Bangladesh electronics product market will reach $5.17 billion by 2025 with the current growth trend and consumers behaviour, a study claims.
The market is rapidly growing with improved living standards, increased per capita income and purchasing power, said the report – ‘The Television Industry in Bangladesh: Unveiling Market Insights’ – published on Wednesday by Marketing Watch Bangladesh (MWB).
Dhaka University’s marketing department Chairman Mizanur Rahman, Associate Prof Nazmul Hossain, MBA student Taskin Tariqul Islam and Walton Hi-Tech Industries digital marketing head Md Didarul Alam Khan jointly conducted the research. It involved 2,439 people from all the divisions between January and April this year.
The market share of consumer electronic products consists of refrigerators, TVs, air-conditioners, and home appliances (including Washing Machines, Microwaves, and Kitchen Appliances).
Sourcing the DATABD.CO data of 2017, the research data showed the market share of refrigerators 39.81 per cent, televisions 30.03 per cent, air-conditioners 11.93 per cent and other home appliances 18.23 per cent.
While unveiling the research at DU marketing department, Dr Rahman said currently, the local makers hold nearly 60 per cent of the total market share. A decade ago, the market was dominated by foreign companies.
The local makers supply the products at low prices with high quality, gradually attracting consumers. Besides, consumers have to change their mentality that the foreign products offer better quality, he added.
Local television brands gaining popularity
Locally-manufactured television brands are now getting popular. Walton, Vision, Minister, My Choice, Jamuna, and Nova are some of the notable local brands while Sony, Samsung, Singer, LG, Panasonic, Toshiba, Philips, Sanyo, and Soumi are some popular foreign brands.
Currently, Walton holds around 25 per cent share of the television market. Besides, Minister holds 3 per cent, Vision 2 per cent, and Jamuna 1.5 per cent of the market share. On the other hand, Samsung holds 11 per cent, Singer 9 per cent, Sony 5 per cent, and LG 4 per cent of total market share.
The research said that the grey market is having a negative impact on television industry. It estimated that grey market products hold 20 per cent share at present, down from nearly 35 per cent in FY17-18. It also said that many products are being illegally brought in using false declarations.
The research also measured the rate of satisfaction and dissatisfaction of the users. Maximum 81 per cent and lowest 70 per cent of television users confirmed that there was no problem with their television.
But the research recommended the local manufacturers to improve the colure and sound.
Besides, the research recommended prohibiting the import and sale of duplicate televisions, raising tax on foreign brands, decreasing import duty on raw materials, easing export procedures and providing incentives to exporters.