The global biomedical refrigerators and freezers market is slated to magnify at a strong CAGR of 4.2% over the period amid 2016 and 2024. The market, which was worth $2.91 billion in 2015, is predicted to upswing to $4.28 billion by 2024…
BMI View: Economic activity in Venezuela virtually ground to a halt in 2016, with out of control inflation
and product shortages meaning local consumers faced a dramatic reduction of affordability and product
shortages, even for basic goods. Consumer electronics device spending has collapsed in the midst of the
crisis, with even local production unable to insulate the market due to price increases for components far
outstripping wage growth. There should be a modest recovery in device spending in the later years of the
forecast as the economic environment stabilises but even this is subject to significant uncertainty due to the
economic and political unsustainability of existing conditions.
Latest Updates & Developments
- Computer hardware: contraction from USD148mn in 2016 to USD101mn in 2020. Reduced demand
for both imports and domestically assembled PCs as price rises rapidly eroded affordability.
- AV and gaming: contraction from USD178mn in 2016 to USD139mn in 2020. Purchases are being
deferred because AV upgrades are the least likely to be considered essential, and so demand conditions
will only strengthen once the economy stabilises.
- Handsets: USD444mn in 2016 to USD474mn in 2020. The crisis stalled smartphone upgrade
momentum, meaning Venezuela still has considerable potential for first-time upgrades, but in the short
term economic conditions are so hostile that the market will continue to be depressed.