Market Insights Provided by Electronics Installation Business Profile Study
Framingham, MA - April 12, 2004 - EH Research has announced the availability of results from their second annual comprehensive research project focused on the electronics installation business sector. GE Security sponsored the 2004 Electronics Installation Business Profile survey - the second year in a row that GE has supported this important initiative to gather market intelligence information that is available from no other source, either public or private. The Electronic Systems Industry Consortium provided additional financial support in order to support the collection of detailed data on the labor market characteristics of electronics installing businesses.
The goal of the Electronics Installation Business (EIB) Profile Survey was to provide a current "snapshot" of the characteristics of electronics installation businesses operating throughout the United States. Information was also collected about what kinds of products installing businesses were buying during 2003, how much they spent on different product categories (e.g., audio, security, etc.), and how much they anticipate their spending will change in the year ahead.
Electronics installing businesses as a group enjoyed a good 2003, and have high expectations for strong further growth in the year ahead. This is one of the many "bottom line" conclusions that can be drawn from the results of this comprehensive survey of the broad spectrum of electronics installing companies across the United States.
Following are some of the "Top Line" results of the survey:
* The typical electronics installation firm responding to the survey has been in business for an average of 13 years, with 35% of companies indicating that they currently employed 4 or fewer people, and 10% reporting that they had more than 100 employees on staff.
* Companies responding to our survey reported median revenues of $624,000 for 2003. And respondents anticipate average growth of 28% this year, with 2004 revenues rising to a median value of $800,000.
* The average price of a respondent's residential system installation during 2003 was $20,691. Respondents project this average to increase by 13% this year, and by another 22% during 2005. Commercial system installation prices are also expected to rise during 2004 and 2005, but at a slower rate than for residential installations.
* The single -family home price segment served by the largest share of respondents is the $500,000 -$750,000 sales price category, but a healthy 35% of electronics installation businesses reported that they are serving the market for homes priced at less than $300,000 (as compared to 48% for the $500K -$750K price segment).
* Almost half (48%) of responding companies reported that they are currently installing distributed audio systems in homes as part of their business, while another 10% indicate that they plan to start doing so within the next year. Among those companies that have residential distributed audio as part of their business focus, the average number of systems installed last year was 29 - with exceptional growth to an average of 55 projected for this year.
When asked how many new and/or replacement electronic systems technicians they would hire during the next
several years, respondents revealed an encouraging optimism about their future business prospects. From a base average of 12 installer/technician/system designers on staff during 2003, respondents anticipate hiring an average of 4 workers this year, 5 next year, and a cumulative 19 additional employees over the course of 2006 -2008.
The EIB survey work was managed by EH Research, and the direct data collection work was handled by The Survey Center, a Massachusetts -based full -service independent market research firm specializing in business -to -business custom market research work nationwide. Companies can realize additional marketing and strategic value from the survey work through an analysis of the extensive cross -tabulations of survey questions contained in the full survey report. The full 2004 Electronics Installation Business Profile report can be ordered through May 31st at the discounted price of $1,495 (after that date the regular list price of $1,995 will apply).
To purchase the EIB report and to learn more about how you can become a sponsor or co -sponsor of any of these upcoming surveys - and, by doing so, help to shape the specifics of the survey questionnaire and incorporate your own proprietary questions - please contact George Keegan at 508 -663 -1500 x229, or firstname.lastname@example.org.
EH Research taps EH Publishing's unparalleled connected home market expertise, contacts and databases to quantify and describe industry status and trends and illuminate the characteristics of market channels and end -user markets. EH Research will publish quantitative market and industry studies available for sale and direct customized studies on behalf of sponsoring clients. For more information, visit www.ehonline.com.
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* Connected Home Consumer Users Study, November 2004