Definition of Market/Industry:
Curved televisions offer improved features such as high contrast & less reflection, better picture quality, and ultra-high definition (UHD) resolution. Moreover, it also provides an improved viewing experience through advanced functions such as uniform viewing distance, auto depth enhancer, and 3D & 4D compatibility. OLED and LED technology are popular curved televisions that come with high energy efficiency, high durability, and less operational cost.
Market Statistics:
The global curved televisions market is expected to surpass US$ 19,361.76 Mn in terms of value by the end of 2028.
Drivers:
The increasing popularity of curved television as it offers durability and are highly energy efficient is propelling the market growth of curved televisions. The rising demand for improved features has significantly raised the demand for curved televisions. Moreover, curved OLED TV reduces power consumption to half or less as compared to LCD TVs. For instance, LG Company reported that it earned a better energy efficiency rating in Korea as its television consumes less power and Samsung’s curved television with OLED technology generates its own light and doesn’t need an additional backlight. Moreover, the growing preferences of consumers towards advanced electronic devices are further anticipated to foster the market growth of the curved television.
Market Opportunities
Increasing penetration of curved television into the residential market is expected to bring new market opportunities over the forecast period. This is attributed to the growing urban population around the globe. According to the United Nations, globally, more people live in urban areas than in rural areas, with 55 percent of the world’s population residing in urban areas in 2018 and by 2050, 68 percent of the world’s population is projected to be urban. Thus growth in the urban population will favor the market growth of curved television.
Global Curved Televisions Market: Recent Developments
In October 2018, Haier launched Quantum Dot 4K LED Slim and Curved TV in India
In March 2016, Xiaomi launched android-powered Mi TV 3S in 65-Inch Curved 4K
In May 2014, Samsung launched curved television in the Indian market
Market Restraints
A technical barrier such as the lower life span of OLED display as compared to OLED display, for instance, the lifespan of the LCD display is 100,000 hours on an average is expected to hinder the market growth. Also, OLED displays are so sensitive that water can damage it which is again restricting the market growth of the curved TVs.
Global Curved Televisions Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on curved televisions market.
Key Takeaways:
- The global curved televisions market was valued at US$ 9,249.07 Mn in 2020 and is forecast to reach a value of US$ 19,361.76 Mn by 2028 at a CAGR of 9.67% between 2021 and 2028.
- The mid-end segment was valued US$ 5,878.04 Mn in 2020 and is expected to witness a CAGR of 9.8% over the forecast period.
To know the latest trends and insights prevalent in Global Curved Televisions Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/curved-televisions-market-4674
Market Trends
Continuous product innovation with advanced features by the key manufacturer is a growing trend in the market. For instance, in June 2017, Haier, the global provider of Home Appliances & Consumer Electronics announced the launch of their all-new range of 4K curved televisions. It has launched 2 new 4K curved LEDs, LE55Q6500U, and LE55Q9500U in the market. These two product has a 178/178 viewable Angle, and the screens of the televisions are curve-shaped, that enable users to enjoy a panoramic vision and a better visual experience.
The expansion of the sports industry is projected to upsurge the demand for curved television. Various manufacturers are arranging sports sponsorship programs to promote their brand. For instance, in June 2018, TCL, a top-three global television manufacturer announced a comprehensive global partnership with the International Basketball Federation (“FIBA”). The agreement entails TCL having the right to use the logo of FIBA Basketball World Cup 2019 on its consumer electronics such as TVs, refrigerators, washing machines, ovens, etc. This also includes having premium brand visibility on the court and being the presenter of the player of the game
Competitive Section:
Company Names
- Haier Electronics Group Co. Ltd.
- LG Electronics Inc.
- Samsung Electronics Co. Ltd.
- Sichuan Changhong Electronics Co. Ltd.
- Sony Corp.
