Television Market (2022 - 2028)

Television Market Summary

Tough competition and innovation in technology are propelling price reductions in a variety of consumer electronic product segments including televisions. This may have a positive impact on the market growth in the coming years. In addition, many players are partnering with e-commerce platforms to increase penetration in the untapped markets by promoting sales of their products. Also, companies are planning to promote product recycling by reducing e-waste by proliferating the usage of eco-friendly components in their products in the coming years.

The coronavirus pandemic badly affected the global economy. In order to stop the spread of COVID-19, lockdown orders were imposed by various governments across the globe. This had a devastating impact on offline distribution channels, the supply chain, and trade & development of the television market across the globe. Moreover, growing work-from-home facilities created an opportunity for the market players. Thus, the market is expected to grow at a healthy growth rate during the forecast period.

Several government policies, such as relaxing custom duties and reduction in central taxes, are supporting the growth of this sector. The growing working population, increasing urbanization, and rise in disposable incomes along with changing lifestyles are boosting the market growth. Also, easy financing schemes and a significant increase in flexible income have led to a reduction in replacement cycles of electronic products like television.

The rising online retailing is the key factor for the companies to reach out to more consumers and increase their client base. Growing investments by key players in the latest technologies and focus on innovative product launches are further anticipated to boost the industry sales. However, security vulnerabilities regarding data theft of smart TV users may hamper the market growth during the forecast period.

Type Insights

The smart TV segment accounted for the largest revenue share of more than 75% in 2021. The segment will expand further at the fastest CAGR during the forecast period retaining its leading market position. This growth is credited to the increasing demand for these products. Smart TVs have advanced applications and features and offer a more significant viewing experience than traditional television. Moreover, the digital transformation of the broadcasting industry coupled with the increasing internet penetration rate across the globe is expected to accelerate the market growth over the forecast period.

The increasing demand for 4K display smart TVs from developing regions owing to better picture quality is projected to propel the segment growth during the forecast period. The LCD, plasma, and LED TVs type segments are also expected to showcase steady growth in the years to come. As these televisions are affordable, their demand is expected to increase, especially in the emerging economies. In addition to this, rapid technological advancements in the display of the television are further boosting the market growth.

Distribution Channel Insights

The offline distribution channel segment accounted for the highest revenue share of more than 80% in 2021. The segment includes specialty stores, hypermarkets, supermarkets, independent retail stores, etc. Outline of the organized retail sector has ensured better visibility of consumer electronic products. In addition, the rapidly growing organized retail sector in developing economies, such as Japan, India, and China, is further anticipated to boost the product demand during the forecast period.

The online segment will register the fastest CAGR of more than 12% from 2022 to 2028. This can be attributed to the growing usage and popularity of e-commerce platforms. Major manufacturers are partnering with online retailers intending to reach out to new buyers. Also, an upsurge in sales of television sets mainly through company-owned websites and other e-commerce platforms is further anticipated to drive the growth of the online distribution channel segment in the coming years.

Regional Insights

Asia Pacific led the global market in 2021 with a revenue share of more than 35% and is expected to continue its dominance expanding at the fastest CAGR over the forecast period. This growth is due to the rising demand for smart TVs from developing countries, such as China, Japan, and India. The increasing middle-class population and rising disposable income are also major factors driving the demand for televisions. Many Chinese companies have entered the market with a partnership with e-commerce platforms to offer products at competitive pricing.

Middle East and Africa are expected to register a significant growth rate from 2022 to 2028 due to the rapid adoption of smart TVs in this region. Growing demand for smart HD owing to rising consumer inclination towards online content with high-quality pictures coupled with high-speed internet is driving market growth in this region.

Key Companies & Market Share Insights

Key players are focusing on R&D and introducing innovative products to meet the increasing product demand. Furthermore, companies are investing in new manufacturing plants to increase the production capacity and are also collaborating with regional, small-scale manufacturers to expand their geographical reach and client base. For instance, Samsung has announced the launch of its Neo QLED TV with an ultra-premium product range, this has true-to-life picture quality and bezel-less infinity one design for a cinematic viewing experience for their customers. Some of the major companies operating in the global television market include:

• Samsung Electronics Co. Ltd.

• Sony Corp.

• LG Electronics Inc.

• Toshiba Corp.

• Haier Electronics Group Co., Ltd.

• VIZIO, Inc.

• Videocon Industries Ltd.

• Sansui Electric Co. Ltd.

Television Market