8K Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)
The 8K Market size is estimated at USD 7.88 billion in 2023, and is expected to reach USD 32.67 billion by 2028, growing at a CAGR of 32.90% during the forecast period (2023-2028). The 8K market is detecting a rise in adoption across diverse fields, such as healthcare, entertainment, and commercial segments.
New York, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "8K Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06483724/?utm_source=GNW
The 8K Market size is estimated at USD 7.88 billion in 2023, and is expected to reach USD 32.67 billion by 2028, growing at a CAGR of 32.90% during the forecast period (2023-2028).
The 8K market is detecting a rise in adoption across diverse fields, such as healthcare, entertainment, and commercial segments. The market is experiencing robust growth, owing to the increasing demand for 8K-based cameras, especially from filmmakers, due to their ability to capture better images. In addition, NHK, a Japanese broadcasting company, announced plans to launch 8K SHV channels to provide 8K media on a large scale.
*Key Highlights*
The increase in smart TV use throughout the globe drives market growth. According to Ofcom, televisions that can run apps and access the internet can be found in an increasingly large number of households in the United Kingdom (UK). In the last year, 67% of homes in the United Kingdom owned a Smart TV.
Televisions are witnessing the highest adoption in the 8K technology. Owing to this, companies are increasingly launching new 8K-based televisions.
The growing demand for premium products with high-resolution displays in developing countries is expected to be fueled by factors such as a substantial market in the TV segment and promotional campaigns by market players for their target audience.
8K displays are well-equipped to show lower-resolution content by automatically upscaling the video to fill the extra pixels. Thus the increasing technological advancements in the camera also drive the studied market.
However, the expensive cost of 8k technology-based products and limited 8k content accessibility are significant challenges expected to hinder market expansion.
The surge in streaming and console gaming usage during COVID-19 fueled the demand for large-screen high-definition TVs. As a result, global television makers are releasing premium OLED TV models. For instance, in February 2022, Magnachip announced a DDIC product for UHD TVs based on upgraded high-voltage analog process technology and started mass production.
8K Market Trends
Consumer Electronics to Hold Major Market Share
Consumer electronics applications covered under the study include the usage of 8K in various technologies such as televisions, digital cameras, 8K monitors, PCs, and laptops, among others. Due to the increasing demand for high resolution and image quality, 8K is widely used across consumer electronics.
8K is a display technology with high resolutions of 7680 X 4320 pixels. The technology provides image visualization with high clarity and improved angles. The consumer electronics segment is continuously innovating technologies to offer their customers better-resolution products, creating a demand for 8K. For instance, there has been a continuous resolutions war among major vendors such as Samsung, LG, TCL, and Sharp for 8K TVs.
Moreover, many smartphones have been launched in the last few months which can capture 8K video. The video from an 8K technology is much more precise and crisper than previous technology like 4K.
In December 2022, Samsung announced the launch of the Galaxy S23 series, which will support higher resolution videos with an option to shoot videos in 30fps. The company’s Galaxy S22 Ultra comes with the ability to record 8K video at 24fps.
Also, Sharp has announced in partnership with Leica to develop the main camera of the Aquos R7. The new camera captures 1.8 times more light than the last model, thus offering better low-light performance. The camera uses a seven-element Leica Summicron lens and offers 8K video recording, a 19 mm equivalent focal length, and Octa PD autofocus.
The increasing demand for smartphones among Gen Z and millennials with better camera quality further boosts the market demand.
Asia Pacific to Witness Significant Growth
China is the largest producer and exporter of consumer electronics in the world, which is one of the key factors fueling the market growth in the region. Moreover, in September 2022, the Ministry of Industry and Information Technology revealed that significant efforts would be made to boost the upgrading of content, computing, storage, and display industrial chains, among others, in the country. Further, many recent local government actions to promote the sale of more home appliances by subsidizing their purchase also contribute significantly to the market growth.
In Japan, the healthcare sector is one of the primary contributors to market demand. Japan’s consumer electronics industry, one of the largest in the world, is another significant factor driving the demand for 8K technology in the country. As per the Japan Electronics and Information Technology Industries Association (JEITA), in 2021, the production value of electronic devices in Japan grew by 10.6% compared to the previous year.
Moreover, in recent years, the world’s first 8K channel has been launched in Japan by the country’s public broadcaster NHK. The ultra-HD format featured four times the resolution of 4K, weighing in with 33 million pixels, as well as 22.2 multi-channel sound. The broadcaster had been developing 8K at its NHK Science & Technical Research Laboratories in Tokyo since 1995. Such developments are expected to create a positive growth outlook for the market.
South Korea has a prominent position in the market, being home to some of the major players in the market, such as Samsung and LG Electronics. Moreover, product innovation also continues to rise in the region. Many broadcasting companies have started using 8K technology to deliver customers high-quality content. 5G is also expected to play a significant role in the future of broadcasting.
In May 2022, the electronics and telecommunications research institute (ETRI) announced that it would participate in the National Association of Broadcasters (NAB) 2022 and introduce the latest 8K-UHD broadcasting and 5G convergence media broadcasting technologies. The team wanted to make full use of the NAB 2022 as the chance to publicize the strengths of Korea’s 8K-UHD broadcasting technology and 5G convergence media service technology and lead the Korean companies’ global expansion. Such initiatives are also expected to boost market growth significantly.
8K Industry Overview
The 8K market is fragmented and competitive because of the presence of major players. Some key players in the market include LG Display Co. Ltd, Samsung Electronics Co. Ltd, BOE Japan Co. Ltd, Canon Inc., Dell Inc., Hisense Co. Ltd, and Ikegami Tsushinki Co. Ltd., among others. As strong brands are synonymous with good performance, long-standing players are expected to have the upper hand. Owing to their market penetration and the ability to offer advanced products, the competitive rivalry is expected to continue to be high. Moreover, the involvement of large-scale investment also increases the barriers to exit for existing players, pushing the industry toward improved competition. Additionally, vendors are enhancing their technological capabilities, intensifying market competition.
In September 2022, at the second annual mission for the future global search launched at the LG Electronics North American Innovation Center (LG NOVA), the company invited businesses of all sizes and stages to pitch their business ideas for the chance to grow and collaborate with LG. To support the joint business model, qualifying companies will have access to resources and potential investments from LG and the Capital Alliance, as well as resources and funding for concept development and support from LG’s global infrastructure and supply chain.
In August 2022, Samsung Electronics Co. Ltd announced a partnership with Prime Video to provide exclusive 8K content on Samsung’s cutting-edge screens. The company plans to provide its advanced products worldwide. It has over 197 unlisted overseas subsidiaries for product manufacturing, sales, and R&D, with locations in the United States, Europe/CIS, the Middle East & Africa, and Asia. Furthermore, the company consistently invests a massive sum of money in its R&D.
*Additional Benefits:*
The market estimate (ME) sheet in Excel format
3 months of analyst support
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