Future Market Insights (FMI) forecast the outdoor TV market to grow at a CAGR of 3.2% between 2020 and 2030, in a recently published report. A identifies a southward demand trend in H1 2020, and estimates sluggish growth throughout the year.
Outdoor TV is considered more robust to withstand sporadic weather conditions and changing temperature. It comes with easy day and night dimming adjustments enabling it to adapt as per changing lighting conditions. Be it enjoying entertainment during a sunny day by the pool side or at night, these TV panels are designed to offer bright and crisp video quality, cancelling reflection from any unwanted light source.
The love for entertaining guests in the backyard and patio is fuelling demand in the household sector. With more consumers showing inclination for relaxing outdoors than staying indoor, FMI expects outdoor televisions to get more popular in the coming years.
In its recent report, FMI studies the factors boosting global consumption of outdoor television. It covers various growth drivers and restraints affecting growth of the market. The report is also intended to help market players uncover hidden opportunities.
It offers in-depth insights into the market. Some of these are:
- Technological advancements are fuelling innovation of altered TV sizes and resolution. These developments have made television technologically more advanced and resistant to erratic weather
- Rising demand for high resolution TV for outdoor entertainment will boost the market
- Increasing production capacity and consistent pressure for price reduction has made outdoor TV less expensive
- Some of the leading TV broadcasters and content producers are investment in ultra-high-definition (UHD) technology in order to offer better content to audience. This will have a positive impact on the overall market
Despite witnessing an impressive surge in the last couple of years, the unprecedented COVID-19 outbreak has exposed the vulnerabilities of the market. Since a majority of consumers are either at self-imposed isolation or avoiding public gathering due to the fear of contracting the virus, the sales of outdoor TV will steeply decline.
For More Detailed Insights on Outdoor TV Market
Nonetheless, FMI foresees hope for the market’s recovery as soon as the coronavirus passes. People from eagerly waiting for economic activities to resume and pandemic to pass. Once it happens, they are likely to resume their outdoor activities, paving way for the expansion of the market.
“Rising interest in sports among audience will be a prime growth driver of the outdoor TV market. Consumers often enjoy hosting outdoor parties during sports season to enjoy the event unfold with their friends and families from the comfort of their backyards. This will boost sales in the residential segment. Commercial places will be driven by the same interest as they seek advanced technologies to keep their customers entertained,” said a lead analyst at FMI.
Who is winning?
Some of the companies profiled in the report are Peerless-AV, SunBriteTV, Platinum, MirageVision, Oolaa, Cinios, SkyVue, AquaLite TV, Luxurite, The TV Shield, Dish, Shenzhen WTV Technology, Cinios, and Seura.
Companies operating in the market are focusing on making their products more advanced and high-performing to lure customers. As a result, FMI observes are higher investment in research and development among the market players.
Because the outdoor TV market is fairly competitive due to the presence of several behemoths, market players give special attention to their promotional activities. In the near future, investment towards market campaigns will surge. Besides this, companies are likely to focus on creating attractive offers to attract customers. The winning imperative identified by FMI for key market actors, is ensuring brand loyalty of consumers. The report discusses several other interesting statistics.
Get Valuable Insights into Outdoor TV Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global outdoor TV market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights into the market based on the product type (32 inch size, 40 inch size, 42 inch size, 46 inch size, 47 inch size, 50 inch size, 55 inch size, 60 inch size, 65 inch size & more than 70 inch size), application (residential commercial, and others), and distribution channel (online and offline) across six major regions.
About Retail & Consumer Products division of FMI
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.