Doha, Qatar: Revenue of the electronics consumer market in the country has reached a whopping $721m (QR2.6bn), according to a report by Statista, noting that the compound annual growth rate (CAGR) is expected to gradually increase with 1.1 percent in the years ahead.

Meanwhile, the data also indicates that the largest segment in the sector is ‘Telephony’, with a market volume of $334.2m (QR1.2bn) this year.

Speaking to The Peninsula, experienced retail owners shared their expertise and optimism for a vital boom in the consumer electronics market.

Sayed Jaffer Ali, a shop owner at Doha Jadeed emphasised that the sales have been “extremely well” in the first half of the year, noting a positive outlook for the Qatari consumer electronic market in 2024.

Analysts state that this demand is supported by the non-energy fields and other tournaments including the AFC Asia Cup and the World Aquatics championship hosted in Qatar this year in addition to “favorable retail trends.”

The researchers at Fitch Solutions in Qatar remarked that 2024 remains an unyielding year for consumer electronics as the market is gaining higher strides by benefiting from huge revenues and sales from products including high-end smartphone upgrades, OLED TVs, tourism-linked retail trends, and surging demand from the infrastructure industry.

Industry leaders anticipate that technologies such as F5, machine-to-machine, Internet of Things, and e-vehicles will maintain the resilient moment elevated during the forecast period.

However, Statista’s data reveal that the revenues generated from each customer this year averaged an amount of $263m (QR957m). The report also states that online sales are anticipated to contribute over 42 percent of the market’s total revenue in 2024.

Furthermore, analysts mention that the volume of the market is expected to increase by 0.5 percent in 2025. “Qatar’s consumer electronics market is booming, driven by high disposable incomes and a strong demand for premium brands,” the report said.

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