Television Market size to record USD 59 billion growth from 2023-2027, Advent of 8K UHD televisions is one of the key market trends, Technavio

NEW YORK, May 6, 2024 /PRNewswire/ -- The global television market size is estimated to grow by USD 59 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of over 7.67% during the forecast period.

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Key Trends Fueling Growth

• Advent of 8K UHD televisions: 
• Television tech took a big leap at CES 2018 when 8K got unveiled, doubling 4K's pixel count. Now, big players like LG, Samsung, and Sony are in on it. 
• They hit the market in 2019 but with hefty price tags and only for custom orders. But hey, it's just the start. Vendors are gearing up to churn out 8K TVs for regular consumers soon.
• As more stuff gets made in 8K, these TVs will become the next big thing. Get ready for sharper, clearer viewing experiences.

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Major Challenges:

• Lack of 4K content 
• The widespread adoption of UHD televisions faces obstacles due to the scarcity of 4K content. Challenges like the fragmented nature of 4K media systems further complicate user experience. Major OTT platforms are striving to integrate 4K into their services, yet access remains limited due to high premium costs.
• In-home capabilities and content distribution pose additional hurdles for 4K and 8K resolutions. Many device owners lack access to 4K content as broadcasters have yet to produce it, largely due to the significant investment required for contribution and distribution.
• Consequently, operators may not find incentives to shorten the replacement lifecycle and provide 4K UHD set-top boxes to consumers. This gap between UHD television demand and content supply is expected to impede the growth of the global television market in the foreseeable future.

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Segmentation Overview

1. Technology 
• 1.1 UHD
• 1.2 HD
2. Display Size
• 2.1 Upto 43 inches
• 2.2 55-64 inches
• 2.3 48-50 inches
• 2.4 Greater than 65 inches
3. Display Type
• 3.1 LCD
• 3.2 OLED
4. Geography 
• 4.1 APAC
• 4.2 North America
• 4.3 Europe
• 4.4 South America
• 4.5 Middle East and Africa

1.1 UHD- The UHD segment is set to experience significant growth in market share. UHD TVs, also known as 4K TVs, boast a resolution of 3840 pixels x 2160 lines, making them popular among consumers. Valued at USD 39.19 billion in 2017, this segment is expanding rapidly, with the 8K UHD resolution market expected to lead the growth.

Offering over sixteen times the resolution of full HD, 8K displays meet the demand for high-resolution content, especially as larger TVs become more popular. Technological advancements are driving this growth, with display companies like AU Optronics increasing production to meet demand. This accelerated growth trajectory began in 2019 and is expected to continue.

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Analyst Review

The Television Market encompasses various technological segments, including Pay TV, Cable TV, Direct-to-Home, Fiber optic services, and Over-the-top platforms. Consumer appetite for high-definition content, Smart TV capabilities, Ultra-high-definition services, and premium content continues to drive market growth. Territories and sectors, such as the residential and commercial sectors, are key areas of focus.

Immersive technologies, like Virtual Reality and Augmented Reality, are revolutionizing the viewing experience. Eco-friendly initiatives, Home office integration, and advanced display technologies, such as OLED displays, Bezel-less and Frameless designs, Curved displays, and Foldable displays, are also shaping the market. Content integration across various platforms is a significant trend, ensuring a seamless user experience.

Market Overview

In the dynamic television market, Cablenet and Consumer Apps provide various models and services. These include Commerical Television, Pay Television, and Video on Demand. Consumer preferences shape the sector, with streaming services like Apple TV+ and TVaaS offering a vast library of content. Consumer apps also offer personalized recommendations and interactive features.

The Consumer App Market is a significant player, with companies like OLED, LED, and Ultra HD providing displays. The industry is driven by technology, with screen resolution, connectivity, and user interface being key factors. The market is also influenced by economic and regulatory factors, with Consumer Protection and Data Privacy being critical concerns. Overall, the Television Market is a complex ecosystem, with technology, content, and consumer preferences shaping its evolution.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation

• Technology 
• UHD
• HD
• Display Size
• Upto 43 Inches
• 55-64 Inches
• 48-50 Inches
• Greater Than 65 Inches
• Display Type
• LCD
• OLED
• Geography 
• APAC
• North America
• Europe
• South America
• Middle East And Africa

 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio