Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Televisions Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Chronicling the evolution of the television market from a historical viewpoint, the research offers an in-depth exploration into the market’s size, which is projected to expand from $87.97 billion in 2023 to $91.48 billion in 2024, with a compound annual growth rate (CAGR) of 4.0%. The forecast further details an upward trend, with expectations of reaching $104.34 billion by 2028, showcasing a 3.3% CAGR, propelled by advances in television resolutions and smart features.
The report highlights the transformative shift from analog to digital, the consumer electronics evolution, emerging market economies, and significant technological innovations as primary factors catalyzing growth within the industry. Smart TVs, traditional TVs, and the transitions in televisions technologies such as LCD, LED, OLED, and QLED are dissected to offer targeted insights relevant to manufacturers, retailers, and consumers in various regions.
An analytical section dedicated to dissecting user demographics outlines the economic boom in disposable incomes, especially within burgeoning markets such as China, India, and Brazil, and their effect on the television market expansion. The research emphasizes the critical role of these economies, which aligns with the World Bank disposable income metrics for the year 2021.
Technology Advancements and Consumer Adoption Patterns
The comprehensive study explicates the direct correlation between internet penetration, streaming platforms' reach, and the growth of the television industry. With data from Broadband Search evidencing an internet usage rate of 93.79% within the United States, the linkage of such dynamics to the television market's expansion is evident.
Contrastingly, the advent of online streaming services accessible via smartphones and other mobile devices has initiated a shift away from traditional television viewership. Key statistics such as a 25% decline in linear TV consumption among the 18-34 age bracket, compared to older demographics, encapsulate these emerging consumer behaviors.
Industry trends such as the surge in demand for Ultra HD televisions, including 4K and 8K resolution models, are spotlighted. The energy-efficient nature and superior image quality of these models play a vital role in consumers transitioning from CRT and LCD TVs to Ultra HD units.
Major Market Players and Innovations
- Samsung Electronics Co. Ltd.: Introduced customizable displays in their 2023 TV lineup, focusing on QLED, micro-LED, and OLED technologies.
- Blaupunkt: Partnered with SPPL for the launch of smart LED TVs exclusively on Flipkart in India, ranging across various screen sizes.
The report details the aforementioned innovations along with a comprehensive list of other key market players, contributing to our understanding of corporate strategies and market dominance.
A geographical exploration indicates Asia-Pacific as the largest region in the televisions market in 2023, followed by North America, offering strategic business insights into these vital markets.
A selection of companies mentioned in this report includes
- Samsung Electronics Co. Ltd.
- LG Electronics Inc.
- Sony Corporation
- Hisense Group Co. Ltd.
- TCL Corporation
- Koninklijke Philips N.V.
- Vizio Inc.
- Toshiba Corporation
- Skyworth Group
- RCA Corporation
- Magnavox
- Sharp Corporation
- JVC (Victor Company of Japan Limited)
- Polaroid/Sceptre
- Fujitsu Limited
- Sansui Electric Co. Ltd.
- Onida
- Xiaomi Corporation
- Micromax Informatics Limited
- Haier Group Corporation
- Hitachi Ltd.
- Lloyd Electric & Engineering Ltd.
- Panasonic Corporation
- Funai Electric Co. Ltd.
- Changhong Electric Co. Ltd.
- Konka Group Co. Ltd.
- Seiki Digital Inc.
- Element Electronics Corporation
- Westinghouse Electric Corporation
- Mitsubishi Electric Corporation
- NEC Corporation
- Videocon Industries Limited
- Intex Technologies (India) Ltd.
- Akai Electric Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/ty3b4b
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