The Outdoor TV Market is expected to surge at a vigorous 3.2% CAGR during the assessment period 2020 to 2030. Global outdoor TV market to surpass USD 500 Million in the next five years. An predicts lackluster growth throughout the year, despite a southern demand trend in H1 2020.
Built to Withstand the Elements: Outdoor TVs Take Center Stage
Conventional TVs simply can’t compete with the durability and functionality of outdoor TVs, propelling market growth:
- Engineered for Extremes: Outdoor TVs boast a wide operating range, handling blistering heat (up to 122°F) and freezing cold (-4°F), making them perfect for year-round enjoyment.
- Residential Rise: While the commercial sector currently dominates outdoor TV sales, the residential market is catching up, driven by a desire for outdoor entertainment experiences.
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Beyond the Living Room: Entertainment Under the Sky
Outdoor TVs are transforming how we celebrate and unwind:
- Lifestyle Shift Fuels Demand: The evolving lifestyle of consumers who crave unique experiences is driving the demand for outdoor entertainment solutions.
- From Indoor to Outdoor: A desire to incorporate music and entertainment into outdoor gatherings is pushing the transition from indoor to outdoor spaces.
Commercial Appeal: Hospitality Embraces Outdoor Entertainment
The outdoor TV market caters to both residential and commercial needs:
- Restaurants and Hotels Lead the Way: The growing popularity of outdoor dining and socializing in hotels is boosting sales of outdoor TVs in the commercial sector.
- Beyond Entertainment: Outdoor TVs can be used for digital signage and advertising purposes, adding further value for commercial establishments.
Looking Forward: A Bright Forecast for Outdoor Entertainment
FMI is optimistic about the outdoor TV market’s future, driven by several factors:
- Resilience in the Face of Challenges: Despite competition and the recent COVID-19 pandemic, the market has exhibited a moderate growth trajectory.
- Global Recovery on the Horizon: The anticipated global economic recovery paves the way for continued growth in the outdoor TV market.
- Innovation Ignites Future Growth: Manufacturers who focus on innovative features and cater to diverse outdoor entertainment needs are well-positioned to lead the market.
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It offers in-depth insights into the market. Some of these are:
- Technological advancements are fuelling innovation of altered TV sizes and resolution. 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 has made outdoor TV less expensive
- Some of the leading TV broadcasters and content producers are investment in ultra-high-definition (UHD) technology in order to offer better content to audience. This will have a positive impact on the overall market
Despite witnessing an impressive surge in the last couple of years, the unprecedented COVID-19 outbreak has exposed the vulnerabilities of the market. Since a majority of consumers are either at self-imposed isolation or avoiding public gathering due to the fear of contracting the virus, the sales of outdoor TV will steeply decline.
Nonetheless, FMI foresees hope for the market’s recovery as soon as the coronavirus passes. People from eagerly waiting for economic activities to resume and pandemic to pass. Once it happens, they are likely to resume their outdoor activities, paving way for the expansion of the market.
“Rising interest in sports among audience will be a prime growth driver of the outdoor TV market. Consumers often enjoy hosting outdoor parties during sports season to enjoy the event unfold with their friends and families from the comfort of their backyards. This will boost sales in the residential segment. Commercial places will be driven by the same interest as they seek advanced technologies to keep their customers entertained,” said a lead analyst at FMI.
Who is winning?
Some of the companies profiled in the report are Peerless-AV, SunBriteTV, Platinum, MirageVision, Oolaa, Cinios, SkyVue, AquaLite TV, Luxurite, The TV Shield, Dish, Shenzhen WTV Technology, Cinios, and Seura.
Companies operating in the market are focusing on making their products more advanced and high-performing to lure customers. As a result, FMI observes are higher investment in research and development among the market players.
Because the outdoor TV market is fairly competitive due to the presence of several behemoths, market players give special attention to their promotional activities. In the near future, investment towards market campaigns will surge. Besides this, companies are likely to focus on creating attractive offers to attract customers. The winning imperative identified by FMI for key market actors, is ensuring brand loyalty of consumers. The report discusses several other interesting statistics.
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Outdoor TV Market Key Segment
Product Type
- LCD
- LED
Screen Size
- Less than 40 inches
- 40-50 inches
- 50-60 inches
- 60-70 inches
- 70 inches and above
Screen Type
- Flat
- Curved
End Use
- Commercial
- Residential
Price Range
- Economy
- Mid-Range
- Premium
Sales Channel
- Wholesalers/ Distributors
- Hypermarkets/ Supermarkets
- Specialty Stores
- Multi-brand Stores
- Independent Small Stores
- Convenience Stores
- Online Retailers
- Other Sales Channels
Region
- North America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
- Latin America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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