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Televisions Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Televisions Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6072066
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the televisions market are Samsung, LG, Sony, Hisense, TCL, Philips, Vizio, Toshiba, and Skyworth.

The global televisions market is expected to grow from $63.48 billion in 2020 to $78.38 billion in 2021 at a compound annual growth rate (CAGR) of 23.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $95.79 billion in 2025 at a CAGR of 5%.

The televisions market consists of sales of televisions and related services used for entertainment, information and education purpose. A television is a visual image and sound transmission system replicated on screens, primarily used to broadcast entertainment, data, and education programs.

The rise in disposable incomes was a major driver of the televisions market.The rise in disposable incomes was mainly driven by economic growth and middle-class population growth in developing countries such as China, India and Brazil.

According to the World bank, the per capita net disposal income of lower middle-income countries is expected to be in between $1,036 and $4,045 and per capita net disposal income of upper middle-income countries is expected to be in between $4,046 and $12,535 in 2021. Increased earnings and increased disposable incomes in the emerging markets, contributing to the televisions market’s growth.

The changes in consumer lifestyles and preferences had a significant impact on the televisions market.With increasing smartphone and internet penetration and advances in social media and digital technologies, consumers shifted from television to new forms of entertainment such as online audio and video streaming services on mobile phones.

Television viewership continued to decline, especially among the millennial. As a whole, 18-34-year-olds spent viewing traditional TV (live and time-shifted) in Q1 2020 fell by around 15.3% from 2019. Changes in consumer preferences restricted the demand for televisions.

The television market covered in this report is segmented by product type into smart and traditional. It is also segmented by end-user into residential, commercial, others, by technology into LCD, LED, OLED, QLED and by screen size into below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches and above 65 inches.

The demand for Ultra HD televisions is increasing rapidly, as they are energy efficient and offer high quality images.Ultra HD televisions include 4K and 8K UHDs that have an aspect ratio of 16:9 or wider, and also present a minimum resolution of 3840x2160 pixels.

The transition from traditional CRT and LCD TVs to ultra HD TVs has been fast owing to brisk pace in technological advances. For instance, in 2019, worldwide sales of 4K ultra-high-definition televisions reached 100 million units thus, indicating high demand for ultra HD 4k and 8k televisions.

In February 2018, GotMatter Pvt Ltd, a Bangalore based IT and E-Commerce company, acquired Ridaex Technologies for an undisclosed amount.The acquisition will strengthen the GotMatter Pvt Ltd’s position as an agile and innovative company.

Also, enables the company to improve sales and increase expertise in customer services and enhance its business intelligence. Ridaex Technologies made its name by manufacturing first Indian Led Smart TVs.

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