Electronics market in Panama

The Panamanian Electronics eCommerce market is predicted to reach US$281.5 million by 2024 and accounts for 24.0% of the total eCommerce market in Panama. 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 3.4%, resulting in a projected market volume of US$322.4 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 Smartwatches market in Panama

The Panamanian Smartwatches eCommerce market is predicted to reach US$1.9 million by 2024 and accounts for 3.4% of the Telecommunications eCommerce market in Panama. 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 3.8%, resulting in a projected market volume of US$2.2 million by 2028. The Smartwatches eCommerce market is a sub-market of the Telecommunications market. Further categories within the Telecommunications market are: Other Telecommunications, and Smartphones.

eCommerce revenue development in the Smartwatches market in Panama

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 Smartwatches market in Panama

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

20202021202220232024202520262027
Revenue (in mUS$)0.00.00.00.00.00.00.00.0
Growth (in %)96.646.258.172.78.369.484.320.7

Online share

eCommerce online share of the total Smartwatches market in Panama

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 Panamanian Smartwatches retail market, the online share is 37.6% and will increase by an average of 7.8% to 50.7% by 2028.

eCommerce online share of the total Smartwatches market in Panama

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)77.8%46.5%89.7%18.3%58.1%40.1%79.5%91.3%

Market definition

Definition of the Smartwatches market within the Electronics market

Market definition: Electronics > Consumer Electronics > Telecommunications > Smartwatches The category Smartwatches includes the online trade of smartwatches (e.g. apple watch, samsung galaxy watch, huawei watch) and smartwatch accessories (e.g. wristbands and straps, charging and docking stations). This category does not cover smartphone devices (e.g. iphone, samsung galaxy, xiaomi redmi) and fitness trackers (e.g. fitbit, amazfit). All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Smartwatches (e.g. Apple Watch, Samsung Galaxy Watch, Huawei Watch)
  • Smartwatch Accessories (e.g. wristbands and straps, charging and docking stations)

Out-of-scope

  • Smartphone devices (e.g. iPhone, Samsung Galaxy, Xiaomi Redmi)
  • Fitness trackers (e.g. Fitbit, Amazfit)

Market comparison

The Panamanian Smartwatches market in a global comparison

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

in %

Source: ECDB analysis

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