Television Market to Grow at a CAGR of 6.65% During the Forecast Period
Increasing
GDP per capita income, rapid urbanization, and technological advancements are
expected to drive the growth of the global television market.
According to TechSci Research report, “Television
Market –Industry Size, Share, Trends, Competition, Opportunity, and
Forecast, 2017-2027”, due
to rapidly increasing demand from the television industry, the global
television market is expected to reach USD182 billion by 2027F, with a CAGR of
6.65% during the forecast period. Television sales are expected to increase during the forecast period due
to booming demand for over-the-top (OTT) platforms and the rising urge for
televisions with internet connectivity worldwide. As technology is growing, it
is making television a device through which one can watch shows and access
online content.
The multi-connection feature that provides the cable, internet, and
satellite features on one TV at a time is taking television technology to a new
level. Furthermore, the craze for web series among the masses and the
popularity of other advanced entertainment features are bringing about a boom
in the global television market. The market for global television is growing because of the growing
number of nuclear families worldwide. The electricity saving and wide viewing
technology are not only enhancing the viewing preference of the consumer but
also making it affordable for the middle-class group globally. On top of that, the lockdown also helped the global television market
grow as people were stuck at home and needed entertainment on demand, so
television and over-the-top media services helped in that phase.
Due to a supply chain disruption in 2020, television panels had limited
supply because of China's complete shutdown of manufacturing operations as
every industry player around the globe is connected to China in some way for
equipment supply. In terms of display type market, the LED market has accounted for the majority
of market share in the global television market, followed by OLED, owing to
their various advantages such as clearer pixels and visibility, energy saving,
easy availability, and integration of the latest technologies. In the others section, QLED is an emerging technology and is expected to
gain popularity in the coming years on account of the high level of energy
efficiency and lower running cost.
Browse over 17 market data Figures spread through 70 Pages and an
in-depth TOC on "Global Television Market"
https://www.techsciresearch.com/report/television-market/9428.html
The global television market is segmented into Asia-Pacific, Europe,
North America, South America, and the Middle East & Africa in terms of the
regional analysis.
The Asia-Pacific region dominates the global television
market, followed by North America in 2021. Televisions are in high demand in countries with large populations, such
as China, Japan, and India. Changing consumer preferences toward over-the-top
platforms and rising disposable income have fueled the growth of the
Asia-Pacific television market over the years. In 2021, North America became the world's second-largest market for
television. An increase in television demand in North America can be attributed
to an increasing population base, rising consumer purchasing power, and growing
urbanization.
Key market players in the Global Television Market include:
·
Samsung Electronics Co. Ltd.
·
LG Corporation
·
Sony Corporation
·
TCL Electronic Holding Ltd
·
Hisense International Co. Ltd.
·
Sharp Corporation
·
Skyworth Group Co. Ltd.
·
Panasonic Corporation
·
Xiaomi Group
·
Toshiba Corporation
Leading players are focusing
on expanding their product portfolios to maintain sustainable growth in the
market. The companies are also expanding their distribution reach across
various countries and are seeing a surge in television distribution in demand.
For instance, LG Corporation is among the first few companies to offer a
rollable television. This rollable television saves
space in the room and makes the viewing experience much more satisfactory. This
is a genuinely beautiful and one-of-a-kind decor appropriate for any modern
place that practically everyone desires.
The ability to use the LG TV roll
screen for various functions is a unique feature. This implies that while the TV
is at ‘in-line’ mode, just about a quarter of the screen is rolled up to
display information such as the weather, the time, and music. In addition to
the existing Google Assistant, this LG Signature OLED TV R model features the
Alexa virtual assistant.
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“The global television market
is expected to expand at a healthy rate during the projected period. Factors
such as emerging economies' rapid economic development, rising desire for smart
televisions worldwide, the growing smart home market, cheap financing and the
advent of new payment options, and the pay-TV system are all driving the global
television market demand.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Television
Market - Global Industry Size,
Share, Trends, Opportunity and Forecast, 2017-2027 By Screen Size (Below 39’’, 40"-47",
50"-57", And Above), By Display Type ((LED, OLED, Others (LCD, QLED,
etc.)), By Distribution Channel (Multi Branded Stores, Supermarkets /
Hypermarkets, Online, Others (Institutional Sales, Exclusive Stores, etc.), By
Region”, has evaluated the future growth
potential of television in global market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the global television market.
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