LONDON, March 23, 2020 /PRNewswire/ -- The demand for Ultra HD televisions is increasing rapidly, as they are energy efficient and offer high quality images. Ultra HD televisions include 4K and 8K UHDs that have an aspect ratio of 16:9 or wider, and also present a minimum resolution of 3840x2160 pixels. The transition from traditional CRT and LCD TVs to ultra HD TVs has been fast, owing to brisk pace in technological advances. For instance, ultra HD (4K resolution) TV shipments grew from 1.5 million units in 2013 to 68.2 million units in 2017 at an annual growth rate of 160%, thus indicating high demand for ultra HD 4k and 8k televisions.
The video equipment market consists of sales of video equipment and related services that are used in various applications such as residential and commercial purposes. Video equipment includes televisions, video cameras, Blue-ray players, and video cassette recorders.
The video equipment market covered in this report is segmented by product type into television, video cameras, and video players, and by end use industry into B2B and B2C.
Increasing Disposable Incomes Will Drive The Video Equipment Market
The global video equipment market was worth $120.47 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 1.53% and reach $127.99 billion by 2023. The rise in disposable incomes is a major driver for the video equipment market growth. The rise in disposable incomes was mainly driven by economic growth and middle-class population growth in developing countries such as China, India, and Brazil. According to the World Bank, the world's middle-class population – defined as the population that earn between $10 and $100 per day – increased from approximately 1.5 to 2 billion between 2010 and 2015. In 2017, China's economy grew at 6.9% and India's gross domestic product (GDP) grew at 7.1%. The per capita disposable income in India increased at a CAGR of 9.2% during 2005-2015, to reach $1,154 in 2015. Increased earnings greatly increased disposable incomes in the emerging markets, thus increasing the demand for consumer electronics products such as televisions and home theater systems.
Shifting Consumer Preference Towards Online Streaming Services
The changes in consumer lifestyles and preferences had a significant impact on the video equipment market. With increasing smartphone and internet penetration and advances in social media and digital technologies, consumers shifted from traditional television to new forms of entertainment such as online video streaming services on mobile phones. Television viewership continued to decline, especially among the millennials. For example, as of 2017, young people in the UK were watching a third less television through traditional free-to-air channels such as the BBC and ITV, than they did in 2010. In 2016, the decline in TV viewership for young millennials (aged 18-24) in the US was 7.4% year-over-year and 40.1% over 5 years. Changes in consumer preferences restricted the demand for video equipment, thus restraining market growth.
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Major Players And Their Market Strategies
Major players in the global video equipment market include Bose Corporation, LG Electronics Inc., Panasonic Corporation, Sony Corporation, Samsung Electronics, Bowers & Wilkins, Atlantic Technology, Definitive Technology, GoldenEar Technology, Toshiba Corporation, and Pioneer. Companies in the market have been investing in merger and acquisition strategies to strengthen their businesses. In February 2018, GotMatter Pvt Ltd, a Bangalore based IT and E-Commerce company, acquired Ridaex Technologies for an undisclosed amount. The acquisition will strengthen GotMatter Pvt Ltd.'s position as an agile and innovative company. Also, it will enable the company to improve sales and increase expertise in customer services and enhance its business intelligence. Ridaex Technologies made its name by manufacturing the first Indian LED smart TVs.
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