Adoption of Ultra HD 4K TVs is driving global TV shipments to new records

The popularity of ultra-high-definition 4K TVs is driving global TV shipments to a new record, according to the latest data released by Futuresource Consulting. Futuresource said that global TV shipments grew 6% as of 2018. According to Futuresource's research, the company also found that although there are still obstacles to the widespread adoption of 8K TVs, it is expected that by 2023, 8K TV sales will grow at a compound annual growth rate of 130% from 200,000 units in 2019.

Matthew Rubin, senior market analyst at Resource Consulting, said, "Global TV shipments reached a record 227 million units last year, with trade value reaching $85 billion, partly due to price cuts for high-end technologies such as 4K, which opened up the mass market, while investment in manufacturing in Southeast Asia not only helped the local market, but also lowered the price of large-screen TVs worldwide."

In the research report, Future Resources also found some interesting phenomena. The market share of Samsung and LG is being snatched away by some Chinese brands with more advantageous prices. Due to its dominant position in the field of high-performance TVs, Sony is more advantageous in dealing with the current market conditions.

Future Resources also said that as TVs larger than 40 inches continue to standardize, shipments of these products will account for more than half of the market share in 2019. It is expected that the global installed base of 4K ultra-high-definition TVs will exceed 960 million units by the end of 2023, which means that its market penetration rate will reach 42%.

Looking back at the challenges that 8K TVs face on the consumer side, Future Resources points out that the technology will continue to develop. "Although 8K still faces a series of challenges, it is already on the threshold of growth," said Matthew Rubin.

"As disposable income continues to increase, China will become the biggest driver of global TV market growth in 2019, accounting for one-third of global shipments. In the coming years, the lack of content will continue, which may curb consumer demand growth."