Harman Middle East, home, professional and car infotainment vendor in the Middle East, has announced plans to consolidate its market presence in Bahrain, which recorded rapid growth in its audio and video segment. The company earned $229 million in revenues for fiscal year 2010-2011, reflecting a 45 per cent increase in revenues from the previous fiscal year. Bahrain’s consumer electronics segment including computing devices, mobile handsets and AV devices, has been forecasted to reach $452 million in 2011 and will increase to $565 million by 2015.
Bahrain’s consumer electronics market is driven by an increased demand for feature-rich digital lifestyle products like flat screen TV sets, home theatre sound systems, iPod and iPad docking stations and other key products.
“Amidst the impact left behind by the recent economic downturn, Bahrain has managed to transform itself as one of the most strategic markets for AV devices. The growth is due to a new consumer shift towards purchasing products that add more value to their money,” said Amit Malani, President, Harman Middle East.
“Strong factors that are driving this growth are product innovations, lowered prices and greater vendor and channel sales flexibility. Bahraini consumers are looking for products that offer high-end features and performance at more affordable prices.”
The company has named its retail, distribution and projects divisions as the three key business lines that will help meet the revenue target. Harman brands are included in premium cars like BMW, Land Rover, Rolls Royce, Mercedes Benz, Lexus and Mini Cooper.