Consumer electronics continued to feel the effects of the devaluation of the Egyptian pound in 2019. However, consumers have started to adapt to higher prices, while remaining price-sensitive and prioritising the product types they purchase.
The downturn in purchasing power and ever-increasing living costs, following the inflation and floating of the Egyptian Pound, forced many consumers to resort to the “grey market”. Here, consumers could buy used consumer electronics for around one third of their original prices.
In light of the latest economic developments, and in order to maintain competitive prices and the ability to supply the market, more players, including Samsung and LG, are opening manufacturing plants in Egypt. By producing electronic devices locally (not just assembling them), they are able to avoid the import/export restrictions and challenges created and put in place by the Egyptian government.
Internet penetration has skyrocketed among the Egyptian population, with a small, but rising share using e-commerce regularly in 2019. Some industry experts expect this share to as much as double annually.
Consumer electronics is projected to see an improved volume growth performance over the forecast period. Computers and peripherals, televisions, smartphones and wireless speakers are all expected to return to or accelerate in growth terms, compared with their respective review period CAGRs.
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Discover the latest market trends and uncover sources of future market growth for the Consumer Electronics industry in Egypt with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our Consumer Electronics market research database.