Smart TV Market: MEA Regional Market to Register the Highest Value CAGR of 22.1% During the Forecast Period: Global Industry Analysis 2012 - 2016 and Opportunity Assessment 2017 - 2027.
Valley Cottage, NY -- (SBWIRE) -- 09/21/2017 -- The global smart TV market is estimated to be valued at nearly US$ 300 Bn in 2017 and is estimated to touch a value of US$ 1,500 Bn at the end of the opportunity assessment period in the year 2027. The global smart TV market will exhibit a CAGR of 17.5% during the opportunity assessment period of 2017-2027.
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Macroeconomic factors contributing to the rise of the global smart TV market
With the overall increase in global GDP, the capacity of a country to develop or import consumer electronics such as smart TV also increases. The rise in the global GDP is largely contributed by developed countries such as United States, Japan and UK and emerging economies such as Brazil, China and India.
The disposable income all over the world is rising, giving rise to a middle class population that has the capacity to buy gadgets like smart TV. Specifically, with increase in disposable income in Western Europe and United States, the demand for devices that provide personalised entertainment and gaming is increasing, giving a boost to the global smart TV market.
With the increasing advancement and evolution of technology, especially in the electronics and semiconductor industry, there is a continuous adoption of automation, mobility, networking and smart projects initiatives all over the world. This is proving to be a boon for the global smart TV market, and more advanced versions are hitting the market at a faster pace.
The consumer market segment is growing at a faster rate, due to increasing demand for personalised entertainment, video gaming and connectivity.
Global Smart TV Market Analysis 2012–2016 and Forecast 2017–2027, By Region
While North America and Asia Pacific are the dominant markets presently in terms of revenue sales of smart TVs, there is another dimension to this growth story. In the coming years during the opportunity assessment period, countries in Latin America and Middle East and Africa are expected to be the key markets for sustainable revenue generation in the global smart TV market. These markets are predicted to be the engines of growth in the global smart TV market in the foreseeable future.
For example, in Latin America, the smart TV market is estimated to be valued at US$ 12 Bn in the year 2017 and this is estimated to touch a value of nearly US$ 83 Bn by 2027 end, registering a CAGR of 21.2%. In Middle East and Africa, the smart TV market is estimated to be valued at US$ 14.2 Bn in the year 2017 and this is estimated to reach a value of US$ 105 Bn by the end of 2027, registering a CAGR of 22.1%.
In Latin America, Brazil is likely to be the main market for smart TV. The smart TV market in Brazil is estimated to be valued at US$ 6.5 Bn in the year 2017 and is estimated to reach a market value of US$ 33.2 Bn in the year 2027, registering a CAGR of 17.8% during the opportunity assessment period. In the Middle East and Africa, the GCC countries are likely to be the main market for smart TV. The smart TV market in GCC countries is estimated to be valued at nearly US$ 8 Bn in the year 2017 and is estimated to touch a value of nearly US$ 52 Bn by 2027 end, registering a CAGR of 20.9% during the opportunity assessment period.
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Growth of the smart TV market in Middle East and Africa attributed to a rapid growth in urban households
As there is a rapid trend of urbanisation in the Middle East and Africa region, the number of people seeking advanced technological products is bound to exhibit a steep growth. As people start adopting new technologies, awareness about such type of products will increase in the region, and more people will embrace smart TV technology, leading to a rapid growth of the smart TV market in the region. For example, in South Africa, there was significant rise in household final consumption expenditure per capita between the years 2014 and 2015, consequently impacting the sales of smart TVs in the region.