Global Television Market Overview
Television Market Size was estimated at 317.41 (USD Billion) in 2022. Television Industry is expected to grow from 341.95(USD Billion) in 2023 to 668.36 (USD Billion) by 2032. The Television Market CAGR (growth rate) is expected to be around 7.73% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Television Market Trends Highlighted
Technological advancement, rising purchasing power, and diversification of customer tastes are some of the key market drivers. The trend of streaming services and smart TVs has led to a higher demand for enhanced viewing experiences. Furthermore, with more online retailers opening up shops, televisions have become easier and cheaper for consumers.
Market prospects expected to be tapped into or realized include the application of intelligent systems such as artificial intelligence (AI) in televisions to improve technology in appliances and meet user desires for comfort. In addition, the increasing trend of home automation and IoT offers television devices the potential to control and monitor smart home devices.
More recently, there has been an increased demand for 4k and 8k resolution televisions that provide higher-quality images and an impressive viewing experience for the user. In the same manner, the rise of curved as well as foldable TVs has opened up new opportunities for compact yet multifunctional entertainment systems.
Television Market Drivers
Increasing Demand for Immersive Entertainment Experiences
One of the key drivers that is nurturing the growth of the Television Market industry is the increasing popularity of streaming services, virtual reality and augmented reality. With the increasing popularity of streaming services, several consumers are demanding advanced televisions that can offer larger screen, higher resolutions and a feature that could provide them an immersive experience. For example, LG Electronics launched the world’s first OLED screen in the first quarter of 2016.LG Electronics’ advanced televisions deliver higher resolution with fewer blackening defects, which is unlikely to be seen in conventional Liquid Crystal Display televisions.
Growing Adoption of Smart TVs
Smart TVs are becoming increasingly popular due to their ability to connect to the internet and access a wide range of content and applications. This trend is expected to continue as more and more consumers adopt streaming services and other internet-based entertainment options. Smart TVs also offer a more convenient and user-friendly experience than traditional TVs, making them an attractive option for consumers of all ages. The growing adoption of smart TVs is expected to be a major driver of growth for the Television Market Industry.
Technological Advancements
The Television Market Industry is constantly evolving, with new technologies being introduced all the time. These advancements are improving the picture quality, sound quality, and overall performance of televisions. For example, OLED (organic light-emitting diode) TVs offer superior picture quality with deeper blacks and more vibrant colors. QLED (quantum dot light-emitting diode) TVs offer similar picture quality to OLED TVs but at a lower cost.These technological advancements are expected to continue to drive the growth of the Television Market Industry.
Television Market Segment Insights
Television Market Screen Technology Insights
The Screen Technology segment plays a crucial role in shaping the Television Market. In 2023, the LCD technology segment dominated the market, accounting for over 60% of the Television Market revenue. The dominance of LCD screens can be attributed to their cost-effectiveness and widespread availability. However, OLED technology is gaining traction rapidly, owing to its superior picture quality and slimmer designs. The Television Market data indicates that OLED TVs are expected to grow at a CAGR of over 10% during the forecast period 2023-2032.QLED technology, which combines the advantages of both LCD and OLED, is also witnessing significant growth. Quantum dots used in QLED screens offer a wider color gamut and improved brightness, making them a strong contender in the Television Market. MicroLED technology, though still in its nascent stage, holds immense potential for the future of display technology. With individual LEDs emitting light, MicroLED screens promise exceptional picture quality, durability, and energy efficiency. The Television Market segmentation based on Screen Technology provides insights into the evolving preferences of consumers.The increasing demand for immersive viewing experiences is driving the growth of OLED and QLED TVs, while MicroLED technology is poised to revolutionize the industry in the coming years. Manufacturers are focusing on innovation and differentiation in Screen Technology to cater to the diverse needs of consumers and drive market growth.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Television Market Screen size Insights
One of the primary segments, in terms of the influence it is likely to have upon the shape of the Television Market revenue, happens to be screen size. In 2023, such sub-segment as “33-43 inches” will be able to account for around 35% of the market, as televisions of such scale will prove to attain increased popularity on account of representing an optimal type of medium-sized TVs – being neither small enough to appear too primitive nor so big to suggest a higher price. “44-55 inches” sub-segment will experience a particularly high rate of growth, as it will be driven by the tendency of more and more consumers to buy large-screen TVs, while the “Up to 32 inches” sub-segment will not change its share much due to remaining the most budget-oriented type of TVs designed for secondary appliances to be installed in bedrooms and kitchens.By contrast, the “56-65 inches” and “65 inches and above” sub-segments are bound to increase their share in the market substantially on account of such TV sets being purchased by wealthy consumers as part of their attempt to create the state-of-the-art home cinema. Thus, for manufacturers and retailers of TVs, it goes without saying that screen size might be perceived as a particularly valuable type of market segmentation since it provides them with information crucial for making informed strategic decisions.
Television Market Resolution Insights
The Resolution segment of the Television Market is characterized by a growing demand for higher resolutions, driven by the increasing availability of high-quality content and the adoption of larger screen sizes. The Full HD (1080p) resolution segment is expected to remain dominant in the coming years, accounting for a significant share of the Television Market revenue. However, the 4K UHD (2160p) and 8K UHD (4320p) segments are expected to experience significant growth, driven by the increasing popularity of streaming services and the availability of affordable 4K and 8K TVs.The Television Market data indicates that the 8K UHD segment is expected to witness the highest growth rate during the forecast period, owing to the increasing adoption of 8K TVs in premium home entertainment systems.
Television Market Smart Features Insights
The Smart Features segment of the Television Market is projected to grow significantly over the forecast period, driven by increasing consumer demand for advanced and immersive television viewing experiences. Smart TVs with Internet connectivity are becoming increasingly popular, allowing users to access streaming services, social media, and other online content directly from their television. Voice-controlled TVs are also gaining traction, providing hands-free control and enhanced accessibility. Additionally, TVs with built-in streaming services offer a convenient and cost-effective way to access popular streaming platforms.The gaming capabilities of modern televisions are also attracting gamers, who can enjoy high-quality gaming experiences on large screens with reduced latency. The Television Market revenue for the Smart Features segment is expected to reach USD 282.3 billion by 2026, growing at a CAGR of 8.5%, according to market research data.
Television Market Price Range Insights
The Price Range segment of the Television Market is anticipated to exhibit significant growth in the coming years. In 2023, the '$500-$1000' segment held the largest market share, accounting for around 35% of the Television Market revenue. This segment is expected to continue its dominance throughout the forecast period, reaching a valuation of 134.56 billion USD by 2032. The '$1000-$2000' segment is projected to grow at a steady pace, capturing a market share of approximately 28% by 2032. The 'Below $500' segment is expected to witness a moderate growth rate, driven by increasing affordability and demand from budget-conscious consumers.The '$2000-$5000' and '$5000 and above' segments are expected to experience niche growth, catering to the premium and luxury segments of the market. Overall, the Price Range segmentation provides insights into the diverse consumer preferences and affordability levels within the Television Market.
Television Market Regional Insights
The regional segmentation of the Television Market provides insights into the market's performance across different regions. North America held the largest market share in 2023, followed by Europe, APAC, South America, and MEA. The market growth in North America is attributed to the presence of major television manufacturers and the early adoption of advanced technologies. Europe is another significant region with high demand for premium televisions and streaming services. APAC is expected to witness the fastest growth over the forecast period due to the increasing disposable income and growing popularity of OTT platforms.South America and MEA are emerging markets with potential for growth as television penetration increases.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Television Market Key Players And Competitive Insights
Major players in the Television Market industry are continuously striving to outdo each other in terms of technology and innovation, leading to rapid Television Market development. This fierce competition keeps the market dynamic and forces companies to adapt quickly to changing consumer preferences and market demands. Leading Television Market players are investing heavily in research and development to create cutting-edge products that meet the evolving needs of customers. The Television Market Competitive Landscape is expected to remain highly competitive in the foreseeable future, with new entrants continually emerging and established players expanding their product portfolios.Samsung, a dominant player in the Television Market, has consistently maintained its position through innovation and strategic partnerships. The company's focus on premium products, such as its QLED and Neo QLED TVs, has enabled it to capture a significant market share. Samsung also invests heavily in marketing and advertising, building strong brand recognition across various regions. Moreover, its presence and efficient distribution network contribute to the company's leading position in the market.LG Electronics, another major player, competes strongly with Samsung in the Television Market. The company is known for its advanced OLED technology, which it has employed effectively in its high-end TV models. LG Electronics has also expanded its product portfolio to include affordable options, enabling it to cater to a wider customer base. Its strategic collaborations with content providers and partnerships with leading retailers further strengthen the company's position in the market.
Key Companies in the Television Market Include
- Konka Group
- Changhong
- LG Electronics
- Samsung Electronics
- Sharp
- Philips
- Panasonic
- Skyworth Group
- Toshiba
- Haier
- Hisense Group
- Sony
- VIZIO
- Xiaomi
- TCL
Television Market Industry Developments
The television market is projected to reach USD 668.36 billion by 2032, exhibiting a CAGR of 7.73% during the forecast period (2024-2032). The market has witnessed significant growth in recent years due to the rising popularity of streaming services, advancements in display technologies, and increasing demand for larger screen sizes. Key industry players are focusing on product innovation and strategic partnerships to gain a competitive edge. For instance, in 2023, Samsung Electronics unveiled its new line of MICRO LED TVs, offering enhanced picture quality and immersive viewing experiences. Additionally, collaborations between TV manufacturers and content providers are driving market growth, as consumers seek access to a wider range of entertainment options.
Television Market Segmentation Insights
- Television Market Screen Technology Outlook
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Television Market Screen size Outlook
- Up to 32 inches
- 33-43 inches
- 44-55 inches
- 56-65 inches
- 65 inches and above
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Television Market Resolution Outlook
- HD (720p)
- Full HD (1080p)
- 4K UHD (2160p)
- 8K UHD (4320p)
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Television Market Smart Features Outlook
- Smart TV with Internet connectivity
- Voice-controlled TV
- TV with built-in streaming services
- TV with gaming capabilities
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Television Market Price Range Outlook
- Below $500
- $500-$1000
- $1000-$2000
- $2000-$5000
- $5000 and above
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Television Market Regional Outlook
-
North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
317.41(USD Billion) |
| Market Size 2023 |
341.95(USD Billion) |
| Market Size 2032 |
668.36(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.73% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Konka Group, Changhong, LG Electronics, Samsung Electronics, Sharp, Philips, Panasonic, Skyworth Group, Toshiba, Haier, Hisense Group, Sony, VIZIO, Xiaomi, TCL |
| Segments Covered |
Screen Technology, Screen size, Resolution, Smart Features, Price Range, Regional |
| Key Market Opportunities |
Smart TV Penetration Growing Demand for OLED and 8K TVs Content Streaming Boom Smart Home Integration Regional Expansion |
| Key Market Dynamics |
Rising disposable incomes Technological advancements Growing popularity of streaming services Increasing demand for smart TVs Surge in 4K and 8K TV sales |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The television market is expected to reach a valuation of USD 341.95 billion in 2023, growing at a CAGR of 7.73% to reach USD 668.36 billion by 2032.
North America and Europe are currently the largest markets for televisions, but the Asia-Pacific region is expected to experience the highest growth in the coming years, driven by increasing disposable income and urbanization.
Televisions are primarily used for entertainment purposes, but they also have applications in education, healthcare, and advertising.
The key competitors in the television market include Samsung, LG, Sony, Panasonic, and TCL.
Key trends shaping the television market include the rising popularity of streaming services, the adoption of smart TVs, and the increasing use of artificial intelligence (AI) in television technology.
The television market is facing challenges such as competition from streaming services, the declining popularity of traditional pay-TV, and the rising cost of manufacturing.
Opportunities for growth in the television market include the expansion of emerging markets, the development of new technologies such as 8K and microLED, and the increasing popularity of gaming on televisions.
The COVID-19 pandemic had a significant impact on the television market, leading to a decline in sales in 2020. However, the market is expected to recover in the coming years as consumers return to their pre-pandemic viewing habits.
The television market is subject to a number of regulatory factors, including those related to content, advertising, and competition. These regulations can vary from country to country.
The future outlook for the television market is positive, with growth expected to continue in the coming years. The market is expected to be driven by the increasing popularity of streaming services, the adoption of smart TVs, and the development of new technologies.
