Despite facing challenges in the consumer electronics market, Cambodia is poised to benefit from the growth trend projected in the sector globally. According to Statista, the revenue in the consumer electronics market is expected to hit US$883.7m in 2023, with a Compound Annual Growth Rate (CAGR) of 3.15% between 2023 and 2028. The market’s largest segment is Telephony with a projected market volume of US$602.3m in 2023. Cambodia’s burgeoning telecommunications industry is a harbinger of growth for the segment.
While it may not match the impressive gains of China – expected to generate a revenue of US$230.5bn in 2023, Cambodia’s per-person revenue projection stands at US$50.83 in 2023 – a promising sign of prosperity. With a population of about 16 million, the country has potential as a growing market for consumer electronics beyond smartphones. The rise in online sales is also a bright spot as Cambodia aims to bolster its digital presence.
In the coming years, online sales are expected to contribute about 26.4% of total revenue by 2023. This trend is a positive sign for Cambodia, which aims to bolster its digital presence and e-commerce sector. Additionally, the country expected to see a volume growth of 2.6% in 2024 and reach a total volume of 14,050.0k pieces by 2028 – a figure that bodes well for the lively electronics market.
The average volume per person in the Consumer Electronics market is expected to amount to 0.7pieces in 2023, indicating that Cambodians are starting to increase their purchase of electronic devices. With increasing access to technology and the internet, coupled with the government’s efforts to improve infrastructure and provide the necessary skills and training, Cambodia has the potential to become a key player in the consumer electronics market.
The projected upward trend in the consumer electronics market presents a great opportunity for Cambodia. The optimism for the sector’s growth, holds the promise of increased revenue, which will contribute positively to the country’s economic growth. Additionally, the increasing adoption of online sales and projected rise in volume of pieces sold indicates that Cambodia has potential to develop its e-commerce industry as well.