DUBLIN, July 30, 2021--(BUSINESS WIRE)--The "Video Equipment Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global video equipment market as it emerges from the COVID-19 shut down.
The global video equipment market is expected to grow from $90.61 billion in 2020 to $109.8 billion in 2021 at a compound annual growth rate (CAGR) of 21.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $125.37 billion in 2025 at a CAGR of 3%.
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The video equipment market consists of sales of video equipment and related services that are used in various applications such as residential and commercial purposes. Video equipment include televisions, video cameras, Blu-ray players, and video cassette recorders.
The rise in disposable incomes was a major driver for the video equipment market. The rise in disposable incomes was mainly driven by economic growth and middle-class population growth in developing countries such as China, India and Brazil. According to the World Bank, the per capita net disposal income of lower middle-income countries is expected to be in between $1,036 and $4,045 and per capita net disposal income of upper middle-income countries is expected to be in between $4,046 and $12,535 in 2021. Increased earnings greatly increased disposable incomes in the emerging markets, increasing the demand for consumer electronics products such as televisions and home theatre systems.
The changes in consumer lifestyles and preferences had a significant impact on the video equipment market. With increasing smartphone and internet penetration and advances in social media and digital technologies, consumers shifted from traditional television to new forms of entertainment such as online video streaming services on mobile phones. Television viewership continued to decline, especially among the millennial. As a whole, 18-34-year-olds spent viewing traditional TV (live and time-shifted) in Q1 2020 fell by around 15.3% from 2019. Changes in consumer preferences restricted the demand for video equipment.
The video equipment market covered in this report is segmented by product type into television, video cameras, and video players and by end use industry into B2B and B2C.
The demand for Ultra HD televisions is increasing rapidly, as they are energy efficient and offer high quality images. Ultra HD televisions include 4K and 8K UHDs that have an aspect ratio of 16:9 or wider, and also present a minimum resolution of 3840x2160 pixels. The transition from traditional CRT and LCD TVs to ultra HD TVs has been fast owing to brisk pace in technological advances. For instance, in 2019, worldwide sales of 4K ultra-high-definition televisions reached 100 million units, thus, indicating high demand for ultra HD 4k and 8k televisions.
In February 2019, GN Group, a Danish based Electrical & Electronic Manufacturing company acquired Altia Systems for $125 million. Through this acquisition GN Group is aiming to improve the quality of audio and video communications over digital networks. Altia Systems, a venture-backed company based in Cupertino.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210730005417/en/
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