Televisions With Additional Features Are The Most Popular Segment Of The Video Equipment Market
In the global audio and video equipment market, video equipment was the largest segment in 2018, and will continue to be the faster growing segment than audio equipment through 2022. The video equipment market held 78% of the total audio and video equipment market share in 2018, worth nearly $125 billion. The market is expected to grow to around $128 billion in 2022 at an annual growth rate of about 0.6%. the global video equipment market can be sub-segmented by type of equipment into televisions, video cameras, and video players. Of these sub-segments, the television market was the largest in 2018, accounting for more than 67% of the total video equipment market share. The global television market will also be the fastest growing to 2022, at an annual rate of 2.5%.
There is growing demand for smart TVs in the global audio and video equipment market, being driven by the rising consumer preference for built-in smart functions in personal devices, and increasing internet penetration. A smart TV combines the features of televisions and computers, and comprises a television set with integrated functions for internet use. Smart TV users are also offered direct access to streaming services such as Netflix and Amazon Prime Video. To capitalize on this trend, television manufacturers across the world are entering the smart TV market. According to an IHS Technology report, 48.5% of televisions shipped globally in 2016 were smart TVs, and the number is estimated to reach 134 million by 2020.
A survey on consumers’ preferences towards smart TVs with large screens was conducted by Samsung Electronics in May 2017 at AVS forum, an online community and platform for display device professionals. The results of the survey showed that 38% of respondents chose to purchase 70-inch to 79-inch TV screens, while 29% selected 60-inch to 69-inch TVs. Among the respondents, more than 90% of total Smart TV survey participants were willing to purchase 60-inch and larger televisions.
LED TVs are another popular choice of TVs for consumers. A study was conducted by the Lebanese French University (LFU), among 100 TV consumers in 2018, with regards to consumers’ preference towards LED technology. According to the study, 100% of respondents were using LED TVs. About 72% of consumers were satisfied with the monitor/picture clarity in LED TVs. Around 65% of respondents stated that the main purpose to use LED TVs was the social networking features. 64% of consumers referred the LED TV product details online, and 55% of respondents opinioned that the features it contains was the major factor that influenced them to buy an LED TV.
In addition, 36% of respondents disagree with the web connection for LED TVs and about 20% of respondents opted need of more features in LED TVs.
There is also growing demand for curved TVs, being driven by consumer preference for better viewing. A curved screen allows for a more immersive experience, as the curve fills more of the field of view and also provides a wider viewing angle. For example, in 2018, Samsung, a leading television manufacturer, introduced Samsung Q7CN 4K TV, a curved display panel featuring quantum dots for vibrant colors and impressive contrast.