The video equipment effectively market consists of sales of video equipment and connected services that are utilized in several applications such as residential and commercial purposes. The Video equipment involve televisions, video cameras, Blue-ray players, and video cassette recorders.
The requirement for Ultra HD televisions is increasing speedily, as they are energy efficient and offer high quality images. The Ultra HD televisions involve 4K and 8K UHDs that have an aspect ratio of 16:9 or broader, and also exist a minimum resolution of 3840×2160 pixels. The transition from traditional CRT and LCD TVs to ultra HD TVs has been fast due to brisk pace in technological improvements. For instance, ultra HD (4K resolution) TV shipments increased from 1.5 million units during 2013 to 68.2 million units in 2017 with a CAGR of 160%, thus, demonstrating high requirement for ultra HD 4k and 8k televisions.
According to the report analysis, ‘Video Equipment Global Market Report 2020’ states that in the video equipment global market there are several corporates which presently functioning more effectively for leading the highest market growth and dominating the handsome value of market share around the globe during the upcoming years while delivering the better consumer satisfaction, decreasing the linked prices, advancing the applications of such, enhancing the applications of such, developing the specifications of the production technologies, implementing the profitable strategies, analyzing and studying the strategies and policies of the competitors and employing the young work force includes Bose Corporation, LG Electronics Inc., Panasonic Corporation, Sony Corporation, Samsung Electronics, Bowers & Wilkins, Atlantic Technology, Definitive Technology, Golden Ear Technology, and Pioneer.
The worldwide video equipment market was worth USD 120.47 billion during 2019. It is expected to increase at a compound annual growth rate (CAGR) of 1.53% and reach USD 127.99 billion by 2023.
During February 2018, Got Matter Pvt Ltd, a Bangalore based IT and E-Commerce company, obtained Ridaex Technologies for an undisclosed amount. The acquisition will reinforce the Got Matter Pvt Ltd.’s position as an agile and ground breaking company. Also, allows the company to develop sales and augment expertise in consumer services and improve its business intelligence. Ridaex Technologies made its name by manufacturing first Indian Led Smart TVs.
The increase in disposable incomes was a foremost driver for the video equipment market. The augment in disposable incomes was majorly driven by economic growth and middle class populace growth in underdeveloped countries such as China, India and Brazil. According to the World Bank, the world’s middle class populace-defined as the population that are earn between USD 10 and USD 100 per day-augmented from nearly 1.5 to 2 billion between 2010 and 2015. During 2017, China’s economy increased at 6.9% and India’s GDP augmented at 7.1%. The per capita disposable income in India grown at a CAGR of 9.2% throughout 2005-2015 to reach USD 1,154 in 2015. Augmented earnings greatly grown disposable incomes in the emerging markets, growing the requirement for consumer electronics products such as televisions and home theater systems. Therefore, in the near years, it is predicted that the market of Video equipment will increase around the globe more effectively over the upcoming years.
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Ankur Gupta, Head Marketing & Communications