Market Research Future published a research report on “4K TV Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The global 4K TV market is predicted to touch USD 50 billion at a 24% CAGR between 2016- 2022 states the recent Market Research Future (MRFR) analysis. 4K television is a huge transformation in the TV industry that provides vibrant colors with good picture quality. Generally, 4K television is used in live shows and concerts owing to its high picture quality and high resolution. Ultra high-definition TVs are a merge of 4K resolution, wide color range, vibrant colors, high dynamic range, and high frame rate. 65 inch, <55 inch, and 55 inch are the different types of 4K TV that have wide applications in households and public.
Various factors are propelling the global 4K TV market share. As per the current MRFR report, such factors include the consumer electronic industry’s evolving nature, advances in graphic engines of TVs, pressure on manufacturers to cut down prices, the growing popularity of ultra HD technology coupled with its multiple benefits, and growing demand for displays in medical equipment such as respirators and ventilators during COVID-19.
On the contrary, the high cost of TV sets may hamper the global 4K TV Market growth over the forecast period. Besides, the current COVID-19 pandemic has adversely impacted the display industry as there has been a temporary suspension of manufacturing operations across leading manufacturing hubs resulting in substantial production slowdown. Top manufacturers like LG Display, Samsung, and Xiaomi, to name a few, have suspended manufacturing operations in European countries, South Korea, India, & China.
The MRFR provides an inclusive segmental analysis of the global 4K TV industry based on end users and product type.
By type, the 4K TV market is segmented into 65 inch, <55 inch, and 55 inch.
By end user, the 4K TV market is segmented into household and public.
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By region, the global 4K TV market report covers the recent trends and growth opportunities across North America, the Asia Pacific (APAC), Europe, & the Rest of the World (RoW). Of these, the APAC region will lead the market over the forecast period. The presence of a huge group of consumers, the influx of fresh vendors, and the presence of leading television manufacturers are adding to the global 4K TV market growth in the APAC region. The US holds the utmost share in the market as it is a leading importer of 4K television across the globe.
The global 4K TV market in Europe is predicted to have the second-largest share over the forecast period. Growing demand for 4K technology is adding to the global 4K TV market growth in the region. France, the UK, and Germany have the maximum share in the market.
The global 4K TV market in North America is predicted to have healthy growth over the forecast period. Growing demand for high-end home products and the evolution of the consumer electronic industry is adding to the 4K TV market growth in this region. Among all, the US has the maximum share in the market.
The global 4K TV market in the MEA is predicted to have sound growth over the forecast period for the growing demand for ultra HD televisions in the region.
Key players profiled in the global 4K television market report include Panasonic Corporation (Japan), Sony Corporation (Japan), Sharp Corporation (Japan), Haier Inc. (China), Samsung Electronics Co. Ltd (South Korea), Toshiba Corporation (Japan), TTE Technology, Inc. (China), and Videocon Industries Limited (India). Industry players have incorporated several strategies to stay ahead in the competition and also cater to the consumers growing needs. These strategies comprise mergers and acquisitions, joint ventures and collaborations, partnerships, new product launches, to name a few.
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