The global 4K TV market is experiencing robust growth, propelled by various factors including the rising demand for affordable televisions on a global scale.
The market is also benefiting from increased production capacities, continuous price pressure exerted by retailers, technological advancements in television sizes and resolutions, substantial investments, growth in the electronics industry, heightened awareness, and evolving preferences among professional filmmakers.
This was disclosed in Global Newswire this week in an exclusive report by The Insight Partners.
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A Remarkable Growth Trajectory in the TV Market
In 2022, the 4K TV market’s revenue was estimated at approximately $154.18 billion, and it is projected to soar to an impressive $920.82 billion by the year 2030. This meteoric rise is underpinned by a remarkable compound annual growth rate (CAGR) of 24.1% during the forecast period from 2022 to 2030, according to a recent report published by The Insight Partners.
4K televisions, often referred to as Ultra High Definition (UHD) TVs, represent the next evolutionary step in television display resolution. These TVs are primarily distinguished by their display resolution. UHD TVs boast an impressive 3840 x 2160 pixels, while their Full HD counterparts offer a resolution of 1920 x 1080 pixels.
The global 4K TV market’s purview is extensive, covering countries across the world. Key countries in this market include Egypt, Qatar, Oman, Morocco, Lebanon, the United Arab Emirates, and Saudi Arabia. The strategic distribution network encompassing these countries is anticipated to facilitate greater availability and accessibility of 4K TV products, catering to businesses of various sizes and consumers with diverse needs.
While global market penetration is a significant driving force behind the expansion of the 4K television market, it is not without its challenges. The high price of 4K TVs is a prominent limiting factor. Additionally, the growing demand for internet bandwidth, essential for web-enabled TVs, poses a significant challenge. However, prospects are set to improve significantly with the advent of cutting-edge technologies like 8K, and the expansion of internet bandwidth, including the rollout of 5G, 4G, and LTE in various emerging countries.
The 4K display resolution is revolutionizing the global television market, offering consumers a flexible and evolving array of display monitors. This demand is driven by a desire for computers and TV displays with 4K resolution, as it is anticipated to enhance the overall television viewing experience. The superior resolution of 4K displays, boasting 4000 pixels, is fueling demand for these displays across the global market.
Expanding Markets in Developing Nations
The premium consumer electronics market for 4K display resolution has experienced significant growth in developing countries such as China, India, and Brazil. Several factors contribute to this growth, including the presence of large markets in the TV segment and numerous promotional initiatives by the 4K display resolution industry. Furthermore, the integration of augmented reality and virtual reality into mobiles, tablets, and PCs, along with the growing average size of smartphone screens, is further propelling the demand for high-resolution displays.
The 4K TV market has ample room for expansion. The surge in demand is expected as more individuals upgrade from their outdated HD models to new 4K versions. The availability of 4K content through streaming services, cable, and satellite providers, along with the development of VR and AR content and gaming consoles that support 4K gaming, will further boost the demand for higher-resolution displays, including 4K TVs.
Key Players and Their Strategies
Major players in the 4K TV market include Sony, Samsung, LG, Sharp, Panasonic, Philips, Toshiba, Seiki, Hisense, Changhong, TCL, Skyworth, Konka, and Haier. These industry leaders are heavily investing in research and development to create technologically advanced, feature-rich, and affordable 4K TVs. They also prioritize partnerships and collaborations to expand their market reach and develop innovative products.
The 4K TV market is segmented based on screen size, display technology, and more. Televisions in the 52-65 inches size range dominated the market in 2021, accounting for over 47% of revenue. However, the segment above 65 inches is expected to witness substantial growth due to advancements in technology. In terms of display technology, LCD panels currently hold the largest share, thanks to their energy efficiency and suitability for various applications.
The global 4K TV market is on a trajectory of significant growth, driven by increasing affordability, technological advancements, and expanding markets. As more consumers seek higher-resolution displays, the demand for 4K TVs is expected to surge, creating substantial opportunities for market players. The television landscape is evolving, and 4K TVs are at the forefront, providing consumers with a superior viewing experience.