Doha, Qatar: The demand for Qatar’s consumer electronics sector is poised for an expeditious surge this year. With the rising competition of online and in-store outlets in the country, the market revenue optimistically drives the growth of the economy.

According to the global data and business intelligence platform, Statista, the sector anticipates growing significantly as the revenue is estimated to amount to $721m (QR2.6bn).

The market is also expected to rise annually by 1.1 percent at a compound annual growth rate (CAGR) from 2024 to 2028.

The report highlights that the largest segment in this industry is Telephony, with a market volume of $334.2m (QR1.2bn) in 2024.

However, when compared worldwide, China continues to generate the most revenue in the industry this year, totalling $218.6bn (QR795.81bn) in 2024.

With regards to per-person revenues, an average of $263.40m (958.91m) is generated in Qatar this year. Earlier, the report that online sales will contribute at least 42.3 percent of the total revenue in the consumer electronics market.

Apart from that, the market is anticipated to exhibit a volume of 0.5 percent growth next year. The report also states, “Qatar’s consumer electronics market is booming, driven by high disposable incomes and a strong demand for premium brands.”

Experts noted that in 2022, the consumer electronics sector encountered a minor contraction mainly due to the market saturation of smartphones and a rebound in the demand for computing devices compared to the previous year.

This was also attributed to the global economic slowdown, rising inflation rates across the world, and surging energy prices, which contributed to decreased consumer spending. The market, however, generated a total revenue of $987bn in the same year, indicating a 4.4 percent decrease from 2021.

Researchers underscored that various trends in the market are expected to fuel further growth especially the emergence of 5G networks, the surging popularity of smart homes, and advancements in augmented and virtual reality technologies.

These trends are anticipated to transform a world that is becoming increasingly digital and interconnected and create a plethora of opportunities for the expansion of the market.

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