Unveiling APAC's Dominance: Driving the TV Market's Unprecedented Growth
The TV market sees fierce competition amid evolving customer preferences driven by technological advancements. Product innovation is driving market growth by expanding portfolios and enhancing product quality. Estimates place the size of the worldwide television market at a compound annual growth rate (CAGR) of 7.67% from 2023 to 2027. It is anticipated that the market will grow by USD 59 billion.
APAC is poised to contribute significantly, estimated at 39% growth in the global television market throughout the forecast period.
Market advancement gained momentum from urbanization and evolving lifestyles in the region. Anticipated as the fastest-growing region compared to others, APAC's surge owes much to the burgeoning middle-class population and their escalating disposable income, fueling spending on consumer electronics.
Overview of the Fastest Growing Topography of Television (TV) Market
APAC stands as a prominent manufacturing hub for HD and UHD TVs, hosting leading manufacturers in IC drivers, panel displays, and OEMs.
Global brands like Samsung and LG Electronics Inc., amplify domestic demand, fueling substantial growth in the regional market.
Moreover, the influx of new market entrants is poised to escalate TV shipments in APAC during the forecast period. The growing appetite for Smart TVs, particularly in developing nations like India, stands as a driving force further propelling market expansion within the region. Don't skip our comprehensive market report! Uncover a treasure trove of insights about the booming market.
Television Market Highlights of the Report for 2023-2027