Future Market Insights (FMI) recently forecasted that between 2020 and 2030, the outdoor TV market will grow at a CAGR of 3.2 percent. Despite a southern demand trend in the first half of 2020, An anticipates lackluster growth throughout the year. It is believed that outdoor television is more resilient to unpredictable changing weather and temperatures. It can adjust to shifting lighting conditions with easy settings for day and night dimming. Whether watching TV at night or on a sunny day by the pool, these TV panels are made to give brilliant and crisp visual quality while canceling reflection from any unfavorable light source.
The desire to host gatherings in the backyard and on the patio is driving demand in the housing market. In the upcoming years, FMI anticipates that outdoor televisions will gain popularity as more consumers express a preference for outside recreation over indoor activities. FMI has published a report on the factors driving the growth of outdoor television consumption worldwide. There are several market growth drivers and restraints discussed. The research aims to aid market participants in finding untapped prospects.
It offers in-depth insights into the market. Some of these are:
- Technological advancements are fueling innovation of altered TV sizes and resolutions. 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 have made outdoor TV less expensive
- Some of the leading TV broadcasters and content producers are investing in ultra-high-definition (UHD) technology to offer better content to the audience. This will have a positive impact on the overall market
The extraordinary COVID-19 outbreak has shown the market’s weaknesses after an amazing rise over the past few years. Sales of outdoor TV will drastically decrease because the bulk of consumers is either avoiding social gatherings out of self-imposed isolation or out of fear of catching the virus.
However, FMI believes that the market would rebound as soon as the coronavirus disappears. People are eagerly anticipating the recovery of the economy and the end of the pandemic. Once it occurs, people will probably resume their outdoor activities, which will allow the market to grow.
The market for outdoor TV will experience significant expansion due to the growing popularity of sports among viewers. To watch the game with their friends and family from the comfort of their backyards during the sporting season, consumers frequently like having outdoor parties. Sales in the residential market will increase as a result. Commercial establishments will share this enthusiasm as they look for cutting-edge solutions to engage their patrons, according to a principal analyst at FMI.
Who is winning?
Peerless-AV, SunBriteTV, Platinum, MirageVision, Oolaa, Cinios, SkyVue, AquaLite TV, Luxuriate, The TV Shield, Dish, Shenzhen WTV Technology, Cinios, and Seura are a few of the firms highlighted in the research.
To attract clients, businesses competing in the market put their attention on making their products more sophisticated and effective. As a result, market participants are investing more in research and development, according to FMI.
Due to the presence of multiple behemoths and the competitive nature of the outdoor TV business, market participants pay close attention to their advertising efforts. Investment in marketing efforts will rise shortly. In addition, businesses will probably concentrate on developing alluring incentives to draw clients. Assuring brand loyalty has been identified by FMI as the winning necessity for important market actors.
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
- the Middle East and Africa
- East Asia
- South Asia
- Latin America