Retail volume sales of consumer electronics declined slightly in 2019 after stagnating in 2018, due to the presence of substitutes for key products such as in-car entertainment, home audio and cinema and imaging devices, in which growth was hindered by technological advances in other industries and categories. New product launches and marketing promotions for these products failed to translate to increased sales as many consumers no longer saw the need to make new purchases or replace old devices.
Consumer electronics recorded strong retail volume growth in the early part of the review period, reflecting good levels of consumer confidence. Performance began to decline in 2016, however, with falling or stagnant sales registered over the rest of the period as the economy weakened and consumers reigned in their spending.
Consumer electronics is characterised by large international companies such as Samsung Malaysia Electronics, Apple Computer Systems Malaysia, Huawei Technologies (Malaysia), OPPO Electronics and Sony Malaysia with a significant combined retail volume share in 2019. International brand owners benefit from their extensive portfolios, which allow them to operate in key categories.
Internet retailing has become an increasingly important channel in consumer electronics. The channel continued to achieve strong volume growth in most categories in 2019, driven by Malaysia’s high level of mobile penetration and the growing number of consumers opting to shop and browse for products online due to its convenience and the growing prevalence of online-exclusive promotions.
Consumer electronics is set to record an insignificant retail volume decline over the forecast period, with portable consumer electronics remaining largely flat, while computers and peripherals records a marginal decline and in-car entertainment witnesses a more marked fall, given the maturity of in-car speakers and the competition between car manufacturers to offer high-quality entertainment systems in their new cars. Demand for these products will likely be further dampened by weak consumer sentiment.
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This industry report originates from Passport, our Consumer Electronics market research database.