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The TV market size is forecast to increase by USD 64.7 billion at a CAGR of 7.85% between 2023 and 2028. Market growth is driven by product innovation, advancements in smart TVs, and the rising demand for digital video content. Consumers seek superior entertainment experiences and prefer high-resolution content and immersive viewing, leading to a surge in demand for large-display televisions. These factors, coupled with continuous technological advancements and growth in ecommerce, drive the market's expansion.
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By Technology Industry Segmentation
The market share growth by the UHD segment will be significant during the forecast period. UHD televisions have a horizontal screen display resolution in the order of 4,000 pixels and a resolution of 3,840 pixels x 2,160 lines (8.3 megapixels; aspect ratio 16:9). This format of digital video is the most common type of display resolution in UHD televisions, because of which UHD televisions are popularly known as 4K televisions.
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The UHD segment was the largest and was valued at USD 51.30 billion in 2018. The 8K global UHD resolution market will witness maximum growth during the forecast period due to the growing need for high-resolution television sets and the rising demand for enhanced content creation and home entertainment. The 8K display resolution market offers more than sixteen times the resolution of 1,080 pixels full HD, both horizontally and vertically. The demand for large-display televisions has resulted in the adoption of high-resolution content over 4K TVs. The advances in technology will be the key factor that drives the growth of the global 8K display resolution market during the forecast period. Anticipating a rise in the demand for 8K UHD televisions, display companies have started increasing their production capacity to meet the demand. For instance, in February 2018, AU Optronics started the manufacture of 8K panels. Therefore, the global 8K UHD television market started witnessing an accelerated growth trajectory in 2019, which will continue during the forecast period.
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APAC is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is expected to grow at a faster rate compared with that in other regions during the forecast period. This is mainly attributed to the growing middle-class population and their rising income, which increases their spending power on consumer electronics. In addition, urbanization and the changing lifestyles of the population in the region are driving the growth of the market in the region. APAC is a manufacturing hub for HD and UHD televisions, with the presence of many leading manufacturers headquartered in the region. The region has many leading companies of IC drivers and panel displays, as well as OEMs. The presence of prominent companies in the region, especially in China, has resulted in a lower ASP of televisions in the region compared with that in other regions.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The TV market research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak. The market report also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
The market continues to evolve, with a diverse range of offerings and technological segments like cable tv, satellite, and internet protocol services. Driven by consumer appetite for premium content integration and high definition content viewing experiences, providers are expanding their offerings to include ultra-high-definition services and smart TV capabilities. This market also sees growth in fiber optic services and over-the-top platforms, catering to changing viewer preferences. As immersive technologies like OLED displays and foldable displays gain traction, there's a shift toward eco-friendly and bezel-less designs, blurring the lines between TV as art and entertainment. Both the residential and commercial sector are embracing these advancements, leading to a significant valuation increase in the industry. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising popularity of large-display televisions is notably driving the market growth. The increasing popularity of large displays, especially from the consumer segment, will drive the growth of the global market during the forecast period. The average television size globally was 40 inches in 2018. However, most of the companies are now offering televisions with a screen size above 80 inches. The trend is prevalent in countries in North America and APAC. Another factor that drives the growth of this segment is the rising popularity of video walls. Video walls comprise multiple monitors arranged together to create the visual of one large screen. Apart from their use in large settings, they possess superior qualities and are increasingly adopted in manufacturing facilities as digital signages.
In addition, organizations in a variety of industries find value in flexible video deployments that deliver numerous benefits. Manufacturing facilities use large-area displays, such as video walls, to deliver real-time information via digital solutions and provide information on inventory, daily output levels, and more. These factors are likely to foster the growth of the TV market during the forecast period.
The increased demand for smart televisions is an emerging trend in the market. Smart televisions, also known as hybrid televisions or connected televisions, have integrated internet and interactive Web 2.0 features. The recently introduced smart televisions feature 4K resolution. The increased demand for such smart televisions will positively impact the growth of the global market. Smart functions are increasingly considered essential, which has resulted in the shift of consumer preferences to a self-sustaining demand for built-in internet streaming capabilities. Several companies also offer smart UHD televisions.
However, key companies in the market, such as LG and Samsung, offer Android smart televisions. Sony offers LED and OLED Android smart televisions with different display sizes. The availability of smart televisions on par with normal televisions has helped them gain popularity as mainstream products in metro cities, small towns, and tier-II cities. The above factors will increase the market growth and trends during the forecast period.
The demand-supply gap associated with LCD panels is a major challenge impeding the market growth. The increased discrepancy in the demand and supply ratio of LCD panels is a major factor that limits the growth of the market. The supply of display components for television sets has been witnessing a shortage in supply. Panel makers are increasingly facing issues such as capacity conversion, an increase in the average size, and a strong Chinese market. The preference of consumers is also changing from a small/medium display size to a large display size. The old inventory of panels, thus, becomes obsolete, raising the cost for manufacturers. Most television companies reduced the purchase of LCD panels in 2019, expecting a slow demand for televisions.
In addition, television panel shipments are expected to grow faster than LCD shipments, which would expand the cumulative gap between supply and demand in the global value chain. As the shipments of televisions are not on par with the sales of LCD panels, such a situation is expected to create a demand-supply gap during the forecast period. Hence, these factors will hinder the TV market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
The television market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
In the evolving landscape of television, Content security systems play a crucial role in safeguarding entertainment content across residential sectors and commercial sectors. With the advent of Pay TV models and TVaaS models, viewers have access to a plethora of entertainment programs and data programs through both postpaid and prepaid services. As the Pay TV market expands, it attracts potential investors eyeing the future market landscapes. The emergence of Smart TV enhancements, including Frameless design and console compatibility, adds versatility to the viewing experience. This evolution is driven by technological advancements like Digital television and the transition from analog to digital. Moreover, with increasing disposable incomes and the rise of emerging economies, the market continues to thrive, offering a diverse range of product types and content delivery options, including Internet-connected and storage-aware computers.
Further, in the market, the integration of visual image and sound transmission system technologies continues to enhance the viewing experience for consumers across the residential sector and commercial sector alike. With the transition from analog to digital, driven by advancements like storage-aware computers, the industry has witnessed a significant consumer electronics evolution. Moreover, the inclusion of gaming capabilities adds further entertainment value to television sets, catering to diverse housing units and territories. Services such as Spotv offer postpaid options, contributing to a robust ecosystem of television providers. As the industry evolves, these advancements underscore the dynamic nature of the market and its ongoing commitment to meeting the diverse needs of consumers.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.85% |
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Market growth 2024-2028 |
USD 64.7 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.09 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 40% |
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Key countries |
China, US, South Korea, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks, Television Market Industry Report |
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Key companies profiled |
Apple Inc., Changhong, Elitelux Australia, Funai Electric Co. Ltd., Haier Smart Home Co. Ltd., Hisense International Co. Ltd., Koninklijke Philips N.V., Konka Group Co. Ltd., LG Electronics Inc., Micromax Informatics Ltd., MIRC Electronics Ltd., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Sharp Corp., Skyworth Group Ltd., Sony Group Corp., TCL Electronics Holdings Ltd., Videocon Industries Ltd., VIZIO Holding Corp., and Xiaomi Communications Co. Ltd. |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period, television market growth analysis |
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Customization purview |
If our market report report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Display Size
8 Market Segmentation by Display Type
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
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