Market Size of Latin America IT Device Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 1.10 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Latin America IT Device Market Analysis
The Latin American IT device market is expected to grow at a CAGR of 1.1% over the next five years. The higher demand for notebooks and personal computers during the time of the COVID-19 pandemic and the rising need to stay connected to people led to the demand for mobile phones across the region.
- The rapid implementation of the internet of things (IoT) across the region extends internet access to various devices that employ embedded technology to communicate and interact via the internet. This is increasing the demand for both innovation and more conventional and IoT-enabled devices like desktop and laptop computers, cell phones, and tablets.
- Smartphones have evolved into essential tools for people worldwide, and Latin America is no different, whether they are used for communication, information access, or entertainment. The booming e-commerce business in Latin America has a natural effect on the rise in smartphone use. Brazil, Mexico, and Argentina have the most potential online sales marketplaces, and the COVID-19 pandemic helped popularise online purchasing in these countries.
- However, Latin America is experiencing the highest rate of inflation growth in more than the last two decades. In Q1 this year, OEMs in Latin American markets were engaged in an intense price war, which lessened the effects of consumer demand that had begun to decline. However, this situation may die down in the future, particularly for smartphones in the mid-to-high price band segment.
- Furthermore, the launch of expensive smartphones in the market, coupled with the roll-out of 5G in the region, has pent up a sizeable market for mobile phones in countries like Brazil and Argentina. Notably, the spread of high-end smartphones in the market and the low purchasing power of Brazilians have contributed to the demand for refurbished second-hand smartphones in the country.
- The COVID-19 pandemic propelled computer/laptop and tablet sales across the region. The Brazilian computer market has witnessed a trend shift, and it is experiencing higher demand from enterprises of all sizes and the government sector. The post-covid demand for official computers has been robust in this region on the back of replacement orders of old, outdated systems that couldn't take place for the last two years. Also, the e-commerce market in Peru, Mexico, Argentina, and Colombia increased almost ten times during the COVID-19 pandemic, thereby driving escalated demand for smartphones in the area.
