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Video Equipment Market Report 2024 - Video Equipment Market Trends
Video Equipment Market
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According to The Business Research Company's, The video equipment market size has grown steadily in recent years. It will grow from $128.02 billion in 2023 to $133.09 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to television broadcasting, film and entertainment industry, surveillance and security, video conferencing and communication.
The video equipment market size is expected to see steady growth in the next few years. It will grow to $151.67 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to 5g and high-definition content, augmented and virtual reality, remote work and education, video streaming services, iot and surveillance. Major trends in the forecast period include 8k and high-resolution video, compact and portable solutions, ai and machine learning, live streaming and user-generated content, sustainability and eco-friendly practices.
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Market Drivers and Trends:
The rise in disposable incomes was a major driver for the video equipment market. The rise in disposable incomes was mainly driven by economic growth and middle-class population growth in developing countries such as China, India, and Brazil. According to the World Bank, the per capita net disposable income of lower-middle-income countries was between $1,036 and $4,045 and the per capita net disposable income of upper-middle-income countries was in between $4,046 and $12,535 in 2021. Increased earnings greatly increased disposable incomes in the emerging markets, increasing the demand for consumer electronics products such as televisions and home theatre systems.
The demand for Ultra HD televisions is increasing rapidly, as they are energy efficient and offer high-quality images. Ultra HD televisions include 4K and 8K UHDs that have an aspect ratio of 16:9 or wider, and also present a minimum resolution of 3840x2160 pixels. The transition from traditional CRT and LCD TVs to ultra-HD TVs has been fast owing to the brisk pace of technological advances. For instance, in August 2023, according to the Office of Communications, a UK-based government office, in 2022, individuals aged over 64 watched 8% less broadcast TV compared to the previous year, and their viewership was 6% lower than in 2019, the last pre-pandemic year. Older viewers are progressively adopting streaming services, with the utilization of Disney+ among online individuals over 64 increasing from 7% in 2022 to 12% in 2023. In many developed countries such as US and the UK,34% of global households had smart TVs by the end of 2020 and sales increased by 7.4% in 2020 and expected to reach majority by 2026. Thus, indicating high demand for ultra-HD 4k and 8k televisions.
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Major Key Players of the Market:
Bose Corporation, LG Electronics Inc., Panasonic Corporation, Sony Corporation, Samsung Electronics Co. Ltd., Toshiba Corporation, Koninklijke Philips N.V. (Philips), D&M Holdings Inc., Sharp Corporation, Harman International Industries Incorporated, Hisense Group, TCL Corporation, Skyworth Group, Vizio Inc., Fujitsu Limited, Sansui Electric Co. Ltd., Haier Group, Hitachi Ltd., Lloyd Electric & Engineering Ltd., Micromax Informatics Ltd., Xiaomi Corporation (Mi), Onida Electronics, Canon Inc., JVC Kenwood Corporation, Fujifilm Holdings Corporation, GoPro Inc., Nikon Corporation, Blackmagic Design Pty. Ltd., RED Digital Cinema, Grass Valley USA LLC, Avid Technology Inc., Atomos Limited, Teradek LLC, Marshall Electronics Inc., NewTek Inc., Vitec Group plc, Ross Video Ltd., Evertz Microsystems Ltd., Telestream LLC, Matrox Electronic Systems Ltd., FOR-A Company Limited, ChyronHego Corporation
Video Equipment Market 2024 Key Insights:
• The video equipment market size is expected to see steady growth in the next few years. It will grow to $151.67 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%.
• Economic Growth And Middle-Class Expansion Fueling The Video Equipment Market
• Surging Demand For Ultra Hd Televisions
• Asia-Pacific was the largest region in the video equipment market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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