Bahrain’s home electronics market seen at $797m
Manama, March 14, 2012
Bahrain’s consumer electronics segment, which has a current market value of over $632 million, is expected to increase to $797 million by 2015, said an industry expert.
Across this expected growth in Bahrain, Harman House, a leading retail chain in home, professional and car infotainment, in the Middle East, is seeing a continued increase in the demand for more audio devices and LCD & Plasma television sets despite challenging market conditions.
The country’s audio video (AV) device segment, which is currently valued at $338 million, is also being pegged to grow at a CAGR of six per cent during the same time period.
According to recent industry reports, the healthy state of the country’s AV segment, coupled with the growing demand for key AV devices, is being touted to drive the segment’s value to over $430 million by 2015.
Harman House experienced an 82 per cent increase in sales till date in Bahrain during FY 2011-2012, as compared to the previous year, taking it one step closer towards achieving its Middle East target revenue of $300 million for FY 2011-2012.
“We are very upbeat about the continuing growth of the Bahrain consumer electronics industry and the AV devices segment in particular. Consumers in Bahrain have demonstrated a new found wisdom of knowing more about the product, before actually deciding on a purchase. This new attitude has stirred in more demand for products that offer high-end features and maximum performance at more affordable prices,” said Amit Malani, president, Harman Middle East.
“We remain steadfast in our commitment to become a major part of this growth and consumer buying trend. So far, our initiatives, which include endorsements made by A R Rahman, Maroon 5, Jennifer Lopez and Sir Paul McCartney, the introduction of new innovative products and our investments in marketing, have become strategic complements to our move to meet the demands and requirements of Bahrain’s diverse consumer electronics market,” he added. – TradeArabia News Service