Electronics market in Cyprus

The Cypriot Electronics eCommerce market is predicted to reach US$234.6 million by 2023 and accounts for 21.3% of the total eCommerce market in Cyprus. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2023-2027) will be 3.5%, resulting in a projected market volume of US$269.2 million by 2027. Within the Electronics market ECDB considers the following two sub-markets: Consumer Electronics and Electrical Appliances.

Market development

eCommerce revenue development in the Hifi Equipment market in Cyprus

The Cypriot Hifi Equipment eCommerce market is predicted to reach US$1.0 million by 2023 and accounts for 8.1% of the Audio eCommerce market in Cyprus. It is expected to decrease over the next years. The expected compound annual growth rate for the next four years (CAGR 2023-2027) will be -2.6%, resulting in a projected market volume of US$0.9 million by 2027. The Hifi Equipment eCommerce market is a sub-market of the Audio market. Further categories within the Audio market are: Headphones, Loudspeakers, and Other Audio.

eCommerce revenue development in the Hifi Equipment market in Cyprus

in million US$

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

eCommerce revenue growth in the Hifi Equipment market in Cyprus

in %

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

Net eCommerce revenue split by sub-category

in %

Note: Data shown is using current exchange rates.

Source: ECDB analysis

2020 2021 2022 2023 2024 2025 2026 2027
Revenue (in mUS$) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Growth (in %) 33.3 39.8 49.0 17.9 94.3 72.9 70.4 60.1
AOV (in US$) 0.5 0.2 0.6 0.6 0.4 0.5 0.0 0.1
CVR (in %) 31.4 3.0 55.6 64.0 23.7 14.7 18.3 87.6
AOV: Average Order Value CVR: Conversion Rate

Online share

eCommerce online share of the total Hifi Equipment market in Cyprus

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Cypriot Hifi Equipment retail market, the online share is 41.0% and will increase by an average of 5.6% to 51.0% by 2027.

eCommerce online share of the total Hifi Equipment market in Cyprus

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

2020 2021 2022 2023 2024 2025 2026 2027
Online share (in %) 75.8% 50.2% 22.9% 73.7% 16.9% 64.5% 37.2% 52.4%

Market definition

Definition of the Hifi Equipment market within the Electronics market

Market definition: Electronics > Consumer Electronics > Audio > Hifi Equipment The category Hifi Equipment includes the online trade of stereo systems, compact systems, audio home systems, and more. This category does not cover hifi loudspeakers and car hifi. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Stereo systems
  • Compact systems
  • Audio home systems
  • All-in-one-systems
  • Wifi radios
  • Amplifiers
  • Digital-to-analog converters (DACs)
  • Hifi receivers
  • Turntables

Out-of-scope

  • Hifi Loudspeakers
  • Car Hifi

Select sub-category

* Not available for the selected country