TV Peripheral Devices - Nigeria | Statista Market Forecast

Revenue in the TV Peripheral Devices market in Nigeria is projected to reach US$82.2m in 2024.
It is anticipated to grow at an annual rate of 8.85% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue, amounting to US$3.3bn in 2024.
In terms of per capita figures, the revenue per person is estimated to be US$0.36 in 2024.
The volume of the TV Peripheral Devices market in Nigeria is expected to reach 2.6m pieces by 2029.
Additionally, the market is projected to experience a volume growth of 9.1% in 2025.0.
On average, each person in Nigeria is expected to contribute a volume of 0.0pieces to the TV Peripheral Devices market in 2024.
In Nigeria, the market for TV peripheral devices is experiencing a surge in demand due to the growing popularity of streaming services and smart TVs.

Definition:

The TV Peripheral Device segment covers the devices that enhance the functionality and user experience of televisions. These devices include, but are not limited to, streaming devices, such as smart TV boxes and streaming sticks, and video players. The technology used in these devices continues to advance, with an emphasis on wireless connectivity and integration with other home entertainment devices. There is a growing trend towards multi-functional devices that offer a variety of content and entertainment options, as well as devices that can be controlled with voice commands.

Structure:

The TV Peripheral Device segment can be broken down into three product categories:

Smart Streaming Devices: These devices allow users to stream video content from popular platforms such as Netflix, Amazon Prime Video, and Hulu. Examples include smart TV boxes and streaming sticks.
Smart Remotes: These are remotes that have advanced capabilities, such as voice control and the ability to control multiple devices with a single remote.
Video Players: These devices allow users to play physical media such as Blu-ray discs and DVD, as well as digital content stored on USB drives or other external storage devices.

Additional Information:

The market comprises revenue, average revenue per capita, volume, average volume per capita and price. Figures are generated through both online and offline sales channels and include spending by consumers (B2C). Key players in the market are companies like Amazon, Google, Logitech, Samsung, Philips, and Apple. These companies are leaders in their respective segments and are known for their innovative products, brand reputation, and extensive distribution networks. For more information on the data displayed, use the info button right next to the boxes.

Voice-controlled remotes with physical buttons
Dedicated hubs for streaming media
1080P blu-ray players
DVD players

Streaming services
Smart remotes with a display or touchscreen

In 2022, the TV Peripheral Devices segment continued to grow due to the increasing popularity of streaming services and continuous improvements in functionality and ease of use. With the expansion of the smart home ecosystem, consumers are looking for peripherals that can integrate with their existing devices. The global TV peripheral devices segment revenue reached US$10 billion in 2022, a 5.2% increase from the previous year.

In terms of key players, we believe that established tech giants like Amazon, Google, and Apple are likely to continue dominating the market due to their strong brand recognition, product offerings, and seamless integration with their existing ecosystems. Amazon offers Prime Video, Google has YouTube TV and Google Play Movies & TV, while Apple provides access to its Apple TV+ streaming service. This vertical integration between content and devices provides these companies with a significant advantage over competitors and further strengthens their position in the market.

With regards the long-term outlook, the TV peripheral devices segment is poised for growth as consumers look for ways to enhance their television viewing experiences. As more and more people choose to watch TV shows and movies via streaming rather than traditional cable or satellite TV, the demand for streaming devices such as Chromecast, Roku, and Apple TV has grown.

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on electronic and digital devices used privately either for entertainment (televisions, game consoles, smart speakers, etc.), communication (telephones, smartphones, etc.) or home-office activities (printers, copiers, etc.).

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Global Consumer Survey), as well as performance factors (e.g., user penetration, price per product, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, number of internet users, smartphone penetration rate, household number and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electronic products due to the non-linear growth of technology adoption and regular product upgrade. The main drivers are GDP per capita, consumer spending per capita, and 5G penetration rate.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.