Covid-19 Impact on 4K TV Market, By Type (<55 Inch, 55 Inch, 65 Inch), By End-users (Household, Public) – Forecast 2023
The 4K format is being increasingly adopted by various TV manufacturers, and 4K TV is gradually entering the mainstream TV space. Market Research Future (MRFR) has predicted a dynamic CAGR of 24% in the global 4K TV market after a thorough examination of various factors affecting the market over the forecast period of 2017-2023. MRFR has further projected the Covid-19 Impact on 4K TV Market to reach a valuation of USD 50 Bn by the end of 2023.
The growth of the 4K TV is stemmed from the parallel expansion and concerted efforts of content providers, TV manufacturers as well as consumers. Consumers are more informed, aware, and keen on buying TV sets of higher resolution and image quality. In addition, content makers and broadcasters have exhibited higher inclination towards producing content in ultra-high definition (UHD) which is spurring the growth of the market. Moreover, various over-the-top (OTT) streaming service providers such as Netflix and others have started streaming content in 4K resolution which has encouraged consumers to invest in 4K TV sets.
Remarkable technological advancements such as Quantum dot LEDs (QLEDs) and Super UHD (SUHD) have further propelled the 4K TV market. Improvement in sound quality, design, and inclusion of other advanced features have further supported the growth of the market.
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Attractive opportunities offered by the global TV industry has encouraged various consumer electronic players to foray into the TV space. These new entrants have invested capital in production, distribution, and R&D in recent years which has driven the market pervasively. For instance, Xiaomi Corporation, a comparatively newer TV brand, has launched two new Mi 4K TVs and is looking to expand its TV portfolio. This move by Xiaomi has resulted in the subsequent launch of new 4K Android TVs by Vu Technologies to compete with Xiaomi Mi LED TV 4X PRO. Intense competition in the market has corresponded to price reductions. 4K TV manufacturers are also incorporating various strategies such as price drops in developing countries to insulate growth from poor consumer spending.
The key players in the global 4K Television Market include- Sony Corporation (Japan), Videocon Industries Limited (India), TTE Technology, Inc (China), LG Display (South Korea), Samsung Electronics Co. Ltd (South Korea), Haier Inc. (China), Sharp Corporation(Japan), Panasonic Corporation (Japan), Skyworth Electronics Pvt Ltd (China), Toshiba Corporation (Japan), among others.
The global 4K TV market has been segmented based on type and end user.
- By type, the 4K TV market has been segmented into <55 Inch, 55 Inch, 65 Inch, and others.
- By end user, the 4K TV market has been segmented into household and public.
By region, the 4K TV market has been segmented into North America, Rest-of-the-World (RoW), Asia Pacific (APAC), and Europe.
The APAC 4K TV market is anticipated to eventually emerge as the global manufacturing hub owing to the cost advantage it provides for business operations which is a key factor enhancing the growth of the market. Moreover, prolific growth of the consumer electronics industry along with the expansion of inter-related industries such as semiconductor has uniquely positioned the APAC 4k tv market for further progress. The region is swiftly adopting new technologies such as Quantum dot LEDs (QLEDs) and Super UHD (SUHD) which is being purveyed by the rise in spending capabilities of consumers. This has affected the market growth positively. South Korea, Japan, and China are concentrated with market players and are generating a significant portion of the revenue.
North America is pegged to capture the second largest share of the 4K TV market. Technological developments in the region along with consumer preference for streaming services due to fast internet speeds with low latency is favoring the growth of the market. More number of network providers are streaming content in 4K resolution which is encouraging the growth of the market. Moreover, due to affordability, a high number of consumers are subscribing to over-the-top (OTT) services which is anticipated to fuel the market growth.
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TABLE OF CONTENTS
LIST OF TABLES
Table 1 Market, By Type
Table 2 Market, By End-Users
Table 3 Market, By Geography
Table 4 North America Market, By Type
Table 5 North America Market, By End-Users
Table 6 U.S Market, By Type
Table 7 U.S. Market, By End-Users
Table 8 Canada Market, By Type
Table 9 Canada Market, By End-Users
Table 10 Europe Market, By Type
Table 11 Europe Market, By End-Users
Table 12 Germany Market, By Type
Table 13 Germany Market, By End-Users
Table 14 France Market, By Type
Table 15 France Market, By End-Users
Table 16 U.K. Market, By Type
Table 17 U.K. Market, By End-Users
Table 18 Rest Of Europe Market, By Type
Table 19 Rest Of Europe Market, By End-Users
Table 20 Asia-Pacific Market, By Type
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