ID: MRFR/SEM/2133-CR | 100 Pages | Author: Shubham Munde | August 2017
4K Technology Market will exhibit a CAGR of 22.6 % in the forecast period of 2022 to 2030 and is expected to reach USD 475.69 billion by 2030.
Globally, the size of the 4K Technology Market is expected to reach USD 475.69 Billion at a CAGR of 22.6% during the forecast period of 2030 driven by premium electronic products increasing in recent times with the increasing disposable income in several regions
The growth of the 4K technology penetration, rapid technological advancements, declining product prices, and the digital transformation of the broadcasting industry are the primary factors driving the growth of the smart TY market. With the preliminaries of the fourth industry generation, the connected TV manufacturers are competing for the latest innovations in the user interface, content aggregation, and application development like smart TVs, which come with an operating system that can run apps and widgets and other stream videos as well as the music. To set with unified internet capabilities, smart TVs offer numerous advanced computing abilities and connectivity. The smart TVs' current capabilities allow consumers to search, chat, browse, share, update and download content.
Regional financial institutions are increasingly adopting the 4K displays. The COVID-19 pandemic has introduced the work from the home trend which has increased the demand for the 4K displays in recent times. On the other hand, the automotive sector is increasing its investment in recent times to include energy-efficient technologies and high-end display products which have also impacted the overall growth of the 4K Technology Market.
On the other hand, the stringent regulations imposed by the governments have reduced manufacturing activities. The reduction in labor has also affected the production rate of the high-end displays and electronic equipment that deploy the 4K technology.
The potential benefits of the 4K technologies which include, color gamut support, higher quality photos, higher resolution, and better efficiency accompanied by the advancing technologies, such as flash memory, and higher storage options are expected to drive the 4K technology market growth.
The minimal costs incurred in the manufacturing process of the 4K displays are considered the major driver of the 4K Technology Market. On the other hand, rapid urbanization and changing trends with the changing demographic, social, and economic conditions are also impacting the overall growth of the 4K Technology Market Share in recent times. Moreover, the demand for premium electronic products is increasing in recent times with the increasing disposable income in several regions. Such factors are also impacting the 4K Technology Market demands.
A recent study conducted in the US shows that there were over 31% of households had a 4K capable TV, which has increase to 44% in the year 2021. The increasing demand for the 4K TVs is expected to increase the overall growth of the K technology industry. Since the year 2010, the 4K technologies were adopted in the commercial sectors, however slowly they have been introduced in standard household devices as well. Such factors are expected to impact the overall growth of the 4K technology market.
The 4K cameras were increasingly gaining demand in recent years, owing to the advancement in the technologies regarding the 4K capable cameras. The 4K cameras are now capable of capturing videos in a single frame. The 4K cameras were increasingly deploying the features such as Super 35mm imager, wider dynamic range, color gamut, higher sensitivity, and lower noise. Such developments are fuelling the demand for the 4K –capable cameras, thereby presenting lucrative opportunities for the 4K Technology Market.
The requirement of larger spaces for the 4K content is also hindering the overall growth of the 4K technology industry. On the other hand, the demand for the 4K TVs was declining due to the increasing costs. Developing countries have minimal penetration of these 4K TVs due to their costs.
The post-production costs incurred in the 4K video creation are very high. The requirement of hardware power to calculate the 4kImages and videos are extremely higher. Poor awareness regarding the 4K technology is also hindering the overall growth of the 4K Technology Market.
The 4K quality videos were created for televisions, movie theatres, and mobile phones. However, the 4K content for these devices was extremely limited. Also, the 4K video or images require a bandwidth of 25Mbps which is considered the major challenge in the 4K Technology Market.
The majority of the countries have deployed cable, satellite, and over-the-air televisions, but the 4K video content cannot be carried through these cables or satellites. Moreover, the recent report shows that there is no 4K content broadcasted over the air across the United States since it requires hardware installations in the TVs or set-top boxes. Such factors are considered the major challenges as more costs are incurred in the installation of the hardware.
4K technologies are highly preferred by digital marketers. A huge population is accustomed to the practice of viewing visuals from various social media platforms. Digital marketers are increasingly focusing on developing images, and are creating high-quality evocative photographs which make their materials more attractive and help them to personalize their marketing. Such factors are fuelling the overall growth of the 4K technology market in recent times. The 4K technology market size is to reach USD 475.69 Billion with a CAGR of 22.6% from 2022 to 2030 (forecast period). The economic development in major countries and the shifting preferences of consumers toward higher-quality images and videos have also positively impacted the growth of the 4K Technology Market.
The 4K technologies are utilized in almost all electronic equipment that includes, including Smartphones, set-top boxes, tablets, digital cameras, projectors, blue-ray players, and so on. Since the demand for these pieces of equipment is increasing in recent years, the 4K technology market value is expected to increase during the forecast period. The increasing content creation in social media platforms and video creation activities are considered the major market drivers of the 4K technology industry. On the other hand, the 4K cameras possess a flash memory system which is highly preferred by photographers and videographers, thereby increasing the market demand for the 4K cameras.
Similarly, the laptops are also equipped with 4K technologies which possess the features such as sharp images, and graphics. Laptop users prefer higher storage for efficient data processing, therefore the manufacturers include the higher storage option in the 4K laptops for the gaming platforms and software interfaces. Such factors are increasing the overall demand for the 4K laptops, thereby stimulating the overall growth of the 4K technology market.
Asia Pacific region is expected to lead the 4K Technology Market value in the forecast period since several developing countries such as India, China, and Japan are developing in the electronic industries and the overall economic condition of these countries is increasing. The market value of 4K Technology is expected to rise with a steady CAGR of 18% by the year 2028. Some of the key market players in China which include, Changhong, Huawei, and Sumavision are increasingly investing in the development of UHD broadcasting equipment which is more likely to upgrade digital broadcasting from HD to UHD resolution.
On the other hand, the market share of 4K technologies in the European countries is expected to witness steady growth in the forecast period. The share of 4K technologies in Western Europe is greater than in any other part of the world. The preferences in Europe are shifting towards larger screen sizes, accompanied by the declining prices of the display screens; the 4K technology market value is expected to grow in the European region.
In December 2021, Samsung Electronics Co. Ltd announced that selecting the 2022 4K and 8K TVs and the gaming monitors would support the new HDR10+ GAMING standard, delivering an immersive, ultra-responsive HDR gaming experience the gamers. This new standard, developed by the HDR10+Technologies LLC, gives game developers the tools they need to provide gamers with a compelling and consistent HDR gaming experience without manual calibration across various display technologies for the different input sources, including the consoles and PCs.
In April 2021, Samsung launched its ultra-premium Neo QLED TV range, with a nearly bezel-less Infinity One Design and true-to-life picture quality for a cinematic viewing experience. The line-up will be available in 5 85 inches, 75 inches, 65 inches, 55 inches, and 50 inches. Neo QLED TVs come with the Samsung proprietary, powerful Neo Quantum Professor with enhanced upscaling capabilities.
In 2021, Tata Group-owned electronics store chain Croma entered a partnership with Amazon to launch a new range of smart TVs with built-in fire devices for customers in India.
This report has covered:
|Market Size||USD 475.69 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Physical Product|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||AsusTek Corp. (Taiwan), LG Electronics Corp. (South Korea), Innolux Corp. (Taiwan), Sharp Corp. (Japan), Blackmagic Design Pty Ltd. (Australia)|
|Key Market Opportunities||Increasing spending power of consumers and the increasing preference of consumers.|
|Key Market Drivers||Higher resolution and better efficiency. Advancement in technology.|
The income of USD 475.69 Billion is anticipated to be gained by 2030.
A 22.6% CAGR is expected to motivate the market in the upcoming years.
AsusTek Corp. (Taiwan), Innolux Corp. (Taiwan), Sharp Corp. (Japan), Blackmagic Design Pty Ltd. (Australia), LG Electronics Corp. (South Korea) are the contenders in the market.
The segments of type and physical products are likely to encourage the market’s expansion.
The Asia Pacific region is the leading player in the market due to the presence of growing economies
The limited availability of the distribution network is expected to restrict the market share in the coming period.
The technological revolution and demand for clear displays are expected to motivate the market in the coming years.
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