A U.K.-based consulting firm is forecasting strong growth in the 4K TV market both globally and domestically. 

The report, from Futuresource Consulting, predicts Canada’s total TV market sales will remain stable at about 2.9 million units in 2015, while 4K set sales are forecasted to grow to about 350,000 units – an increase of about 324%, said David Tett, market analyst, Futuresource Consulting.

“By 2019 we expect nearly a third of Canadian households to own a 4K TV set,” Tett told Playback Daily.

The anticipated 4K growth in Canada reflects a larger global trend, with worldwide 4K TV shipments expected to grow by 147% in 2015 despite an overall 2% drop in TV sales. The predicted drop in TV sales overall can be attributed to decreases in Europe and parts of Asia Pacific, as well as saturation in the North American market, Tett said.

Tett noted that TV set and panel manufacturers have been keen to get 4K TVs into the market to shore up revenues as profit margins continue to narrow. As the pace of new 4K products coming to market has increased, prices have declined alongside, sparking consumer interest.

“Those consumers who are already looking to purchase a new TV set  – especially larger screen sizes – will be increasingly likely to opt for a 4K one as the difference versus full HD narrows. This price premium falls even further during sale periods, as we saw last year during Black Friday in North America and expect to do so again during 2015,” Tett said.  “So price and promotion are key to this.”

Looking back at 2014, Futuresource Consulting found global TV sales rose by 3% in 2014 to 235 million units, with trade value increasing to $94 billion. The performance of TV markets across the world remained varied, with regions such as Latin American experiencing significant growth thanks to the Brazilian World Cup and the start of analogue switch-offs. Europe also saw a 3% growth in sales in 2014.

Related: From our Spring magazine issue – Is the Canadian biz ready for Ultra HD?

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