Consumer Electronics Market in Bulgaria 2016-2020

Overview of the consumer electronics market in Bulgaria

Market research analysts at Technavio have envisaged that consumer electronics market in Bulgaria will witness staggering growth and will post an impressive CAGR of more than 10% over the forecast period. The smartphone segment is one of the key contributors to the consumer electronics market. Bulgaria’s accession to the EU and subsequent economic growth has led to the proliferation of the smartphones market. Moreover, the consumers in Bulgaria have access to the latest services, including 4G/LTE. This has also contributed to the growth of the smartphone and tablets market in the country. By the end of 2014, there were more than 3 million users of smartphones and almost 1.5 million users of tablets in Bulgaria. Also, as per Vivacom, a leading telecom services provider, there has been a boost in the penetration of smartphones in Bulgaria due to increasing popularity of Android-based smartphones in the market, which will aid in the growth of the consumer electronics market in Bulgaria.

Bulgaria is emerging to be one of the most sought after manufacturing hubs in southeastern Europe due to the availability of advanced manufacturing technologies, experienced workforce, and low competition. Most of the companies in this sector are either small or medium-sized enterprises and are generally export oriented. They manufacture products that cater to several industries including industrial, automotive, medical, telecommunications, military, lighting, security, defense, renewable energy equipment, and consumer electronics markets. The majority of manufacturers have implemented in-house quality management systems. Also, OEMs that develop and manufacture their own products offer services such as EMS to Bulgarian and international clients. Moreover, Bulgaria also offers other advantages such as low raw material and manufacturing costs, which are expected to attract consumer electronics giants to set up manufacturing units in the country.

Product segmentation and analysis of the consumer electronics market in Bulgaria

• Smartphones
• Television sets
• Cameras
• Clocks and watches
• Audio

During 2015, the smartphone segment was the major contributor to the market, accounting for more than 54% of the market shares in terms of revenue. Excellent Internet and telecommunication services in Bulgaria have resulted in the increased use of smartphones and mobile Internet in the country. Smartphone sales have grown tremendously over the past two years. Also, Bulgaria is an important destination for IT outsourcing. With an increasing number of more and more IT companies entering the market, tremendous growth is expected in the sales of high-end smartphones and other wearable devices. Also, mobile cameras are being increasingly used by traffic police personnel, which will also contribute to the sales of smartphones.

Competitive landscape and key vendors

Some of the major retail chains selling consumer electronics in Bulgaria include Technomarket, Technopolis, Zora, and Densi. Technomarket is the market leader and it competes with both national and regional retailers of home appliances and electronics throughout the Balkans. Over the past few years, a number of retailers have also set up chain stores across the country. Key manufacturers in the market are focusing on collaborations with such retailers to enhance their sales and visibility in the market. Such channel strategies are prime contributors to the growth of manufacturers.

Key vendors in this market are -

• Densi
• Technomarket
• Technopolis
• Zora

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the consumer electronics market in Bulgaria?
• What are the key market trends impacting the growth of the consumer electronics market in Bulgaria?
• What are the challenges to market growth?
• Who are the key vendors in the consumer electronics market in Bulgaria?
• What are the market opportunities and threats faced by the vendors in the consumer electronics market in Bulgaria?
• Trending factors influencing the market shares of Bulgaria.
• What are the key outcomes of the five forces analysis of the consumer electronics market in Bulgaria?

Technavio also offers customization on reports based on specific client requirement.

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