Global Market for 4K TV to Reach a Valuation of Close to USD 50 Bn By 2023-End
Modern televising technology is shifting towards ultra-high resolution, changing the viewing experience. Continuous overhauls in audio visual broadcasting technology has also influenced the display or television technologies. 4K is one of the most recent television technology that has taken audio visual entertainment to the next level. Technologies as such has enhanced the overall television viewing experience. 4K viewing is best experienced in large screen displays. As 4K televisions have a superior display quality with greater clarity, smoothened images, and finer details, their popularity among consumers is growing at rapid pace. 4K displays are not only used for entertainment purposes but are also turning out to be useful in medical and aerospace applications. The latest study conducted by Market Research Future (MRFR) reveals that the global market for 4K TV will surge at a double-digit CAGR of 24% during the projection period (2017-2023) and stand at around USD 50 Bn.
4K technology is a combination of dynamic range, ultra-definition, wide colour gamut and high frame rate. 4K can be considered as a revolutionary display technology. Incessant advances in display technology, increased demand for high image quality and resolution is influencing the 4K TV Market. Filmmakers are broadcasters are quickly shifting to 4K technology to deliver a better viewing experience. Arrival of easy-to-use 4K camcorders and handicams are allowing broadcasters to recode 4K quality images without any complications. Nonetheless, 4K being a leading-edge technology carries a premium price, which restricts it to a smaller customer base.
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Latest Industry Trends and News:
Panasonic Media Entertainment Company, a business unit of Panasonic Corporation of North America, which specialises in creating and delivering audio visual solution and immersive entertainment experiences has unveiled a wide array of visual systems, which also features LinkRay a unique visible light communication system. The company showcased these technologies during the 2018 Digital Signage Expo in Las Vegas.
Xiaomi has recently unveiled the 55-inch Mi TV 4S in China with voice control and 4K HDR. Reportedly, the TV will enter the market by first week of April. The price set for the TV is at around CNY 2,999 (roughly Rs 31,000). In addition, the company’s 55-inch Mi TV 4 with 4K HDR recently made its India debut.
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.
Global Market for 4K TV – Segmental Analysis
MRFR in its report has offered a segmental analysis of the market based on product type and end users. On the basis of type, the market has been segmented into 65 Inch, 55 Inch and <55 Inch. By end-user, the market has been segmented into public and household.
Based on region, the market is segmented into Asia-Pacific, North-America, Europe, and rest of the world. Asia Pacific is expected remain at the forefront of the global market for 4K TV in 2017 and beyond. Currently, the region commands for the largest market share and is likely to continue its dominance throughout the assessment period. Presence of leading television manufacturers, arrival of new vendors and a large pool of consumer is expected to propel the market in the region. Sales of 4K television is expected remain strong in North America. The US is one of the largest importers of 4K television in the world. Therefore, the region is expected to present lucrative growth opportunities for market over 2023.
Regionally, Asia-Pacific accounted for the largest market share, owing to increased adoption of new technological solutions, increasing competition among 4K television vendors, increasing demand for consumer electronics and increasing disposable income.
However, North-America region is expected to grow over the forecast period, 2017-2023. The reason is attributed to technological developments, biggest importer for 4K televisions and sharper picture quality.
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