The COVID-19 lockdown actually benefited TV sales in many countries during H1 as consumers withdrew into their homes and focused more on home entertainment. TV provided both a source of news and a distraction from world events. However the outlook for the rest of the year is uncertain at best, with the economic impact likely to be severe, even if a feared widespread ‘second wave’ of the virus does not occur.
In view of this – and the postponement of major sporting events such as the Olympics, Futuresource has lowered its Pre-COVID Global TV market forecast by 22m units resulting in a 7.2% unit decline in 2020 Vs 2019., with a CAGR to 2024 of 2.9%.
As part of the premium segment, OLED uptake is likely to be hampered by the COVID-19 economic impact, as consumers economise. OLED is forecast to reach 3.4m units worldwide in 2020, representing 1.5% of global shipments in 2020, rising to nearly 4% in 2024.
With already existing barriers such as lack of content and high prices being exacerbated by the pandemic, 8K shipments are set to reach just 495K units for 2020, representing only 0.2% of the market.
As manufacturers aim to make the TV the control centre of the Smart Home, while improving the user experience at home, TV shipments with built-in voice capability will reach 51.8m units by 2024. Most brands however will stay with the “Works with” strategy which is more cost-effective.
4K UHD continues to grow its share of the TV market; 62% of shipments in 2020, as brands continue to transition their ranges from HD in order to boost ASPs.
The trend towards larger screen sizes will ensure sales in Europe of TVs above 40” will fare better than smaller sizes in the aftermath of COVID. Panels between 40” and 69” are forecast to fall by 4% in 2020 and a CAGR to 2024 of 2.9%. However, unit sales of screens of 70” and above will increase by 7% this year, with a CAGR to 2024 of 15%.