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In-Home Consumer Electronics in Latin America

October 2022

Sales of in-home consumer electronics in Latin America continued to fall in 2022, driven mainly by another big decline in Brazil. However, Mexico continued to see positive growth in 2022, and is expected to soon become the region’s biggest market. OLED TVs continue to register strong growth across the region, albeit from a relatively small base, with LCD TVs remaining the dominant product in the overall market.

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Key Findings

Further decline for in-home consumer electronics

Retail sales continued to decline in 2022, with falling unit volumes in Brazil the main reason for this, with this country’s consumers struggling in the wake of the pandemic’s economic impact and in the face of high inflation rates. In particular, middle- and low-income consumers in Brazil are living with budget constraints, which has affected their purchasing power, with many looking to prioritise spending on essential products.

Qatar World Cup to boost TV sales?

Historically, FIFA World Cup years have been popular times for local consumers to upgrade their televisions to larger and more sophisticated models to watch the matches. Normally, the soccer World Cup takes place in June/July, but, as this period would be too hot in host nation Qatar, it has been moved to November/December, which is likely to see volume sales of televisions rise later in the year than for previous World Cups.

E-commerce records strong growth in the pandemic

E-commerce made strong gains during the pandemic, especially in 2020, as it benefited from home seclusion and the closures of some store-based retail outlets. It has also continued gaining share in 2021 and 2022, albeit at slower rates, as many of those won over by online shopping in 2020 have stuck with it, while more new customers continue to be attracted to internet retailing by the wide range of products available, competitive prices and convenience of home delivery.

Return to positive growth by the end of 2022-2027

Although sales will continue to decline in the initial years of the forecast period, they are expected to finally return to positive growth in its final two years, helped by a strong performance in Mexico, which will take over from Brazil as the biggest market in the region in 2023. OLED TVs will be most dynamic, by some way, but LCD TVs will continue to dominate overall sales.

Scope
Key findings
In-home consumer electronics is struggling in Latin America
Falling Brazilian sales mean decline for Latin America for most of 2017-2027
Streaming affecting sales of in-home consumer electronics products
OLED TVs by some way the most dynamic in-home consumer electronics category
Televisions continue to dominate sales of in-home consumer electronics products
Competition from other products and services hurting in-home consumer electronics
Appliances and electronics specialists still the main sales channel in Latin America
E-commerce and hypermarkets continue gaining share
LG and Samsung ensure that it is a relatively concentrated competitive landscape
TCL expands its Latin American presence to include Colombia
Brazil and Mexico the main markets for the top 10 players
HiSense up to third place in the rankings
OLED TVs will remain the only dynamic in-home consumer electronics product area
Mexico expected to become the biggest market in the region in 2023
Argentina: Market Context
Argentina: Competitive and Retail Landscape
Brazil: Market Context
Brazil: Competitive and Retail Landscape
Chile: Market Context
Chile: Competitive and Retail Landscape
Colombia: Market Context
Colombia: Competitive and Retail Landscape
Mexico: Market Context
Mexico: Competitive and Retail Landscape

Consumer Electronics

Consumer Electronics refers to the sales of Computers and Peripherals, In-Home Consumer Electronics, In-Car Entertainment and Portable Consumer Electronics to the end consumer.

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