Electronics market in Cyprus

The Cypriot Electronics eCommerce market is predicted to reach US$114.3 million by 2024 and accounts for 20.8% of the total 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 2024-2028) will be -1.5%, resulting in a projected market volume of US$107.8 million by 2028. Within the Electronics market ECDB considers the following two sub-markets: Consumer Electronics and Electrical Appliances.

Market development

eCommerce revenue development in the Loudspeakers market in Cyprus

The Cypriot Loudspeakers eCommerce market is predicted to reach US$2.9 million by 2024 and accounts for 49.1% 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 2024-2028) will be -10.1%, resulting in a projected market volume of US$1.9 million by 2028. The Loudspeakers eCommerce market is a sub-market of the Audio market. Further categories within the Audio market are: Headphones, Hifi Equipment, and Other Audio.

eCommerce revenue development in the Loudspeakers 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 Loudspeakers 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

201720182019202020212022202320242025202620272028
Revenue (in mUS$)0.00.00.00.00.00.00.00.0
Growth (in %)57.050.931.879.050.936.27.917.5
as of Audio (in %)34.836.235.739.248.448.946.142.938.935.132.429.4

Online share

eCommerce online share of the total Loudspeakers 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 Loudspeakers retail market, the online share is 42.8% and will increase by an average of 6.2% to 54.5% by 2028.

eCommerce online share of the total Loudspeakers market in Cyprus

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)90.5%55.2%41.2%90.5%41.2%31.7%22.1%8.0%

Market definition

Definition of the Loudspeakers market within the Electronics market

Market definition: Electronics > Consumer Electronics > Audio > Loudspeakers The category Loudspeakers includes the online trade of home audio speakers (e.g. bookshelf speakers, soundbars, subwoofers), bluetooth speakers (e.g. portable bluetooth speakers, bluetooth stereo speakers, smart bluetooth speakers), record players, and more. This category does not cover car multimedia (e.g. car stereos, car audio systems) and headphones. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Home audio speakers (e.g. bookshelf speakers, soundbars, subwoofers)
  • Bluetooth speakers (e.g. portable bluetooth speakers, bluetooth stereo speakers, smart bluetooth speakers)
  • Record players
  • CD players

Out-of-scope

  • Car multimedia (e.g. car stereos, car audio systems)
  • Headphones

Market comparison

The Cypriot Loudspeakers market in a global comparison

Market comparison by growth, online share, and revenue in 2023

in %

Source: ECDB analysis

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