Saudi Arabia television market is expected to grow at a CAGR of 6.76% during the forecast period and reach USD 706.67 million by 2027 owing to the rising affluent class, increasing nuclear families, and preferences for smart television. Furthermore, changing lifestyles, product innovation, and rising per capita income are expected to boost the Saudi Arabia television market during the forecast period.
The television market is segmented based on screen size which include 50''-59'', 40''-49'', 39'' and Below, above 59''. The demand for television in Saudi Arabia is witnessing a surge owing to the increasing demand for local content on over-the-top platforms. Hence, people prefer to watch content on a larger screen, thus, boosting the demand for television in Saudi Arabia. Moreover, major companies have launched smart televisions with multiple benefits, such as the television can be synced with other smart devices, it can be accessed through voice control, and a wide range of applications can be surfed on television. This boosts the demand for television in Saudi Arabia as people are replacing their old television with smart ones.
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Television was first introduced in Saudi Arabia in 1965 with few channels. Still, as the country advanced, multiple television channels were started according to the demand and presence of the population. Moreover, the increasing demand for social media in Saudi Arabia is also influencing market growth as major companies have launched televisions on which social media can be accessed easily. Additionally, soccer is famous among all ages in Saudi Arabia, and most of the population watches sports through AlRiyadiya, a sports channel owned by Saudi Broadcasting Authority.
Rising Number of Nuclear Families in Saudi Arabia Will Lead to the Market Growth
According to the statistics provided by a report, more than 69% of the households were nuclear families, and only 31% were part of extended families. Thus, increasing the number of nuclear families will lead to soaring demand for television as nowadays, television is not considered a luxury item but a prime household product. The increasing number of expatriates in the country is also contributing to the growth television market in Saudi Arabia. As per the statistics provided by the General Authority for Statistics (GAST), a government agency in Saudi Arabia responsible for implementing statistical works, more than 36% of the total population were expatriates.
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The Increase in Online Content Amid COVID-19 is Fueling the Market Growth
During COVID-19, the government implemented a lockdown in Saudi Arabia. Thus, people were stuck at home, leading to increased demand for local online content on different online media platforms. Moreover, the influence of Netflix and Amazon Prime Video with relatable content is also leading to a frequent surge in demand for television in Saudi Arabia as people prefer to watch over-the-top content on bigger screens with their families. An international media and entertainment company from India named Eros Media World PLC entered the Saudi Arabian market, which is expanding rapidly, to take advantage of new opportunities and find ways to work with the various government-sponsored programs in the country that are intended to promote the growth of the media and entertainment industry.
Flourishing Tourism Sector in the Country is Uplifting the Demand of Television Market
According to the statistics provided by the world travel and tourism council, the travel & tourism sector’s contribution to Saudi Arabia’s economy may surpass pre-pandemic levels by 2023, after two traumatic years i.e., 2019 & 2020, when it is anticipated to grow 2% above 2019 levels to reach around USD 79.05 billion. Moreover, the country saw a 4% increase in hotels to 60,400 in 2021from 2019. Thus, directly affecting the demand for televisions in the country.
The Saudi Arabia television market is segmented on the basis of screen size, display type, sales channel, and region. The market is further segmented into 50''-59'', 40''-49'', 39'' and below, and above 59'' based on screen size. The display type is further fragmented into LED, OLED, and others (LCD, QLED, etc.). The sales channel is segmented into multi branded stores, supermarkets/hypermarkets, online, others (institutional sales, exclusive stores, etc.).
United Matbouli Group, Zagzoog For Home Appliance, LG Electronics Saudi Arabia Limited, Alesayi Electronics Co. Ltd., Modern Electronics Company Limited, Digital & Electronics Solutions Development Co. Ltd, Al Jabr Holding Co, Huawei Tech Investment Saudi Arabia Co. Ltd., Emam Distribution Company Ltd., and Al Jabr Trading Co. are some of the leading market players in the Saudi Arabia television market. New market players have also been actively entering the market in recent years, further strengthening future market growth.
In this report, Saudi Arabia television market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Saudi Arabia Television Market, By Screen Size:
- 39'' and Below
- Above 59''
Saudi Arabia Television Market, By Display Type:
- Saudi Arabia Television Market, By Sales Channel:
o Multi Branded Stores
- Saudi Arabia Television Market, By Region:
o Northern & Central
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia television market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).