Radios - Colombia | Statista Market Forecast

Colombia's revenue in the Radios market is projected to reach US$64.8m in 2024.
The market is anticipated to grow annually by 0.82% (CAGR 2024-2029).
When compared globally, China generates the highest revenue with US$2.1bn in 2024.
In terms of per person figures, in Colombia generates revenues of US$1.25 in 2024.
By 2029, the volume in the Radios market is expected to reach 2.6m pieces.
Additionally, a volume growth of 1.1% is projected for 2025.0.
The average volume per person in the Radios market is expected to be 0.0pieces in 2024.
The radio market in Colombia is experiencing a surge in popularity due to the country's rich musical heritage and the rise of local radio stations promoting cultural diversity.

Definition:

Radios are electronic devices used to receive and play audio signals transmitted over the airwaves. In addition to traditional radio broadcasts, many modern radios also include features such as digital displays, CD players, and MP3 compatibility. Some radios even come with built-in clocks, alarms, and sleep timers, making them ideal for use in bedrooms or kitchens. The market is divided into various product categories, including analog radios, digital radios, and internet radios.

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 such as Sony, Bose, and JBL. 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.

Stand-alone radio receivers

Car radios
Other audio equipment

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.