In a recent analysis, Future Market Insights (FMI) predicted that the outdoor TV market will increase at a CAGR of 3.2 percent between 2020 and 2030. An predicts lacklustre growth throughout the year, despite a southern demand trend in H1 2020. Outdoor television is thought to be more resistant to erratic weather and temperature changes. It has simple day and night dimming controls that allow it to adapt to changing lighting conditions. These TV panels are designed to provide brilliant and sharp visual quality, cancelling reflection from any undesirable light source, whether enjoying entertainment on a sunny day by the pool or at night.
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.
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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.
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.
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Outdoor TV Market Key Segment
- Less than 40 inches
- 40-50 inches
- 50-60 inches
- 60-70 inches
- 70 inches and above
- Wholesalers/ Distributors
- Hypermarkets/ Supermarkets
- Specialty Stores
- Multi-brand Stores
- Independent Small Stores
- Convenience Stores
- Online Retailers
- Other Sales Channels
- North America
- Middle East and Africa
- East Asia
- South Asia
- Latin America
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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