Curved televisions market

Curved televisions advanced features such as ultra-high definition (UHD) resolution and better picture quality. Curved designs of television create a more uniform and balanced view as compared to their flat televisions. Also, with the use of slight curvature, the geometric distortion can be reduced by 50% at a typical 8-foot viewing distance.

The global curved televisions market is estimated to be valued at US$ 10,143.88 million in 2021 and is expected to exhibit a CAGR of 9.67 % over the forecast period (2021-2028).

Recent Developments:

In August 2017, Haier launched 4K curved LED television range in India.

In June 2015, Samsung launched first SUHD 65-inch curved TV in India.

In September 2014, Samsung launched world's largest curved UHD TV

North America region held dominant position in the global curved televisions market in 2020, accounting for 41.99% share in terms of volume, followed by Europe and APAC, respectively.

Figure 1. Global Curved Televisions Market Value (US$ Mn), by Region, 2020

Drivers:

Growing demand for enhanced image quality among consumers is driving the market growth of curved televisions. Increasing consumer expectations for better features and image quality is one of the important driving factors of the curved television. Moreover, the advent of curved television with 4K resolution has significantly improved the perceived quality of image for consumers on a large screen. Thus, the growing demand for enhanced image quality is fueling the market growth of curved televisions.

Robust growth of the consumer electronic appliances is driving the market growth of curved televisions. According to the India Brand Equity Foundation, the Indian appliance and consumer electronics (ACE) market reached Rs 76,400 crore (US$ 10.93 billion) in 2019. The appliances and consumer electronics industry is expected to double to reach Rs 1.48 lakh crore (US$ 21.18 billion) by 2025. The television industry in India reached an estimated Rs 787 billion (US$ 11.26 billion) in 2019 and is projected to reach Rs 955 billion (US$ 13.66 billion) by 2021.

Market Opportunities

Robust growth in the entertainment industry is projected to serve major growth opportunities over the forecast timeframe. According to the International Trade Administration, the U.S. media and entertainment (M&E) industry is the largest in the world. The U.S. industry is expected to reach more than $825 billion by 2023. TV and home video earnings are expected to reach $96 billion in 2019. Thus growth in the entertainment industry is projected to augment the market growth of the curved television.

Aggressive marketing strategies for promoting the curved television coupled with the launch of affordable curved television is projected to bring new market opportunities in the near future. For instance, in August 2017, Mitashi has launched the cheapest curved Smart LED TV in India. The 32-inch Curved LED TV is priced at Rs 22,990 and the 39-inch TV is priced at Rs 39,990. Both televisions are exclusively available online on Amazon and can also be purchased from offline stores in the country.

Market Trends

Increasing sale of television across e-commerce channels is a growing trend in the market. This trend will uplift the market growth of curved television in the near future. U.S. Department of Commerce, U.S. e-commerce sales grew more than 30% between the first and second quarter of 2020. U.S. e-commerce sales of $160.3 billion, an increase of 2.4% from the fourth quarter of 2019. Thus, growing e-commerce sales is projected to foster the market growth of curved television.

The influence of social media marketing strategies on the consumer is increasing the sale of curved television. Growth in smart cities coupled with the increasing number of retail stores for televisions is again expected to fuel market growth. 

Figure 2. Global Curved Televisions Market Share, By End-User, 2020

Key Takeaways of the Graph:

• The Mid-end segment held dominant position in the market and accounted for 49% share in the global curved televisions market in 2020. The segment is expected to reach US$ 12,407.66 million in 2028.
• The dominant position of this segment is owing to the factor that majority of the consumers prefer mid-range of television rather than high-end or low-end.

Market Restraints

The high cost of curved televisions is projected to restrict the adoption of the product across the low-income population. Thus due to the high cost, the product has a limited number of targeted customers. Only commercial trade centers, shopping malls, and people with high income can afford curved TVs.

The high cost of R &D of curved televisions is another major factor that is hampering product demand. This is expected to hinder the market growth of the curved television.

Competitive Section:

Company Names 

1. Haier Electronics Group Co. Ltd.
2. LG Electronics Inc.
3. Samsung Electronics Co. Ltd.
4. Sichuan Changhong Electronics Co. Ltd.
5. Sony Corp.