The 8K
technology market is projected to grow from USD 2.9 billion in
2019 to USD USD 26.8 billion by 2024—growing at a CAGR of 55.5%. Demand for 8K
technology is rising due to the increased demand for larger-sized TVs with
higher resolution; availability of various products for the creation and
delivery of 8K content; and advancements in display technology, financial
assistance by governments, and expansion of production capabilities for 8K UHD
display panels.
“Television
segment to witness highest demand during forecast period”
The market for 8K televisions is expected to
witness the largest shipment during the forecast period. Large-screen and
high-resolution TVs offer better quality and realistic images, as well as an
enhanced viewing experience, which drives the 8K technology market
growth. APAC is expected to account for the largest share of the 8K television
market during the forecast period owing to the presence of many 8K TV
manufacturers. Japan will be hosting the 2020 Summer Olympics. Therefore, TV
manufacturers are increasingly focusing on streaming TV experience to meet the
rising demand of viewers for a seamless streaming experience of the Olympic
Games. Additionally, the advent of 5G in the country is likely to propel the
growth of the 8K TV market in the region.
“Sports
& entertainment industry held largest market share in 2018”
The increasing use of high-resolution devices
by consumers and by sports & entertainment and medical industries drives
the market growth. The sports & entertainment industry greatly influences
the 8K technology market. Cinema, gaming, and advertisement industries are
adapting 8K technology because it provides high-quality images with a clearer
picture. 8K broadcast in sports and entertainment applications is expected to
further propel the market growth in the coming years.
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“APAC
to exhibit fastest CAGR during forecast period”
APAC is expected to register the highest CAGR
in the market during the forecast period. The highest growth of APAC in the 8K
technology market can be attributed to the increasing demand for 8K TVs in this
region.
The region also has the presence of key
consumer electronics companies such as LG Electronics (South Korea), Samsung
Group (South Korea), Canon (Japan), JVCKENWOOD (Japan), Sony (Japan), Panasonic
Corporation (Japan), and Sharp Corporation (Japan). China and Japan will be
among the highest growth registering countries in the 8K technology market in
APAC. China is emerging as a leading consumer product manufacturing hub with
local players expanding their market share in all segments. Therefore, China is
expected to exhibit high growth in the market. With the advent of 5G in Japan,
the market in this country will grow significantly in the near future.
Similarly, Japan will host the 2020 Summer Olympics, which is another major
reason that is likely to surge the demand for 8K technology in the country in
the coming years.
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