DUBLIN, March 18, 2016 /PRNewswire/ --
The global HD TV market is expected to grow at a CAGR of 2% during the 2015-2019 period, according to a recent report available from Research and Markets. The report notes how intense competition among vendors is leading to price wars, profit margin reduction and the commoditization of products. The highly competitive nature of the market is proving challenging for smaller vendors, and today Bang & Olufsen A/S revealed their plans to outsource production of televisions to LG Electronics.
Bang & Olufsen, who specialize in high-end hi-fi systems, hope to cut costs by partnering with the South Korean electronics giant. The partnership will result in annual savings of USD 23 million for B&O, who remain in talks to be purchased by an unnamed buyer. LG will oversee the development and production process, while B&O will take charge of the concept, design and acoustics for all future televisions sold by the Danish electronics maker.
LG produce a variety of television models, such as OLED TVs and 4K TVs. B&O is expected to avail of LG's expertise, and will most likely expand their television range. The global UHD TV market will grow at a CAGR of 45.4% by 2019, as forecast in an industry report, while the global OLED TV market will grow at a CAGR of 76.20% by 2019, as predicted in a market report.
A popular product in either of these markets could help B&O establish their market position and ensure their future. The impressive growth of both markets signifies a large consumer base, one ready to heavily invest in well-made televisions featuring the very latest in display technology.
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SOURCE Research and Markets