UAE consumer electronics spending on audio-visual products to peak at USD 1.1 billion in 2014
The latest Business Monitor International (BMI) industry report has forecasted that the UAE’s consumer electronic spending on audio visual equipment will peak to USD 1.1 billion by 2014; reflecting an annual growth of at least four per cent from 2010 to 2014. ‘harman house’, the leading retail chain in home, professional and car infotainment in the Middle East, has announced plans to leverage its presence in the UAE and the rest of the Middle East North African (MENA) region with the launch of the latest in next generation audio visual infotainment products, thereby meeting the rising demand among UAE-based end users and increasing its regional market share in the premium audiovisual segment. ‘harman house’ is upbeat on this expected increase in spending as the audio visual devices segment accounted for more than 30 per cent of UAE consumer electronics spending in 2009.
The UAE, which currently houses Harman Middle East’s regional operations, plays a most advantageous role in the leading infotainment company’s bid for expansion. In fact, the launch of HDTV premium services has driven the demand for high quality television sets and Blu-ray devices. Wanting to take advantage of this upward shift in high quality broadcasting, ‘harman house’ is leveraging its ‘Sound for vision’ concept, which is focused on enhancing the interactive experience of the customer through sound.
“The UAE is quickly emerging as a thriving consumer electronics market due to its rapidly expanding consumer demand for new innovations in home and personal audio computer systems and a combination of accommodating government policies, especially concerning tariff on imported products,” said Amit Malani, President, Harman Middle East. “We have always taken pride in our role of bringing the latest consumer and professional sound equipment and devices that are enjoyed by users across the globe. Amidst the fast paced development of new technologies in this market, a major part of our expansion in the region is the introduction of next generation products that have been developed to give both UAE and MENA based consumers a different audio visual experience.”
Helping strengthen its UAE presence is ‘harman house’s’ strategic partnership with leading electronics giant Samsung. The partnership has allowed ‘harman house’ to consolidate its position in the premium audio visual segment by posting the highest penetration of LED TV’s in the UAE - 55 per cent of all flat TV’s sold by retail chain. In addition to retailing the latest Samsung flat screen television models at great prices, ‘harman house’ is also offering to equip these LED, LCD and plasma TV’s with the latest range of Harman Kardon Home Theatre systems, which reflects the company’s commitment to bring cinema-like surround sound experience to the homes of UAE end users.Aside from the latest TV models, ‘harman house’ is also set to launch new models in their home and entertainment systems; iPhone and iPod docking stations; amplifiers and wireless bass control systems for car stereos.
“We have been very successful in our previous financial year, having recorded 72 per cent growth and expanded to Qatar, Bahrain and Saudi Arabia. This year, our focus is to broaden our reach to new markets, while strengthening our position in the countries where we currently maintain presence. The major investments we will be undertaking across the MENA region underlines our confidence in the region’s potential to become one of the top markets for industry-leading and advanced home theatre and audio products in the world,” concluded Malani.
Amidst the transformation of the region’s consumer electronic industry, partly due to the growing competition among manufacturers and resellers, Harman ME is developing its channel by appointing more distributors and power retailers. In addition, the company is also focusing on aggressive pricing, innovation and value added offerings to maintain and strengthen its market leadership - aiming to hit its USD 200 million Middle East revenue target for FY ’10-’11. The previous FY also witnessed the opening of five new ‘harman house’ stores and clinching of several audio visual implementation and integration projects in strategic development projects like Emaar, Meydan, and the Jumeirah Group for its Projects Division. This development reflects the demand for audio visual applications in entertainment venues like malls, hotels, nightclubs, theatres, airports and other commercial development projects.
- Egyptian stocks plummet as Yemen confict deepens
- Mission to Mars: UAE plans Arab region's first unmanned probe
- Supervising the stoners: Egyptian tobacco traders call for the legalization of cannabis
- Ethiopia launches $2.8m research survey for Nile basin development
- UAE sweetens flotation regulations to attract more investment