Global 8K Market Report 2023: Increasing Demand for High-end Displays in the Consumer Electronics Market Drives Growth

DUBLIN, April 21, 2023 /PRNewswire/ -- The "8K Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.

The 8K market is expected to register a CAGR of 32.9% over the forecast period. The 8K market is detecting a rise in adoption across diverse fields, such as healthcare, entertainment, and commercial segments.

The market is experiencing robust growth, owing to the increasing demand for 8K-based cameras, especially from filmmakers, due to their ability to capture better images.

In addition, NHK, a Japanese broadcasting company, announced plans to launch 8K SHV channels to provide 8K media on a large scale.

8K Market Trends

Consumer Electronics to Hold Major Market Share

• Consumer electronics applications covered under the study include the usage of 8K in various technologies such as televisions, digital cameras, 8K monitors, PCs, and laptops, among others. Due to the increasing demand for high resolution and image quality, 8K is widely used across consumer electronics.
• 8K is a display technology with high resolutions of 7680 X 4320 pixels. The technology provides image visualization with high clarity and improved angles. The consumer electronics segment is continuously innovating technologies to offer their customers better-resolution products, creating a demand for 8K. For instance, there has been a continuous resolutions war among major vendors such as Samsung, LG, TCL, and Sharp for 8K TVs.
• Moreover, many smartphones have been launched in the last few months which can capture 8K video. The video from an 8K technology is much more precise and crisper than previous technology like 4K.
• In December 2022, Samsung announced the launch of the Galaxy S23 series, which will support higher resolution videos with an option to shoot videos in 30fps. The company's Galaxy S22 Ultra comes with the ability to record 8K video at 24fps.
• Also, Sharp has announced in partnership with Leica to develop the main camera of the Aquos R7. The new camera captures 1.8 times more light than the last model, thus offering better low-light performance. The camera uses a seven-element Leica Summicron lens and offers 8K video recording, a 19 mm equivalent focal length, and Octa PD autofocus.
• The increasing demand for smartphones among Gen Z and millennials with better camera quality further boosts the market demand.

Asia Pacific to Witness Significant Growth

• China is the largest producer and exporter of consumer electronics in the world, which is one of the key factors fueling the market growth in the region. Moreover, in September 2022, the Ministry of Industry and Information Technology revealed that significant efforts would be made to boost the upgrading of content, computing, storage, and display industrial chains, among others, in the country. Further, many recent local government actions to promote the sale of more home appliances by subsidizing their purchase also contribute significantly to the market growth.
• In Japan, the healthcare sector is one of the primary contributors to market demand. Japan's consumer electronics industry, one of the largest in the world, is another significant factor driving the demand for 8K technology in the country. As per the Japan Electronics and Information Technology Industries Association (JEITA), in 2021, the production value of electronic devices in Japan grew by 10.6% compared to the previous year.
• Moreover, in recent years, the world's first 8K channel has been launched in Japan by the country's public broadcaster NHK. The ultra-HD format featured four times the resolution of 4K, weighing in with 33 million pixels, as well as 22.2 multi-channel sound. The broadcaster had been developing 8K at its NHK Science & Technical Research Laboratories in Tokyo since 1995. Such developments are expected to create a positive growth outlook for the market.
• South Korea has a prominent position in the market, being home to some of the major players in the market, such as Samsung and LG Electronics. Moreover, product innovation also continues to rise in the region. Many broadcasting companies have started using 8K technology to deliver customers high-quality content. 5G is also expected to play a significant role in the future of broadcasting.
• In May 2022, the electronics and telecommunications research institute (ETRI) announced that it would participate in the National Association of Broadcasters (NAB) 2022 and introduce the latest 8K-UHD broadcasting and 5G convergence media broadcasting technologies. The team wanted to make full use of the NAB 2022 as the chance to publicize the strengths of Korea's 8K-UHD broadcasting technology and 5G convergence media service technology and lead the Korean companies' global expansion. Such initiatives are also expected to boost market growth significantly.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Industry Value Chain Analysis
4.4 Assessment of the Impact of COVID-19 on the Market

5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Demand for High-end Displays in the Consumer Electronics Market
5.1.2 Increasing Technological Advancements in Camera and Data Transfer Technology
5.2 Market Challenges
5.2.1 High Price and Prime Costing of 8K Products

6 MARKET SEGMENTATION
6.1 By Device
6.1.1 Monitor
6.1.2 Television
6.1.3 Camera
6.1.4 Full Dome
6.1.5 Other Devices
6.2 By Application
6.2.1 Healthcare and Medical
6.2.2 Consumer Electronics
6.2.3 Commercial
6.2.4 Other Applications
6.3 By Geography

7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 BOE Japan Co. Ltd
7.1.2 Canon Inc.
7.1.3 Dell Technologies Inc.
7.1.4 Hisense Co. Ltd
7.1.5 Ikegami Tsushinki Co. Ltd
7.1.6 LG Electronics Inc.
7.1.7 Panasonic Corporation
7.1.8 Red Digital Cinema Camera Company
7.1.9 Samsung Electronics Co. Ltd
7.1.10 Sharp Corporation

8 INVESTMENT ANALYSIS

9 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/uzwlkh

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