A new report has revealed that the 4K TV market will continue to see growth in the coming years. The 4K TV market will apparently see a compound annual growth rate (CAGR) of around 19 percent in the five year period starting from 2022 and 2027.
4K TV market to almost double by 2027
The data arrives from a new report from Technavio, who shared that the high end TV market will see a 19.19 percent growth over the course of this five year period. It adds that the 4K market will reach a sizeable 183.45 billion US Dollars. In other words, the market will almost double in the next couple of years. The rising popularity of these high resolution TVs arrives thanks to growing sales of TVs with larger displays.
The Technavio report states that the standard size of TVs was just around 40 inches. However, due to the shift in trends in the market, the TVs being made have even surpassed the 80 inches in size. Furthermore, as smart TVs have become increasingly more popular in the market, customers have also began gravitating towards models that support 4K resolution.
Although, the market still faces many challenges with one of the biggest hurdles being the lack of 4K content. While these 4K enabled models can still support run content on the lower 1080p or 720p resolution, customers would prefer spending less money to just buy TVs with these lower resolution.
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