Global Television Market Overview, 2023-28

Global demand for televisions is increasing, driven by increased disposable incomes and a desire for improved home entertainment experiences. As more people can buy televisions, the market develops, particularly in emerging economies where middle-class populations are rapidly growing. Furthermore, the proliferation of smart TVs has been a major driver of the television market. Smart TVs offer internet connectivity, allowing users to access streaming services, browse the web, and interact with various applications. The popularity of video-on-demand platforms like Netflix and Amazon Prime Video has further fueled the demand for smart TVs. Consumers are increasingly looking for televisions that can provide a range of content options beyond traditional broadcast channels. Moreover, the global trend of urbanisation has had a positive impact on the television market. As people move to cities, they often seek improved living standards and entertainment options. Televisions are seen as essential devices for urban households, driving the demand for new TVs with advanced features and technologies. In addition, major sports events, such as the Olympics, FIFA World Cup, and Super Bowl, continue to be significant drivers of television sales. These events attract a large viewership globally, and consumers often upgrade their televisions to larger screens or higher resolutions to enhance their viewing experiences. Live broadcasts of sports, news, and entertainment programs also contribute to the market's growth, as viewers prefer to watch them on bigger screens. According to the research report," Global Television market Overview, 2023-2028" published by Bonafide Research, the market is anticipated to across 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 become dominant players in the content consumption landscape. As more viewers opt for online streaming platforms like Netflix, Amazon Prime Video, and Disney+, there has been a significant shift away from traditional cable and satellite subscriptions. Televisions are being designed to provide seamless integration with streaming platforms, offering dedicated buttons and interfaces to access popular streaming services directly. Furthermore, televisions are becoming central hubs in smart homes, integrating with other IoT devices and smart home systems. This integration allows users to control and monitor various connected devices through their TVs. For instance, users can control lights, thermostats, security cameras, and other smart devices through their television interfaces or voice commands. Moreover, voice control and smart assistants are increasingly integrated into televisions, allowing users to control their TVs, search for content, adjust settings, and access other smart home devices using voice commands. Popular voice assistants like Amazon Alexa, Google Assistant, and Apple Siri are being integrated into TVs, providing a hands-free and convenient user experience. In addition, sustainability has become an important consideration in the television market. Manufacturers are incorporating eco-friendly features like energy-efficient panels, power-saving modes, and recyclable materials into their televisions.

The Asia-Pacific region has been witnessing rapid urbanisation, with a growing number of people moving from rural areas to urban centres. This urbanisation trend, coupled with economic growth, has led to an expansion of the middle class in countries like China, India, Indonesia, and Vietnam. The rising middle-class population has increased purchasing power and disposable income, driving the demand for televisions. Furthermore, as incomes rise in the region, consumers are allocating a larger portion of their budgets to entertainment and leisure activities. Televisions play a central role in home entertainment, providing access to a wide range of content and immersive viewing experiences. The increasing focus on leisure and entertainment spending has fuelled the demand for televisions in the Asia-Pacific market. Moreover, the Asia-Pacific region has witnessed a significant surge in the adoption of smart TVs and streaming services. With the increasing availability of high-speed internet connectivity, consumers are embracing smart TVs that offer internet access, streaming capabilities, and a variety of online content options. The popularity of streaming platforms like Netflix, Amazon Prime Video, and local providers has driven the demand for smart TVs in the region. In addition, sports events, particularly cricket and football, have a massive following in the Asia-Pacific region. Major tournaments like the ICC Cricket World Cup and the FIFA World Cup attract significant viewership. As a result, consumers often upgrade their televisions to larger screens and better picture quality to enhance their viewing experiences. Live broadcasts of sports events, along with news and entertainment programmes, contribute to the growth of the television market. • Samsung has been focusing on their QLED technology, which offers improved color reproduction, contrast, and brightness. They have also introduced "Neo QLED" TVs, which utilize mini-LED backlighting for better local dimming and HDR performance. Samsung has also been expanding their lineup of lifestyle TVs, such as "The Frame" and "The Serif," which blend into the decor of a room when not in use. • LG has been a leader in OLED display technology, offering televisions with exceptional picture quality and deep blacks. They introduced "Gallery Design" TVs, which are ultra-thin and can be mounted flush against the wall like a piece of artwork. LG has also been focusing on gaming features, with models supporting features like NVIDIA G-SYNC and HDMI 2.1 for enhanced gaming performance. • Sony has been emphasizing their Bravia OLED TVs, which deliver impressive picture quality and color accuracy. They have also introduced their Cognitive Processor XR, which uses artificial intelligence to analyze and optimize picture and sound based on how humans perceive it. Sony has been integrating Google TV into their newer models, providing an improved smart TV experience. Major Companies present in the market: Samsung Electronics Co., Ltd, LG Corporation, TCL Technology Group Corporation, Sony Corporation, Panasonic Corporation, Hisense Group , Skyworth Group Co., Ltd., Vizio Inc., Xiaomi Corporation, Toshiba Corporation.

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Manmayi Raval

Research Consultant

Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Regions & Countries covered in the report:

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• North America • Europe • Asia-Pacific • South America • Middle East & Africa Aspects covered in this report • Global Television market with its value and forecast along with its segments • Region-wise Television market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Screen • Full HD TV • HD TV • 4K UHD TV • 8K TV By Screen Size • Below 32 inches • 32-45 inches • 46-55 inches • 56-65 inches • 65+ inches By Distribution Channel • Multibranded Stores • Supermarket • Brand Stores & Others • Online The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Television industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.