According to a new report from Technavio, the global 4K TV market will grow at a compound annual growth rate (CAGR) of 19.19 percent between 2022 and 2027. After that, the 4K market will be worth $183.45 billion — almost twice as much as it is today. One of the main drivers of 4K TVs is the growing popularity of large-screen TVs. However, the market has some challenges to overcome.
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Technavio reports that five years ago, 40-inch TVs were the dominant standard size, and that percentage is rising as manufacturers are now offering more TVs over 80 inches. Another reason people are buying 4K TVs is the smart features. The report says people tend to buy new TVs every decade or so, which means some users are not experiencing the built-in smart features that make this attractive right now.
The main challenge to the growth of 4K TVs is expected to be the lack of 4K content. While these TVs can play 1080p and 720p content, consumers may pay less for a less advanced TV if they don’t think 4K is worth it. Over time, as the price of 4K-enabled recording devices falls and more content is produced, this will no longer be an issue.
While 4K TVs may grow at a compound annual growth rate of 19.19 percent over the entire period, the report says, the figure is likely to be lower in the short term. Many industries, including semiconductors and smartphones, are seeing declining revenues due to the poor economy.
