BURNABY, Canada, March 23, 2016 /PRNewswire/ --
Declining Product Prices Coupled with Increasing Per Capita Income to Boost LED TV Sales in Saudi Arabia Over the Next Five Years
According to TechSci Research report, "Saudi Arabia LED TVs Market By Type, By Technology, By Screen Size, Competition Forecast and Opportunities, 2011 - 2021", LED TVs market in Saudi Arabia is projected to grow at a CAGR of more than 10% during 2016 - 2021. Increasing population, rising urbanisation, coupled with growing number of residential, commercial and social infrastructure projects in the country are few of the major factors expected to fuel growth in Saudi Arabia's LED TVs during 2016 - 2021. Back Lit Full Array LED TVs accounted for more than 80% of the LED TV sales in 2015, and the segment's dominance is expected to continue during 2016 - 2021. UHD LED TVs segment is forecast to witness fastest growth over the next five years, on account of increasing awareness among consumers regarding enhanced picture and video quality that they offer compared to other LED TVs.
In 2015, northern & central region accounted for the largest share in the country's LED TVs market, followed by the western region. Increasing population in these regions, on account of better jobs opportunities and growing religious tourism due to the presence of holy cities of Makkah and Medina, along with increase in construction of residential and commercial establishment such as housing units, hotels, villas, etc., is expected to fuel demand for LED TVs in Saudi Arabia through 2021. Growing urban population share in the Kingdom, which according to World Bank data, stood at 82.30% of the total Saudi Arabia population in 2011 grew to 82.93% in 2014, is expected to positively influence the demand for LED TVs in Saudi Arabia through the forecast period.
"Over the last couple of years, Saudi Arabia's economy has been largely affected due to ongoing political instability and slowdown in crude oil prices. However, over the next five years, the country's economy is expected to stabilize and purchasing power of people is anticipated to further increase. This, in addition to rising consumer awareness about LED TVs is expected to boost sales of LED TVs in the country through 2021.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Saudi Arabia LED TVs Market By Type, By Technology, By Screen Size, Competition Forecast and Opportunities, 2011 - 2021" has evaluated the future growth potential of Saudi Arabia LED TVs market and provides statistics and information on market structure, consumer behavior and trends. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also analyzes emerging trends along with essential drivers, challenges and opportunities available in Saudi Arabia LED TVs market.
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