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Global TV Market - Drivers and Forecast From Technavio(March 20, 2017)
LONDON--(BUSINESS WIRE)--#ConsumerElectronics--Technavio analysts forecast the global TV market to grow to USD 372.91 billion by 2021, at a CAGR of close to 10% over the forecast period, according to their latest report.
The research study by Technavio on the global TV market for 2017-2021 provides a detailed industry analysis based on technology (HD TVs and UHD TVs), resolution (LCD TVs and OLED TVs), display size (40 inch and below, 40-49 inch, 50-59 inch, 60-69 inch, 70-79 inch, and 80 inch and higher), and geography (APAC, the Americas, and EMEA).
|Currently, HD TVs constitute the leading technological segment of the TV market, holding almost 63% of the global shares. However, the rising popularity of UHD TVs will result in its slow takeover of the market over the forecast period. The rising demand for technologically advanced products and enhanced picture quality will be the major factor behind the rise in demand for UHD TVs.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global TV market:
- Higher attraction for large display sizes
- Rapid technological evolution
- Growing popularity of 3D programming and video on demand (VoD) content
Higher attraction for large display sizes
?The steadily rising global standard of living is positively impacting the TV market. Consumers prefer buying large screen UHD televisions with high clarity and better viewing angles. This is resulting in greater revenue generation in the market, resulting in its growth, says Ujjwal Doshi, a lead analyst at Technavio for consumer electronics research.
Display size has become an integral part of the TV viewing experience, with most consumers buying televisions with screens that are larger than 55 inches. Also, developing economies such as China and India are displaying swift adoption of large screen TVs, further boosting revenue generation.
Rapid technological evolution
The global TV market has witnessed major technological advances over the last decade. TV with integrated features such as internet connectivity, USB ports, 3D support, and different applications are encouraging customers to purchases new and better TVs. Numerous vendors offer TVs with new technologies such as HD, 3D, and 4K UHD to improve the audio-visual experience of viewers. The rapid evolution of televisions with such innovative features is leading to the swift replacement of old TVs with new ones, thereby generating a high amount of revenue to the global market.
Growing popularity of 3D programming and video on demand (VoD) content
?The increasing demand for 3D programming and video-on-demand content is expected to propel the growth of the 3D TV market over the forecast period. Broadcasters and operators are transitioning to full digital networks to meet the growing demand for 3D contents, thereby increasing the overall market size, says Ujjwal.
Regions such as North America, Europe, and Asia have quickly adopted the 3D technology, and cable operators have complied by upgrading their infrastructure to cater to this demand. Vendors are also updating their existing product offerings to improve the audio-visual experience of consumers, which is also impacting the growth of the market.
Browse Related Reports:
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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