A study from ABI Research has revealed the extent to which the Covid-19 pandemic is having different impacts on the media device market showing that while the pandemic has for example boosted the game console market it has curbed flat-panel TV sales.
The Media Devices Market Update 2020 found that the worldwide flat-panel TV market was sluggish due to economic uncertainties with the 8K TV market in particular set to remain low in 2020. The analyst noted that there had been much anticipation of 8K TV market growth given the 8K broadcast content scheduled for Summer 2020 Olympics. However, 2020 Olympics’ postponement combined with the overall economic downturn has said the study resulted in low 8K TV unit shipments in 2020.
Yet despite the challenges, ABI noted that flat-panel TV makers continued to promote 8K TV sets. High-end TV makers such as Samsung and LG were targeting to increase sales of 8K TV units to generate higher revenues and profit margins and the report highlighted TCL’s 8K TV sets at CES 2020.
Since consumers are struggling with the pandemic’s economic challenges, priorities on purchasing media devices have changed said the report which advised that highly competitive pricing was essential to boost sales, as seen with Samsung’s promotional prices for its 8K TV sets to boost sales volumes.
“Although 8K TV set price points have declined from a year ago, the cost of most 8K TV sets is still relatively high ranging from $3,500 to $30,000,” said Khin Sandi Lynn, industry analyst at ABI Research commenting on the Media Devices Market Update 2020. “High cost and lack of content will delay 8K TV set adoptions. ABI Research estimates only around 1% of worldwide flat panel TV shipments will be 8K TV sets in 2021.”
Yet despite the challenges, ABI noted that flat-panel TV makers continued to promote 8K TV sets. High-end TV makers such as Samsung and LG were targeting to increase sales of 8K TV units to generate higher revenues and profit margins and the report highlighted TCL’s 8K TV sets at CES 2020.
Since consumers are struggling with the pandemic’s economic challenges, priorities on purchasing media devices have changed said the report which advised that highly competitive pricing was essential to boost sales, as seen with Samsung’s promotional prices for its 8K TV sets to boost sales volumes.
“Although 8K TV set price points have declined from a year ago, the cost of most 8K TV sets is still relatively high ranging from $3,500 to $30,000,” said Khin Sandi Lynn, industry analyst at ABI Research commenting on the Media Devices Market Update 2020. “High cost and lack of content will delay 8K TV set adoptions. ABI Research estimates only around 1% of worldwide flat panel TV shipments will be 8K TV sets in 2021.”
