The 4K TV market will witness a Compound Annual Growth Rate (CAGR) of 19.19% between 2022 and 2027. A new report from Technavio. After the period, the 4K market will be worth 183.45 billion – where it is now. One of the main reasons for the adoption of 4K TVs is the growing popularity of large display TVs. However, there are some challenges that the market needs to overcome.
Back on the big display popularity side, Technavio reports that just five years ago, 40-inch TVs were the standard size. It’s growing, though, as manufacturers now offer TVs over 80 inches. Another reason people buy 4K TVs is their smart features. People tend to buy new TVs every decade or so, which means some people don’t yet have built-in smart features but want them.
One of the biggest challenges to 4K TV development is the expected lack of 4K content. While these TVs can play 1080p and 720p content, consumers may spend less money on less sophisticated TVs if they don’t value 4K. As time goes on, this should become less of an issue as 4K-capable recording equipment comes down in price and more content is produced.
While over the full period, a CAGR of 19.19% is certainly possible, the figure could be lower in the short term. Several sectors, including semiconductors and smartphones, have seen a decline in revenue due to poor economic conditions.
Let us know in the comments if you’re thinking of upgrading to a 4K TV soon. What do you think are the pros and cons at this point?