New York, USA, June 21, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future Market Research Future (MRFR), "4K TV market Information: Product Type, Operating Platforms, and Region - Forecast till 2030”, the market could thrive at a rate of 21.50 % between 2023 and 2030. The market size will be reaching around USD 556.13 Billion by the end of the year 2030
4K TV Market Key Players:
Eminent industry players profiled in the global 4K TV market report include
- Apple limited,
- Boxee,
- Google,
- Haier LTD, LG,
- Panasonic LTD,
- Philips,
- Samsung,
- Sharp LTD,
- Sony Corporation LTD,
- TCL,
- Toshiba Ltd., and
- Videocon.
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Scope of the Report
| Report Metrics | Details |
| Market Size by 2030 | USD 556.13 billion |
| CAGR during 2023-2030 | 21.50% |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Key Market Opportunities | The consumer choice landscape is dynamic and ever-evolving in the market. |
| Key Market Dynamics | Modern technology Better image quality and high resolution Increasing consumer electronics demand |
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4K TV Market Drivers
Screen Size Expansion to Boost Market Growth
4K TVs have emerged as the preferred choice for people searching for big-screen entertainment as the need for larger screen size has increased. Larger TVs with 4K resolution may deliver crisper, more detailed images sans pixelation, which is appealing for home theatre settings in particular.
Market Opportunities
Technological Advances to offer Robust Opportunities
The visual quality of 4K TVs has substantially increased because of developments in display technology, such as the creation of OLED and QLED panels. These developments have improved color accuracy, contrast, and visual performance generally, increasing customer interest in 4K TVs.
Restraints and Challenges
High Cost to act as Market Restraint
The high cost of 4K TV, the accessibility of native 4K content, need for significant bandwidth and infrastructure, lack of consumer awareness and education about 4K technology, and market saturation may act as market restraints over the forecast period.
4K TV Market Segmentation
The global 4K TV market is bifurcated based on type and end users.
- By type, the <55 inch 4K TV will lead the market over the forecast period. However, because of the rapid advancement of ground-breaking technologies such as quantum dot LED and super ultra-high definition (SUHD), the market for screens larger than 65 inches is predicted to grow the fastest. The market has been oversaturated with a large variety of televisions at different price ranges. Manufacturers are gradually revising their designs to produce cutting-edge 4K televisions. They make significant R&D investments to create powerful visual engines that provide immersive viewing.
- By end users, household will domineer the market over the forecast period. The Household Use now has the largest market share in the market and will grow quickly. Each application's position & potential for key application value, the market share, & growth valuation are the segment's main points of emphasis.
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4K TV market COVID-19 Analysis
People spent maximum time at home as a result of the restrictions and lockdowns that were enacted in several nations. As a result, demand for the home entertainment equipment—including 4K TVs—rose. Customers looked to improve their watching experience by replacing their old TVs with more high-definition models. The epidemic had a tremendous effect on the world economy, causing numerous people to lose their jobs, see their salaries reduced, and experience financial insecurity. Thus, consumer buying habits altered, placing more of a premium on necessities. For other consumers, buying non-essential things like 4K TVs may have been postponed or scaled back.
The epidemic caused production delays, component shortages, & logistical difficulties by upsetting global supply systems. As a result, fewer 4K TVs were produced and were available. Some producers had trouble finding necessary components, and transportation limitations made it harder to get items to customers. During lockdowns, a large number of retail establishments, particularly electronics and appliance outlets, were temporarily closed/just partially operational. As a result, consumers had less access to physical retailers to make purchases, which had an effect on sales of 4K TVs. During this time, e-commerce platforms and online sales increased in importance.
As was already indicated, a greater reliance on the online channels was caused by the closing of retail locations and limitations on in-person purchasing. To buy 4K TVs, consumers used e-commerce sites, looking for simplicity and security. Online merchants saw a spike in revenues, & the online market developed into a vital channel for interacting with clients.
4K TV market Regional Analysis
North America to Head 4K TV Market
Throughout the projected period, the market in this region is anticipated to expand rapidly. Thanks to the increased need for 4K set-top boxes, it is now possible to fully use the capabilities of 4K TVs while obtaining better image quality. In the near future, it is anticipated that increasing expenditures in research & development efforts for the launch of cutting-edge UHD TVs would drive this region's growth. The 4K TV market too was no exception to the North American market, which includes the United States and Canada, as a crucial location for the uptake of new technology. Customers were drawn to 4K TVs for their improved image clarity and immersive watching experience.
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APAC to Have Admirable Growth in 4K TV Market
The largest market share was in Asia Pacific. The region's market development is anticipated to be driven by increased UHD set-top box adoption and rising disposable income of consumers. China and India, two developing nations, are the main market contributors in the area. Due to its numerous TV manufacturers having set up shop there and its affordable labor, China is the world's top producer of 4K TVs, accounting for 70 percent of this market in 2020. The main cause of the massive 4K TV usage in the nation is the abundance of 4K TVs available at reasonable prices.
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