as flat-screen TV sets, 3G mobile handsets and smartphones.
Computers accounted for about 38% of China’s consumer electronics spending in 2010. The Chinese domestic market for computer hardware sales (including notebooks and accessories) has been forecasted at US$70.3bn in 2011, up from US$62.9bn in 2010. Computer hardware CAGR for 2011-2015 will be about 12.8%. The government’s rural computer subsidy programme will act as a significant driver, along with falling prices.
AV devices accounted for about 40% of Chinese consumer electronics spending in 2010. China’s domestic video, audio and gaming device market is projected to grow at a CAGR of 9.6% between 2011 and 2015, up to a value of US$101.8bn. About 35mn LCD TV set units are projected to be sold in 2010, with strong double-digit growth as Chinese consumers demonstrate a preference for larger screen sizes and internet-enabled TV sets.
China’s mobile handset sales accounted for about 24% of Chinese consumer electronics spending in 2010. Total Chinese market handset sales are expected to grow at a CAGR of 10.2% to 446mn units in 2015. The rural market will be the main source of subscriber growth, while vendors will also focus a rapidly expanding 3G handset market and demand for smartphones, which currently accounts for about 12% of Chinese handset sales.
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