Future Market Insights (FMI) forecasts the global outdoor TV market to surpass USD 500 Million in the next five years Outdoor televisions are specially engineered to offer a wide operating range from freezing cold in 230F to a very hot day at 1220F.
Sales of outdoor TV will exhibit balanced upward trend over the next five to ten years, contributed by additional demand from residential sector Commercial sector to exhibit dominating sales of outdoor television at a global level Despite high prevalence of competition and ongoing COVID-19 crisis, FMI is optimistic about the Outdoor TV Market considering global recovery trend
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The outdoor TV market is expected to register moderate growth between 2020 and 2030. Outdoor televisions (TV) have become increasingly popular in the past few years. Conventional TVs are not engineered to be exposed outside environment consequently the sales of outdoor TVs have peaked in the last couple of years.
End user-wise the global outdoor TV market can be bifurcated between residential and commercial. Of these, the commercial sector currently accounts for dominant percentage of sales witnessed in the market. Demand in residential sector is increasing as well, albeit at a gradual pace.
The market is primarily driven by evolving lifestyle of consumers. While indoor celebrations remain popular for cozy family dinners, the world is slowly getting its parties and celebrations outside.
Despite challenges they are looking for innovative ways of incorporating music and entertainment in outdoor parties, thus pushing transition from indoor to outdoor entertainment.
In restaurants and hotels too, the demand for outdoor arrangement has surged, naturally pushing sales of outdoor television in the commercial segment. According to FMI, these factors will spur growth witnessed in the outdoor TV market, enabling it surpass an overall valuation of USD 500 Million in the next five years.
Manufacturers in the global outdoor TV market are operating in a highly competitive environment. Because it is a niche, most companies are focusing to up their technology game. Evidently, there is higher focus on technologically upgrading their products to outdo competition.
Outdoor TV sets primarily come with scratch-resistant TV panels to offer crisp and bright picture quality, reducing reflection coming from any unwanted light source. Superior technologies offered by outdoor television will boost their popularity, giving tailwinds to their sales around the world.
They also come with wide viewing angle and in large sizes. Because they are meant for outdoor entertainment, these televisions come with weather proofing. Some of the leading manufacturers even ensure that the connectivity ports and remote control are weather proofed as well.
Because these television sets offer numerous advanced features, manufacturers seldom keep any stone unturned for their marketing. In order to pitch their products against that of competitors, market players generally highlight the added features in their market campaigns.
There is also ample focus on innovating better versions of their older models. For instance, Signature Series by SunBriteTV comes with commercial-grade anti-glare screen, which offers brightness of 700 nts.
Within sometime, SunBriteTV launched a better version of its aforementioned series and dubbed it as Signature 2 outdoor TV that offered superior brightness and a better operating range.
Manufacturers in the outdoor TV market are constantly striving to better their competitors and themselves. Invariably the market witnesses a higher investment in research and development.
As depicted in the chart below, Europe and South Asia Pacific are expected to show more consistency in demand for outdoor TV in comparison to the rest of the world. Evidently, manufacturers are expected to focus more on seeking opportunities in these regions.
However, both regions exhibit a high prevalence of competitive rivalry, it is therefore expected that companies will focus more on capital investments and product launches to establish a strong footprint in Europe and South Asia Pacific.
Outdoor televisions are considered perfectly suitable for enjoying programs, games, and sports on patios and backyards. Unlike their conventional counterparts, outdoor TVs do not get affected by humidity or extreme temperature. High-performance is almost guaranteed even in salt-air weather without breaking or causing any failure.
High-end versions of outdoor televisions can even manage full exposure to weather elements without breaking down. With that being said, these televisions perfectly complement the outdoor settings of restaurants and hotels.
The food service sector is constantly evolving its practices to lure consumers. Besides serving good food there is a great deal of importance attached to creating an aesthetic appeal suiting to the common sensibilities of modern consumers.
For instance, interest for sports has significantly increased among audiences. Undoubtedly, they will prefer visiting restaurants and hotels that offer a complementing ambience that lets them enjoy good food together with sports under the open sky. Outdoor televisions are a perfect fit to this concept.
The sales of outdoor television is expected to surge considerably in the upcoming decade. The positive trend is further supported by the rising demand in the residential sector. However, FMI projects commercial segment to remain a key growth enabler through the forecast period.
Made with nano-coating and different weatherproof technologies, outdoor televisions take entertainment outside. They almost replicate the feeling of witnessing major events unfolding in stadiums. This happens to be one of the chief drivers of the outdoor TV market.
Outdoor televisions are made with high-end technologies. They offer greater sound and video quality than conventional indoor TV sets. The sound volume and quality of outdoor TVs are two most critical features their sales depends upon.
It is imperative for an outdoor entertainment unit to have incredible sound and volume quality to rise above ambient noises. Outdoor TV speakers are designed exclusively to offer unadulterated entertainment to consumers. They come with a range of accessories and mounts to offer better viewing angle.
Besides this, recent technologies have enabled outdoor TV manufacturers to offer better video quality. They come with various adjustments that can adapt to any lighting conditions. Whether it is a bright sunny day or hosting parties and events during night, outdoor TVs are designed to function without causing any disruption.
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The global outdoor TV market is currently witnessing considerably high demand in North America. The rising demand from the USA and Canada will continue supporting the market. In the coming years however East Asia will emerge as a lucrative market for outdoor TV.
The remarkably expanding hotel and restaurant sector and the exponentially rising number of events organized in the region will give impetus to the outdoor TV market. Consumers in the region enjoy watching major events and sports on big screen, which is a key factor driving the outdoor TV market in East Asia.
China for instance has been chosen to host the 2022 Beijing Olympics. Some of the leading companies such as Sumavision. Changhong, and Huawei have already started investing in ultra-high definition broadcast television and equipment. Spurred by surging investment, the outdoor TV market will exhibit impressive growth in the region.
Companies operating in the outdoor TV market are primarily focusing on acing the technology. They seek to outdo competition by launching better versions of their products. FMI profiles some of the leading companies operating in the market to study the prevailing competition. These include:
Consumers investing in outdoor television are primarily looking for solid and high quality picture that will be crystal clear from greater distance. Restaurants seek ultra-high definition picture quality, improved sound quality, and better resistance to erratic weather.
As a result, an increasing number of companies are investing in high wattage speakers to complement the outdoor TV. There is immense focus on gaining competitive edge by providing better image and audio performance.
FMI predicts the demand for outdoor TV to grow rapidly in the commercial segment. Despite setback due to the unprecedented COVID-19 outbreak and prevailing competition, it sees a clear recovery trend for the market. Growth prospects seem optimistic because new investments are likely to enter into the market.
However, establishing a strong footprint might be difficult for new players since high cost and accessing required technology will remain two major problems in the market.
The outdoor TV market is expected to grow at a 9% CAGR from 2022 to 2032
By 2022-end, outdoor TV sales are likely to reach USD 380.18 Million
By 2032, the outdoor TV market is expected to reach USD 900 Million
Peerless-AV, SunBrite TV, Platinum and MirageVision are some leading outdoor TV vendors
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