The global 4K TV market is expected to reach $380.9 billion by 2025, according to a new report by Grand View Research.
The report stated that the evolving nature of the consumer electronic industry, advancements in graphic engines of TVs, increased pressure on manufacturers to reduce prices, and popularity of UHD technology and its advantages are fueling the demand for UHD TV sets.
The global 4K TV market size was estimated at $71.9 billion in 2016. The reduction in prices of UHD TVs, according the the report, is expected to further fuel the demand for 4K TV in the coming years.
Asia Pacific held the largest share of 4K TVs in 2016 - largely due to China's transformation into the biggest consumer of the product - accounting for more than 70 per cent of the global share in the same year.
In the US, Grand View Research anticipates that by 2025, more than half the population will own at least one 4K TV. The European 4K TV market also exhibited a moderate growth due to an increasing demand in the UK and Germany. The proliferation of TVs supporting HDR will be a key factor expected to drive the growth in developed markets.