The global 4K television (TV) market, by the end of 2023, is expected to touch a valuation of approximately USD 50 billion, asserts Market Research Future (MRFR). The market also shows signs of achieving a growth rate of 24% during the forecast period (2017-2023).
Top Drivers and Key Barriers
Fast-paced advancements in technology have entirely transformed the consumer electronics sector. Innovative products that are made using latest technologies provide the customers comfort as well as an enhanced experience. In the past decade, the television industry has noted remarkable changes owing to the advancements in LED, LCD, AMOLED and OLED technologies.
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4K TVs have gained considerable traction in the market, as these give ultra-high-definition pictures. The market for 4k TV is abuzz with numerous renowned companies that are competitive, and maintain their position by producing latest panel technologies that provide energy-efficient and cost-efficient displays with elevated resolution. Surging adoption of streaming services for entertainment purposes benefits the 4k TV Market.
High usage of internet coupled with the surging content on streaming platforms have boosted the demand for streaming services, which have now become as popular as the traditional TV cable platforms. In addition, the increasing use of ultra-high definition camcorders as well as cameras among filmmakers has provided a substantial push to the 4k TV market. The growing number of high definition content vendors like Blu-ray players also benefits the worldwide 4k TV market.
Global Market for 4K TV – Segmental Analysis
The MRFR report provides a segmental study of the global 4K TV Market, with respect to the product type and end users.
Given the type segment, the market has been considered for 65 Inch, 55 Inch and <55 Inch.
The end-users in the worldwide market are public and household.
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 market for 4K TV has been divided into Asia Pacific (APAC), Europe, North America, and rest of the world (RoW), considering all the latest trends and the growth opportunities that can be expected during the conjectured timeframe.
APAC was the top market for 4K TV in 2017 and can maintain its position even during the review period. The region is inundated with several renowned television manufacturers as well as an expansive pool of consumers, which helps stimulate the market growth. Mounting disposable income, rising demand for consumer electronics, increasing adoption of latest technological solutions and growing competition between 4K television vendors also benefits the regional market. Besides, surging penetration of 4K TVs and the broad range of low priced offerings by companies are estimated to leave a strong impact on the APAC market in the coming years.
The sale of 4K televisions in North America is projected to be high in the following years. The United States (US) is a prominent importer of 4K televisions, which boosts the market demand in the region. The thriving consumer electronics sector coupled with the soaring demand for high-end home products could also work in favor of the 4K TV market in the region.
Europe is going to be the third most profitable market for 4K TV’s in the near future, thanks to the rising consumer preference for 4K technology for improved imaging. Some of the significant markets for 4K TV in the region have been identified as Germany, France and the United Kingdom (U.K).
RoW, consisting of the Middle East and Africa as well as Latin America, can also observe phenomenal growth in subsequent years, backed by the mounting popularity of ultra-high definition televisions and the overall economic growth in recent years.
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