Covid-19 Pandemic Delays 8K TV adoption

Oyster Bay, NY, November 20, 2020--The Covid-19 pandemic is challenging the flat-panel TV market according to ABI Research. The worldwide flat-panel TV market is sluggish due to economic uncertainties, and the 8K TV market will remain low in 2020. “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 resulted in low 8K TV unit shipments in 2020.

Despite the challenges, flat-panel TV makers continue to promote 8K TV sets. High-end TV makers such as Samsung and LG are targeting to increase sales of 8K TV units to generate higher revenues and profit margins. TCL announced 8K TV sets at CES 2020.  Since consumers are struggling with the pandemic’s economic challenges, priorities on purchasing media devices have changed. Highly competitive pricing is 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. 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,” Lynn concludes.

These findings are from ABI Research’s Media Devices Market Update 2020. This report is part of the company’s Video and Cloud research service, which includes research, data, and ABI Insights. Depicted in a PowerPoint format, the Market Update provides a snapshot into current and future market opportunities and threats for a specific technology as well as focusing on a selected key market and associated trends.