The television market is a fluid and ever-changing environment. It is a market that is continually being altered by new technologies, platforms, and content consumption methods. The introduction of new technologies, such as the internet and streaming services, has had a significant impact on the television industry. These new technologies have enabled viewers to get a broader range of content from a broader range of sources. The worldwide television market is a huge and complex network of production, distribution, and consumption that spans continents and cultures. Television, with its pervasive presence in houses worldwide, has become a vital part of people's lives, providing a vast range of programming and entertainment alternatives. The worldwide television market has seen a paradigm change from traditional broadcasting to digital platforms and streaming services as technology improvements continue to reshape the business. This transition has resulted in a considerable increase in viewing options, allowing consumers to access a diverse range of programmes, films, and series at their leisure. Furthermore, the widespread availability of smart TVs, connected gadgets, and high-speed internet has transformed how content is provided and consumed, fueling the expansion of over-the-top (OTT) platforms and video-on-demand (VOD) services. Continuous developments in display technology, such as high-definition (HD), 4K, and now even 8K resolutions, as well as the integration of smart features and Internet of Things (IoT) capabilities in televisions, are driving market expansion. Furthermore, the television industry provides a strong platform for content creators, production companies, broadcasters, advertisers, and service providers to exhibit their products and engage with a global audience. As a result, the television market continues to be a profitable and highly competitive sector, with stakeholders always attempting to innovate and adapt to changing customer needs and technical breakthroughs, eventually influencing the future of home entertainment.
According to the research report," Global Television market Research Report, 2028" published by Actual Market Research, the market is anticipated to cross USD 135.53 Billion market size by 2028, increasing from USD 108.09 Billion in 2022. The market is projected to grow with 3.92% CAGR by 2023-28. Streaming services have grown in popularity in recent years as they provide users with a wider range of content and greater flexibility in how they watch it. Among the many streaming services accessible are Netflix, Disney+, and Amazon Prime Video. Smart TVs, which integrate internet connectivity and provide access to streaming services, apps, and other online content, have also grown in popularity. The desire for seamless connectivity, personalised suggestions, and the capacity to stream content from several platforms drives the demand for smart TVs. Furthermore, display technology is evolving with the introduction of 8K resolution and OLED (organic light-emitting diode) panels. 8K TVs provide very high-resolution pictures for a more immersive watching experience, and OLED technology provides deep blacks, bright colours, and better contrast for superior picture quality. Further, artificial intelligence (AI)-powered capabilities are increasingly being integrated into televisions, improving the user experience and convenience. Hands-free control, content search, and smart home integration are all possible with voice assistants such as Amazon Alexa and Google Assistant. Content recommendations are also powered by AI algorithms based on user preferences and watching history. Streaming gadgets and dongles such as Roku, Apple TV, and Chromecast are gaining popularity alongside smart TVs. These devices enable non-smart TVs to connect to the internet and access streaming platforms, allowing consumers to improve their viewing experience without purchasing a new set. Live streaming has gained momentum, with platforms like Twitch and YouTube Live attracting large audiences for gaming, events, and sports. Traditional broadcasters are also expanding their digital presence and offering live streaming options to cater to changing viewer preferences.
The Asia-Pacific region is quickly urbanising, with more people moving from rural to urban areas. This urbanisation trend, combined with economic success, has resulted in an expansion of the middle class in countries such as China, India, Indonesia, and Vietnam. The expanding middle-class population has increased purchasing power and disposable income, which has fueled television demand. Furthermore, rise in disposable income of customers is increasing their spend a larger portion of their expenditures on entertainment and leisure activities. Televisions are crucial components of home entertainment because they provide access to a wide range of content and immersive viewing experiences. The increased emphasis on leisure and entertainment spending in the Asia-Pacific region has boosted demand for televisions. Furthermore, the Asia-Pacific region has experienced a significant increase in the use of smart TVs and streaming services. As high-speed internet connectivity becomes more widely available, consumers are embracing smart regions that provide internet access, streaming capabilities, and an extensive range of online entertainment options. The availability of streaming services such as Netflix, Amazon Prime Video, and local providers has increased demand for smart TVs in the region. Furthermore, sports events, particularly cricket and football, have a sizable fan base in Asia-Pacific.
Middle East & Africa is expected to be one of the fastest growing market of television globally. The MEA region has a fast-rising population with a high proportion of young people. This generation, together with expanding urbanisation and disposable income, fuels demand for television and entertainment material. Many MEA countries have enjoyed significant economic growth in recent years. As a result, consumer spending power has increased, leading to higher adoption rates of television sets and related services. The region has seen an abrupt shift from analogue to digital television broadcasting. Digitalization offers benefits such as improved image and sound quality, expanded programming selections, and interactive services. This move allows broadcasters and content producers to provide a broader selection of channels and services.
According to the report, the market is segmented into screen type, HD TV,HD TV, 4K UHD TV,8K TV. Among them the market is dominated by 4K UHD TV with highest market share in 2022. 4K UHD TVs have four times the resolution of Full HD TVs, with a resolution of 3840 x 2160 pixels. This produces extraordinarily crisp and detailed visuals, making the viewing experience more immersive and entertaining. Consumers are increasingly looking for improved visual quality, and 4K resolution offers that on that front. The cost of manufacturing 4K UHD TVs has substantially lowered over time, making them more inexpensive and accessible to a wider spectrum of users. As prices have come down, the value proposition of 4K TVs has improved, leading to increased adoption. Furthermore, developments in display technology, such as High Dynamic Range (HDR) and larger colour gamuts, have improved the visual quality of 4K UHD TVs. HDR gives higher contrast and a wider variety of colours ,high and dynamic range vivid and bright images. Furthermore, with the emergence of streaming services such as Netflix, Amazon Prime Video, and Disney+, users now have access to a large library of 4K material. This includes movies, TV series, documentaries, and sporting events created and optimised for 4K UHD quality. The availability of content has been a critical element in the uptake of 4K TVs.
Based on the screen size, the market includes, below 32 inches, 32-45 inches, 46-55 inches, 56-65 inches, and 65+ inches. Among them the market is significantly dominated by 46-55 inches of screen. Screen sizes ranging from 46 to 55 inches provide most consumers with a balanced viewing experience. They provide a large enough display to appreciate immersive content without being overbearing or necessitating long viewing distances. For a typical living room or entertainment setup, this size range strikes a decent compromise between screen real estate and convenience. There is frequently a link between screen size and pricing in the television industry. While larger screen sizes may provide a more immersive experience, they also tend to be more expensive. The 46- to 55-inch range provides a mix between a pleasurable viewing experience and affordability for a wider variety of consumers. Because of this, manufacturers often make a wide range of TV models in the 46-55 inch size range due to its popularity. This range benefits from robust brand rivalry, resulting in a varied range of features, technologies, and price points. Within this size category, consumers can select from a variety of solutions that meet their preferences, budget, and unique demands. Content creators and broadcasters frequently optimise their material for the most typical market screen sizes, which include the 46-55 inch range. When material is appropriately developed and calibrated for various screen sizes, the majority of customers get a visually appealing and well-optimised viewing experience. Furthermore screen size of more than 65 inches is expected to gain popularity in the global television market.
Recent Developments:
• Samsung announced on January 25, 2023 that it would be launching a new line of 8K televisions in the spring of 2023. The new televisions will feature Samsung's latest Quantum Dot technology, which will provide stunning picture quality.
• LG announced on February 1, 2023 that it would be launching a new line of OLED televisions in the spring of 2023. The new televisions will feature LG's latest Alpha 9 Gen 5 processor, which will provide improved image processing and sound quality.
• Sony announced on February 8, 2023 that it would be launching a new line of Bravia XR televisions in the spring of 2023. The new televisions will feature Sony's latest Cognitive Processor XR, which will provide a more immersive viewing experience.
• TCL announced on February 15, 2023 that it would be launching a new line of Roku TVs in the spring of 2023. The new televisions will feature Roku's latest operating system, which will provide access to a wide variety of streaming content.
