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The Television Market is forecast to increase by USD 59 billion, at a CAGR of 7.67% between 2022 and 2027. The growth of the market depends on several factors, including product innovation and advances leading to portfolio extension and product premiumization, increasing demand for UHD televisions, and rising popularity of large-display televisions.
The market trends and analysis report offers extensive research analysis on the market with a categorization based on Technology, including UHD and HD. It further segments the market by Display size, encompassing up to 43 inches, 55-64 inches, 48-50 inches, and greater than 65 inches. Additionally, the market growth analysis report provides Display Type segmentation covering LCD and OLED. In addition, it also segments the market by Geographical segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2017-2021), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
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The rising popularity of large-display televisions is notably driving the market growth, although factors such as the demand-supply gap associated with LCD panels may impede the market growth. Our market research and growth report includes the data with 2022 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 research 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 market growth and forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
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.
Elitelux Australia -The company offers televisions such as LCD, LED, and OLED.
The market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 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 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 39.19 billion in 2017. 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. 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. 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 39% 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.
Furthermore, the increase in the number of players entering the market will lead to a rise in the shipment of televisions in APAC during the forecast period. The increasing demand for Smart TVs from consumers in developing countries, like India will also contribute to the growth of the market in the region during the forecast period.
The Global Television Market experiences dynamic shifts driven by factors such as government policies, custom duties, and central taxes. In the Asia Pacific region, particularly in Japan and China, a growing working population and disposable incomes contribute to market growth. Consumer electronic product segments, including 4K display smart TVs and LCD, plasma, and LED TVs, witness continuous innovation.
E-commerce platforms play a pivotal role in online retailing, alongside offline distribution channels like specialty stores and hypermarkets. The market is influenced by the latest technologies, financing schemes, and flexible incomes. Key players, major manufacturers, and Chinese companies focus on innovative product launches, emphasizing high-quality pictures and high-speed internet for Smart TV users. Digital transformation and concerns about security vulnerabilities and data theft impact the industry, shaping the revenue share and replacement cycles.
The market analysis and report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.67% |
Market growth 2023-2027 |
USD 59 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.82 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
Key countries |
US, China, South Korea, India, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Changhong, Elitelux Australia, Funai Electric Co. Ltd., Haier Smart Home Co. Ltd., Hisense International Co. Ltd. , Koninklijke Philips NV, Konka Group Co. Ltd., 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., Xiaomi Inc., Apple Inc., LG Electronics Inc., and VIZIO Holding Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Market Share of Vendors
6 Five Forces Analysis
7 Market Segmentation by Technology
8 Market Segmentation by Display Size
9 Market Segmentation by Display Type
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Trends
13 Vendor Landscape
14 Vendor Analysis
15 Appendix
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