While televisions are considered a household staple in the UK, saturation means that volume growth will be limited over the forecast period. Despite innovations, the replacement rate increased towards the end of the review period rather than decreased.
Despite the likely predicted slowdown in demand for televisions in the UK due to saturation, consumers’ interest is likely to be positively influenced by the dynamism in terms of innovation. Some players are moving away from focusing solely on offering the best hardware – for instance, in terms of sound – to competing in terms of software.
At industry events such as at CES2024, it was noticeable that UK and global market leaders, Samsung and LG, significantly focused their innovation on user interface and customisable smart TV screens, with the aim of having a full smart home ecosystem; televisions can become a centre for the connected smart home, from which consumers operate or monitor other electronic devices or appliances. While more still needs to be done in terms of interoperability and usability of these “home hubs”, it could also mean that brand loyalty might strengthen in the future – if a consumer owns a washing machine or air conditioning unit from one brand, they might also be tempted to purchase a television from the same brand to be able to seamlessly operate these other devices.
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Understand the latest market trends and future growth opportunities for the Home Video industry in United Kingdom with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Home Video
This report originates from Passport, our Home Video research and analysis database.
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