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Saudi Arabia LED TVs market to grow 10pc

BURNABY, Canada, March 24, 2016

The declining product prices coupled with increasing per capita income are set to boost LED television sales in Saudi Arabia at 10 per cent over the next five years, according to a report.
 
The TechSci Research report 'Saudi Arabia LED TVs Market By Type, By Technology, By Screen Size, Competition Forecast and Opportunities, 2011 - 2021,' said the major factors expected to fuel growth include increasing population, rising urbanisation, coupled with growing number of residential, commercial and social infrastructure projects.
 
The back lit full array LED TVs accounted for more than 80 per cent of the LED TV sales last year, and the segment's dominance is expected to continue during 2016 - 2021. 
 
The UHD LED TVs segment has been 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.
 
Last year, the northern and central region accounted for the largest share in the kingdom'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 Madinah, 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 82.3 per cent of the total Saudi Arabia population in 2011 grew to 82.93 per cent in 2014, is expected to positively influence the demand for LED TVs in Saudi Arabia through the forecast period.
 
Karan Chechi, research director, said: "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." - TradeArabia News Service



Tags: Saudi | TV | market | grow | LED |

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