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BMI View: South Korea's devices market is lucrative, but is characterised as
low-growth - where an affluent and tech hungry consumer base supports high
average selling prices and relatively short replacement rates. However, most
growth opportunities are severely depleted due to high penetration rates. The
rate of diffusion for new products resulted in a sharp drop off in smartphone,
table and flat-panel TV set volumes throughout 2013-2016, and so the market
contracted. However, as volumes settle around the replacement rate in the medium
term, we forecast a much more stable devices market, with spending expected to
increase at a CAGR of 2.0% throughout 2016-2020.
Latest Updates And Industry Developments
-Computer Hardware Sales: USD8.5bn in 2016 to USD9.4bn in 2020, a CAGR of 2.6%.
Hybrid notebooks faring well, but tablets that have much weaker differentiation
from smartphones are facing cannibalisation by the popularity of phablets in
South Korea, which would be a drag on segment growth.
-AV Sales: USD2.9bn in 2016 to USD3.2bn in 2020, a CAGR of 2.3%. UHD upgrades
are boosting the AV market, a welcome trend after multiyear decline in the wake
of the initial flat-panel upgrade boom.
-Handset Sales: USD6.0bn in 2016 to USD6.2bn in 2020, a CAGR of 0.9%. Most
upgrade triggers diminished with ownership of phablets and 4G handsets already
widespread, which means there is a weak growth outlook for the handset segment,
though mass market adoption of complementary (rather than handset cannibalising)
wearables could boost the outlook.