Smart Card Market Overview in Cyprus
Market Overview
The Cypriot smart card market was finally on the rise to reach $
in 2019, after three years of decline. Overall, consumption showed a slight setback. The growth pace was the most rapid in 2013 with an increase of % y-o-y. Over the period under review, the market reached the peak level at $ in 2015; however, from 2016 to 2019, consumption failed to regain the momentum.
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.
in 2019, after three years of decline. Overall, consumption showed a slight setback. The growth pace was the most rapid in 2013 with an increase of % y-o-y. Over the period under review, the market reached the peak level at $ in 2015; however, from 2016 to 2019, consumption failed to regain the momentum.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.Consumption
In 2019, consumption of cards incorporating an electronic integrated circuit (smart card) in Cyprus amounted to units, picking up by % on 2018 figures. The total consumption volume increased at an average annual rate of +% from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.
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.
units, picking up by % on 2018 figures. The total consumption volume increased at an average annual rate of +% from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.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.Market Forecast
Driven by increasing demand for smart card in Cyprus, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to units by the end of .
% for the period from 2019 to , which is projected to bring the market volume to units by the end of .Market Structure
In 2019, the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.
% in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.Trade Balance
Cyprus remains a net importer of smart card; in physical and value terms, imports consistently exceeded exports from 2007 to 2019. In 2019, there was a significant trade deficit of units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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