In a recent published report, Kenneth Research has updated the Market report for Television Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Television Market Products.
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According to the statistics by World Semiconductor Trade Statistics (WSTS), semiconductor billings around the globe per 12 months rolling average increased from around USD 250 billion in the year 2010 to around USD 460 billion in the year 2019.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Television is one of the fastest-growing consumer durable goods in India. The country comprised of more than 200 Mn potential TV households by 2019; however, the market is largely under-penetrated. The fast-changing technological environment, reduction in the cost of production, and rise in consumer affordability has propelled the industry growth over the years. However, the increased use of substitute devices and declining profitability are impending the growth of the market.
Open cell panel is considered the most crucial component in LED TV manufacturing (open cell panels comprise of 65%-70% of the television production cost). The lowering of import duty on open-cell LED TV panel from 5% to zero has significantly reduced the prices of TV sets and further propelled industry growth.
Further, to promote local manufacturing under the Atmanirbhar Bharat Abhiyan (Self-reliant India mission); the Government of India has restricted the import of fully-built television sets. The move would result in backward integration with increased investment in improved assembly lines and components production.
The flat panel television (LED, LCD, HD, and UHD) market in India was valued at INR 795.71 Bn in 2019 and is expected to reach INR 2,044.29 Bn by 2025, expanding at a compound annual growth rate (CAGR) of ~15.7% during the 2020-2025 period.
The flat panel television market in India can be segmented into smart TV and non-smart TV. Smart TV sets account for a significant share (of more than 75%) of the overall television market. Foreign players like Xiaomi, OnePlus, and Realme have disrupted the smart TV segment with the launch of its range of budget-friendly products. Domestic players are rapidly reducing prices to battle the fierce industry competition. Xiaomi is a leader in the smart TV segment with a share of ~29.50%, followed by LG, Samsung, and Sony.
In terms of display size, television sets between 32 inch and 43 inch account for notable sales percentage, since they are affordable to the larger section of the society.
However, the onset of COVID-19, the sale of larger screen sizes (43 inches and above) outperformed the 32 inches TV sets, which was the bread-and-butter of the industry.
Further, the reduction of Goods and Service Tax (GST) rates has truncated the prices of television sets in India.
Impact of COVID-19
Businesses worldwide have suffered immensely due to the COVID-19 pandemic. However, the virus outbreak and the ensuing lockdown have revived the Indian television market after two years of declining sales. As of August 2020, large screen television models (55-inches and above) reported a 30%-40% sales growth as compared to pre-COVID period. Moreover, TV manufacturing companies have witnessed spiked demand for smart televisions that can be directly connected to streaming devices. Amid the crisis and disturbed relations with China, localization is the key to success for the Indian television industry.
ï‚·Intex Technologies (India) Limited
ï‚·Hitachi India Private Limited
ï‚·LG Electronics India Private Limited
ï‚·Panasonic India Private Limited
ï‚·Philips India Limited
ï‚·Samsung Electronics India Private Limited
ï‚·Sony India Private Limited
ï‚·Xiaomi Technology India Private Limited
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Television Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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