Smart Card Market Overview in Cyprus
In value terms, smart card production shrank significantly to $ in 2019 estimated in export prices. In general, production, however, recorded a perceptible reduction. The most prominent rate of growth was recorded in 2018 when the production volume increased by % against the previous year. As a result, production reached the peak level of $, and then dropped markedly in the following year.
The revenue of the smart card market in Cyprus totaled $ in 2019, surging by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a slight decline. The pace of growth was the most pronounced in 2013 when the market value increased by % year-to-year. Cyprus consumption peaked at $ in 2015; however, from 2016 to 2019, consumption remained at a lower figure.