Outdoor TV Market: Rise in Number of Outdoor Concerts, Events Fuels Demand for Outdoor TVs
Transparency Market Research delivers key insights on the global outdoor TV market. In terms of revenue, the global outdoor TV market is estimated to expand at a CAGR of ~9% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global outdoor TV market.
Companies are heavily investing in R&D to launch an exclusive collection of outdoor TVs. Manufacturers are expanding their product lines to meet the increasing demand for outdoor TVs. Moreover, the growing demand from the commercial segment is expected to boost the market during the forecast period.
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Outdoor TV Market: Key Segments
In terms of screen size, 50 inch & above screen size is expected to witness a surge in the demand during the forecast period due to shifting preference of consumers toward larger screen size. Furthermore, the growing disposable income has increased the spending capacity of consumers in terms of buying bigger screen size outdoor televisions.
Based on resolution, 4K resolution outdoor TVs are anticipated to be the preferred choice among consumers during the forecast period. The 4K outdoor TVs provide more detailed and vivid picture quality, better color handling, and high image depth.
In terms of display type, QLED and OLED are projected to be the preferred display type among consumers during the forecast period, since QLED displays have a considerable advantage in terms of brightness. They use separate backlights and these LED backlights can be made incredibly bright.
In terms of luminous, the 2000 nits to 2500 nits segment is expected to lead the market during the forecast period, as these outdoor TVs are suitable for the full sun, partial shade, and full shade.
Based on application, the digital signage segment is expected to have a higher CAGR compared to the consumer TV segment. Commercial sectors prefer to use outdoor TVs as digital signage due to their impressive features of being weatherproof, high brightness of up to 3000 nits, and lower cost of the product compared to billboard advertisements.
In terms of end use, majority of outdoor TVs are expected to be sold to the residential sector compared to the commercial sector during the forecast period. The residential sector will witness significant growth, as upper middle and high-income individuals are showing interest in outdoor entertainment activities.
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In term of pricing, the medium price segment accounted for the largest market share in 2020. Furthermore, during the forecast period as well, medium price outdoor TVs are expected to be the preferred product among consumers. Majority of end users prefer to purchase products in this range as a result of the availability of products in local markets.
Based on distribution channel, it is expected that majority of outdoor TVs is likely to be sold through the offline channel of distribution. Returns are easier through offline channel and offline shopping saves on shipping costs. Furthermore, people like to touch, feel, and check outdoor TVs and see how these TVs function before making the final purchase.
Outdoor TV Market: Prominent Regions
The market in Asia Pacific is expected to expand at the highest CAGR and become an upcoming market for outdoor TV sales. The region has predominantly developing countries, which are witnessing growth in their commercial sector. Furthermore, the average per capita income of people residing in the region has been increasing year on year, which further led to the increase in disposable income. North America is projected to lead in terms of outdoor TV sales during the forecast period followed by Asia Pacific.
As compared to other regions, the market in Middle East & Africa and South America is expected to witness slower growth rate during the forecast period.
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