Electronics market in Montenegro

The Montenegrin Electronics eCommerce market is predicted to reach US$21.3 million by 2024 and accounts for 20.8% of the total eCommerce market in Montenegro. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be 2.2%, resulting in a projected market volume of US$23.3 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 Audio market in Montenegro

The Montenegrin Audio eCommerce market is predicted to reach US$1.2 million by 2024 and accounts for 8.7% of the Consumer Electronics eCommerce market in Montenegro. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be 0.8%, resulting in a projected market volume of US$1.3 million by 2028. The Audio eCommerce market is a sub-market of the Consumer Electronics market. Further categories within the Consumer Electronics market are: Cameras, Computing, Fitness Trackers, Game Consoles, Other Consumer Electronics, Printers & Scanners, TV & Video, and Telecommunications.

eCommerce revenue development in the Audio market in Montenegro

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 Audio market in Montenegro

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 %)75.494.166.559.728.586.136.722.0
as of Consumer Electronics (in %)10.610.310.39.39.89.28.88.48.07.67.16.7

Online share

eCommerce online share of the total Audio market in Montenegro

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 Montenegrin Audio retail market, the online share is 36.5% and will increase by an average of 10.5% to 54.5% by 2028.

eCommerce online share of the total Audio market in Montenegro

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)54.1%44.5%28.3%94.2%93.0%21.5%8.5%88.5%

Market definition

Definition of the Audio market within the Electronics market

Market definition: Electronics > Consumer Electronics > Audio The category Audio includes the online trade of headphones (e.g. over-ear headphones, on-ear headphones, in-ear headphones), loudspeakers (e.g. bluetooth loudspeakers, hifi loudspeakers) and hifi equipment (e.g. stereo systems, compact systems, audio home systems). This category does not cover car multimedia (e.g. car stereos, car audio systems, bluetooth car kits) and streaming services or subscriptions. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Headphones (e.g. over-ear headphones, on-ear headphones, in-ear headphones)
  • Loudspeakers (e.g. bluetooth loudspeakers, hifi loudspeakers)
  • Hifi equipment (e.g. stereo systems, compact systems, audio home systems)

Out-of-scope

  • Car multimedia (e.g. car stereos, car audio systems, bluetooth car kits)
  • Streaming services or subscriptions

Market comparison

The Montenegrin Audio market in a global comparison

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

in %

Source: ECDB analysis

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