Covid-19 Impact on 4K TV Market, By Type (<55 Inch, 55 Inch, 65 Inch), By End-users (Household, Public) - Forecast 2023
The 4K format is being increasingly adopted by various TV manufacturers, and 4K TV is gradually entering the mainstream TV space. Market Research Future (MRFR) has predicted a dynamic CAGR of 24% in the global 4K TV market after a thorough examination of various factors affecting the market over the forecast period of 2017-2023. MRFR has further projected the Covid-19 Impact on 4K TV Market to reach a valuation of USD 50 Bn by the end of 2023.
The growth of the 4K TV is stemmed from the parallel expansion and concerted efforts of content providers, TV manufacturers as well as consumers. Consumers are more informed, aware, and keen on buying TV sets of higher resolution and image quality. In addition, content makers and broadcasters have exhibited higher inclination towards producing content in ultra-high definition (UHD) which is spurring the growth of the market. Moreover, various over-the-top (OTT) streaming service providers such as Netflix and others have started streaming content in 4K resolution which has encouraged consumers to invest in 4K TV sets.
Remarkable technological advancements such as Quantum dot LEDs (QLEDs) and Super UHD (SUHD) have further propelled the 4K TV market. Improvement in sound quality, design, and inclusion of other advanced features have further supported the growth of the market.
Attractive opportunities offered by the global TV industry has encouraged various consumer electronic players to foray into the TV space. These new entrants have invested capital in production, distribution, and R&D in recent years which has driven the market pervasively. For instance, Xiaomi Corporation, a comparatively newer TV brand, has launched two new Mi 4K TVs and is looking to expand its TV portfolio. This move by Xiaomi has resulted in the subsequent launch of new 4K Android TVs by Vu Technologies to compete with Xiaomi Mi LED TV 4X PRO. Intense competition in the market has corresponded to price reductions. 4K TV manufacturers are also incorporating various strategies such as price drops in developing countries to insulate growth from poor consumer spending.