Bahrain’s consumer electronics segment continues to demonstrate key stability amidst the impact left by the recent economic downturn, as reflected by its current market value of over $632 million in 2011, which is expected to increase by $797 million by 2015.
Meanwhile, the country’s addressable Audio Video (AV) device segment, which is currently valued at $338 million, is also being pegged to grow at a CAGR of 6% during the same time period.
Across this expected growth in Bahrain, ‘harman house’ the retail chain in home, professional and car infotainment in the Middle East, is seeing a continued increase in the demand for more audio devices and LCD and Plasma television sets despite challenging market conditions.
According to recent industry reports, the healthy state of the country’s AV segment, coupled with the growing demand for key AV devices, is being touted to drive the segment’s value to over $430 million by 2015. ‘harman house,’ experienced a 82% increase in sales till date in Bahrain during the financial year 2011-2012, as compared to the previous year, taking them one step closer towards achieving its Middle East target revenue of $300 million for 2011-2012.
“We are very upbeat about the continuing growth of the Bahrain consumer electronics industry and the AV devices segment in particular. Consumers in Bahrain have demonstrated a new found wisdom of knowing more about the product, before actually deciding on a purchase. This new attitude has stirred in more demand for products that offer high-end features and maximum performance at more affordable prices,” said Amit Malani, President, Harman Middle East. “We remain steadfast in our commitment to become a major part of this growth and our intitiatives reflect our move to meet the demands and requirements of Bahrain’s diverse consumer electronics market.”