LCD TV Core Chip Market Outlook 2031
The global LCD TV core chip market size was valued at USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, expanding at a CAGR of XX% during the forecast period 2023 - 2031. The growth of the market is attributed to rising urban population and advancements in technology.
Core chips provide advanced and classy features such as video streaming, syncing, and accessing apps over various devices. LCD TV core chips offer access to online stores and websites to download the necessary content. Addition of these features to televisions is attracting customers, thereby driving the market. Implementation of core chips in LCD TVs provides high-quality experience to customers, as it collects information from the internet and content from TV providers and displays it on a smart television.
LCD TV Core Chip Market Trends, Drivers, Restraints, and Opportunities:
- Rigorous use of Internet services and rising internet consumer base worldwide fuels the LCD TV core chip market.
- Integration of core chip processors in LCD TVs boosts the LCD TV market.
- Core chips aid in updating the processor in LCD TVs similar to smartphones.
- Need for separate installations of set-top box are reduced, due to LCD TV core chip installation.
- Use of alternative technologies such as LED smart TVs is a major restraint for the LCD TV core chip market growth.
- Financial crises and recession along with less demand in underdeveloped nations hinders the LCD TV core chip market growth.
- LCD TV core chips provide access to online websites and stores to download the desired content.
- Incorporation of core chips in LCD TVs improves total functionality in television sets.
- Integration of core chips in LCD TVs offers enhanced experience to consumers, as it combines content from TV providers and information from internet and presents it to the consumer in high-quality format.
- Advancements in LCD core chip along with increasing investments in R&D by key players are expected to drive the market.
- Integration of features such as video streaming, apps, and syncing via numerous devices attracts tech-savvy buyers, which in turn, drives the market.
Scope of LCD TV Core Chip Market Report:
The report on the global LCD TV core chip market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Global LCD TV Core Chip Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Applications (Residential, Educational, and Commercial) and Regions
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Broadcom Corporation, Amlogic, Inc., Hisense Co. Limited, CooCaa TV, LG Electronics, Inc., Google, MediaTek Inc., Lenovo Group Limited, Philips, Panasonic Corporation, Toshiba Corporation, Sony Corporation, Xiaomi, Inc., and Samsung Group.
LCD TV Core Chip Market Segment Insights:
The residential segment is likely to grow at a rapid pace during the forecast period
Based on applications, the global LCD TV core chip market is segregated as residential, educational, and commercial. The residential segment is expected to hold a major share of the market. This segment is anticipated to expand at a rapid pace during the forecast period. Rising demand for smart LCD TVs by customers is the main reason for the growth of this segment.
The educational segment is expected to expand at a robust CAGR during the forecast period. Demand for LCD TV core chips increased, as education is provided online in the event of COVID-19. Consumers are focusing on high technology products.
The market in Asia Pacific is projected to expand at a robust CAGR during the forecast period
On the basis of regions, the global LCD TV core chip market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is speculated to account for a major market share during the forecast period. Low prices of LCD TVs with core chips in the region propel the market. Presence of major manufacturers in China, Japan, Taiwan, and Korea is fueling the market.
The markets in Canada and the US increased the demand for LCD smart TVs. This has driven the LCD TV core chip market in the region. Countries in Europe are expected to be primary technology adopters. Additionally, the European Union is focused on creating sustainable environment and emphasizes on usage of eco-friendly products. LCD TVs are eco-friendly and energy-efficient, hence it has large demand in Europe.
The global LCD TV core chip market has been segmented on the basis of
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players in the global LCD TV core chip market include Broadcom Corporation, Amlogic, Inc., Hisense Co. Limited, CooCaa TV, LG Electronics, Inc., Google, MediaTek Inc., Lenovo Group Limited, Philips, Panasonic Corporation, Toshiba Corporation, Sony Corporation, Xiaomi, Inc., and Samsung Group. Existence of international and domestic dealers in the LCD TV market leads to high competition in the LCD TV core chip market.
Strong competition between current players restricts the entry of new contestants in the market. Manufacturers are focusing on technological advancements in LCD TV core chips and substantial investments in R&D activities.