Global Curved Televisions Market is Estimated to Witness High Growth Owing to Rising Consumer Demand and Technological Advancements
The global Curved Televisions Market is estimated to be valued at US$ 5.93 Bn in 2024, exhibiting a CAGR of 31.6% over the forecast period (2024-2031). The rising demand for immersive viewing experience among consumers coupled with technological advancements in display technology is expected to drive the market growth. Furthermore, increasing disposable income and popularity of larger screen televisions are some key trends propelling the curved televisions market growth.
Market Dynamics:
Growing Consumer Demand: The demand for immersive viewing experience among consumers is a key driver propelling the global curved televisions market. Curved screens provide a theatre-like viewing experience at home. This wide viewing angle allows watching content from any corner of the room with equal clarity and brightness.
Technological Advancements: Ongoing technological innovations in display technology such as OLED (organic light-emitting diode) and QLED (quantum dot LED) are positively impacting the market growth. Advancements such as Ultra HD resolution, HDR support, and wide colour gamut deliver theatre-like visuals. Major players are continuously investing in developing innovative curved TV models with improved picture quality, slim design, and interactive features.
Growing demand for large screen televisions with immersive viewing experience
One of the major drivers for the global curved televisions market is the growing demand for large screen televisions that provide an immersive viewing experience to the viewers. Curved screens provide a wider field of view compared to normal flat screens and give viewers the feeling of being surrounded by images on three sides. This enhances the viewing experience, especially for big screen sizes above 55 inches. With rising disposable incomes and urbanization, people are willing to spend more on premium home entertainment systems. Curved televisions fulfill this demand by providing a theatre-like viewing experience at home. Manufacturers are also launching curved televisions in bigger screen sizes ranging from 65 to 88 inches to further improve immersion.
High price points of curved televisions compared to flat-panel TVs
One major restraint is the relatively high price points of curved televisions compared to flat-panel LCD (Liquid Crystal Display) and LED (Light Emitting Diode) TVs of similar sizes. Producing curved screens involves additional manufacturing costs which get passed on to the customers. This pricing gap restricts the mass adoption of curved TVs, especially in price-sensitive developing markets. Only those aiming for a top-of-the-line premium home entertainment setup are willing to pay premium prices. For average customers looking for value-for-money propositions, flat-panel TVs still remain a more affordable option.
Lack of standardization in curvature levels
Another challenge is the lack of standardization when it comes to curvature levels in curved TV displays. Different manufacturers offer varying degrees of curvature ranging from 900R to 5,000R, leaving customers confused. Content and programming are also not optimized for specific curvature levels. This ambiguity over the ideal curvature level that provides the best viewing experience discourages some consumers. Industry-wide consensus and standardization regarding optimal curvature specifications can help address this issue to a certain extent.
Increasing usage of curved TVs as computer monitors
Another emerging opportunity is the increasing popularity of curved TVs as high-resolution computer monitors for gaming and professional graphics work. Curved screens allow displaying multiple windows comfortably without needing multiple separate displays. This helps boost productivity for activities like video/photo editing, 3D modelling, and financial analysis. Adaptive sync technology also enhances gaming experiences. As work-from-home and hybrid work models rise, the demand for large curved monitors could see an uptick from individual professionals and creative offices looking for versatile displays.
Link - https://www.coherentmarketinsights.com/market-insight/curved-televisions-market-4674
Key Developments:
In March 2022, an innovation of recent times in the market is curvable OLED TV. In this innovation, a screen is deployed that can be easily turned from flat to curved, at one's option, by merely touching a button.
In August 2022, LG Electronics unveiled its most recent innovation in television technology, a unique 42-inch OLED model that bends from a flat-screen to curved and vice versa at the touch of a button. Dubbed the LG OLED Flex (model LX3), users can easily change the curvature, up to 900R in increments of 5% across 20 different levels. The OLED Flex, which claims to be the most customizable TV by LG, caters to multiple requirements-in one go. The ideal requirement here will be for immersive games through console gaming, PC gaming, and even cloud gaming, apart from usual viewing on the TV.
Key Player:
Samsung Electronics Co., Ltd., LG Electronics, Sony Corporation, TCL Corporation, Philips, Hisense, Panasonic, Vizio, and Haier
