A new report has revealed that about 223 million TVs are expected to be shipped this year. This marks a slight increase from the total TV shipments over the previous year, which faced a decline in due to the Coronavirus pandemic.
According to a TrendForce report (Via TheElec), 2021 will see a 2.8 percent high TV shipments in comparison to last year. The major reasons for the growth of the market are being attributed to the continuation of the COVID-19 pandemic and major sporting events like the Tokyo Olympics. For those unaware, TV shipments faced a notable decline early on in the previous year due to the initial outbreak. Although, the industry made a slight recovery in the latter half of the same year.
Editor’s Pick: OPPO Enco X TWS Noise Canceling earphones to launch in India on January 18
In 2020, about 217 million TVs were shipped across the globe, marking a decline of 0.3 percent from back in 2019. Furthermore, a few TV makers also had to push back the shipments of their offerings due to the shortages of chip supply in the fourth and final quarter of last year. However, TV shipments are expected to grow in 2021, with large sized TVs expected to grow even high this year.
Due to panel prices increasing and profitability per TV declining, TV manufacturers would turn towards large sized TVs, which would offer higher margins and better profits as well. The decrease in profitability affects TVs between the 32 inch and 55 inch models. Notably, shipments for 65 inch TVs grew by 23.4 percent year on year in the second half of 2020, while TVs over 70 inch saw a significant growth of 47.8 percent during the same period. TrendForce predicts that 65 inch or larger TVs will again see a rise of about 30 percent this year as well.
UP NEXT: Xiaomi Mi 10i 5G sees record breaking sales worth 200 crores INR ($27 million) during the first sale in India
