BOSTON—8K TVs could go big over the next few years, according to a new report from Strategy Analytics, shared by 8K Association. By 2025, 72 million homes around the world will own an 8K TV, with the hi-res TVs taking ownership of the market for TVs 70 inches and larger.
In 2020, about 350,000 8K TVs were sold, said Strategy Analytics. Sales were slowed by the cancellation of the Tokyo Olympics. Those numbers are expected to reach 1 million in 2021 with the Olympics expected to take place (though some concerns still remain). That figure is then projected to grow to 4 million in 2022.
For TVs 70 inches are larger, 8K TVs will likely makeup 40% of the market in 2023, before jumping to more than 90% in 2025, Strategy Analytics estimates. Projections have 8K TVs making up just under half of the market for 60-69-inch TVs and under 10% for TVs 50-59 inches in 2025.
“Overall, the penetration of 8K TVs will lag the rate that 4K penetrated the market as the screen sizes for 8K will be bigger and therefore a more limited market,” David Watkins, service director, Connected Home Devices, for Strategy Analytics told the 8K Association.
A potential issue in the near-time for the sale of 8K TVs is the price increase that may occur as a result of shortages in TV panel supply, though Strategy Analytics still projects single digit growth.
Chinese brands like TCL and Hisense could continue to focus on value pricing, which Watkins says could help get 8K TVs to a $2,000 price point by the end of 2021.
“Ultimately, we see the panel makers as the key to driving down 8K TV prices,” said Watkins. “If one or two switch over entire lines to 8K, that could initiate a stampede among other suppliers.”
