Originally published on Technavio:Television (TV) Market Analysis - Forecast and Size 2023-2027

 

The Television Market is projected to grow by USD 59 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 7.67% between 2022 and 2027. The market's expansion hinges on various factors, including product innovation, advances leading to portfolio extension and product premiumization, escalating demand for UHD televisions, and the surging popularity of large-display televisions.

 

Market Overview

The trends and analysis report on the television market provide in-depth research categorizing the market based on Technology (UHD and HD), Display size (up to 43 inches, 55-64 inches, 48-50 inches, and greater than 65 inches), Display Type (LCD and OLED), and Geographical segmentation (APAC, Europe, North America, Middle East and Africa, and South America). The report presents market size, historical data (2017-2021), and future projections in terms of value (in USD billion) for all these segments.

 

The escalating popularity of large-display televisions propels market growth, with the demand-supply gap linked to LCD panels posing a potential impediment. The market research and growth report, with 2022 as the base year, analyzes key drivers, trends, and challenges, enabling companies to refine marketing strategies for a competitive advantage.

 

Key Driver

The rising popularity of large-display televisions significantly drives market growth. The global market witnesses growth due to the increasing popularity of large displays, particularly among consumers. The average television size globally, which was 40 inches in 2018, is now surpassed by companies offering screens above 80 inches. This trend is prominent in North America and APAC. Additionally, the rise of video walls, comprised of multiple monitors creating a large screen visual, further boosts this segment. Video walls find applications in various settings and are increasingly adopted in manufacturing facilities as digital signages, offering real-time information on inventory and daily output levels. The growth of this segment is anticipated during the forecast period.

 

Significant Trends

The surge in demand for smart televisions emerges as a notable trend in the market. Smart televisions, integrating internet and interactive Web 2.0 features, feature 4K resolution, contributing to market growth. The shift in consumer preferences towards smart UHD televisions, including Android smart televisions from key market players like LG and Samsung, influences the market positively. This trend gains popularity in metro cities, small towns, and tier-II cities, shaping market growth during the forecast period.

 

Major Challenge

The demand-supply gap associated with LCD panels poses a substantial challenge to market growth. The growing discrepancy in the demand and supply ratio of LCD panels hinders market growth. Issues such as capacity conversion, increased average size, and a strong Chinese market contribute to panel supply challenges. Consumer preference for larger display sizes exacerbates the situation, rendering old panel inventory obsolete and raising costs for manufacturers. The market anticipates a demand-supply gap during the forecast period, hindering TV market growth.

 

Key Customer Landscape

The market research report includes the adoption lifecycle of the market, spanning from innovator's stage to laggard's stage. It focuses on adoption rates in different regions based on penetration. The report also incorporates key purchase criteria and drivers of price sensitivity to assist companies in evaluating and developing growth strategies.

 

Major Market Companies

Companies implement diverse strategies such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches to strengthen their market presence.

Elitelux Australia - The company offers a range of televisions, including LCD, LED, and OLED.

 

The market forecasting report provides detailed analyses of the competitive landscape, profiling 15 market companies, including:

 

Qualitative and quantitative analyses of companies aim to help clients comprehend the broader business environment, strengths, and weaknesses of key market players. The analysis categorizes companies as pure play, category-focused, industry-focused, and diversified qualitatively, while quantitative analysis categorizes them as dominant, leading, strong, tentative, and weak.

 

Fastest-Growing Segment

The UHD segment is expected to witness significant growth during the forecast period. UHD televisions, known as 4K televisions, offer a horizontal screen display resolution of 4,000 pixels and a resolution of 3,840 pixels x 2,160 lines. The global 8K UHD resolution market, offering more than sixteen times the resolution of full HD, will see maximum growth due to the demand for high-resolution television sets and enhanced content creation. The segment experiences accelerated growth, supported by advances in technology, leading to increased production capacity for 8K panels.

 

APAC is anticipated to contribute 39% to the global market growth during the forecast period. The market in APAC is expected to grow faster than other regions, driven by a growing middle-class population with increased spending power on consumer electronics. Urbanization and changing lifestyles in the region fuel market growth. APAC serves as a manufacturing hub for HD and UHD televisions, with the presence of leading manufacturers. The region's lower ASP of televisions compared to other regions is influenced by the significant presence of prominent companies, especially in China.

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The Global Television Market experiences dynamic shifts influenced by government policies, custom duties, and central taxes. In the Asia Pacific region, a growing working population and disposable incomes contribute to market growth. Continuous innovation in consumer electronic product segments, such as 4K display smart TVs and LCD, plasma, and LED TVs, drives the industry. E-commerce platforms and offline distribution channels play pivotal roles. Key players and major manufacturers focus on innovative product launches, emphasizing high-quality pictures and high-speed internet for Smart TV users. The industry is shaped by digital transformation, security concerns, and data theft, impacting revenue share and replacement cycles.

 

The market analysis and report forecast market growth by revenue at global, regional, and country levels. It analyzes the latest trends and growth opportunities from 2017 to 2027.

 

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