The global LCD TV core chip market is expected to gain prominence over the forecast period owing to significant rise in demand for LCD TVs. Innovative technologies have emerged due to technological proliferation in the LCD TV market. Installation of core chip processors in LCD TVs has bolstered growth in LCD TV market. Over the years, the television industry has experienced a remarkable inclination towards use of smart TVs. Rise in global urban inhabitants and highly tech-savvy population can be considered as the major reasons for this shift. Integration of LCD TV and core chip offers enhanced computing functionality in television sets. Primarily, it is a technological convergence of LCD TVs and computers. Incorporation of core chips into LCD TVs provides better experience to the user since it combines information from the Internet and the content from TV providers. This integration of technologies has resulted in the augmentation of LCD TV core chip market. In addition, the need for discretely installing set-top box is eliminated due to LCD TV core chip installation.
The core chips facilitate users with several advanced and sophisticated features such as accessing apps, video streaming, and syncing over multiple devices. LCD TV core chip offers access to online stores and websites to download the desirable content. Integration of these features into television sets is attracting more potential customers towards the market, thereby stimulating market growth. Core chip offers features such as upgrading the built-in system or processor in LCD TV similar to that of a smartphone. Intensive penetration of Internet services and growing Internet consumer base across the globe have fueled the growth in LCD TV core chip market.
The global LCD TV core chip market can be classified on the basis of applications. It comprises residential, commercial, and educational applications. The market for residential applications contributes largely to the entire LCD TV core chip market. A considerable rise in adoption of smart LCD TVs by consumers can be attributed as a major reason for growth in residential application market segment. On the basis of core chip types, the market can be categorized into four types, 8-bit, 16-bit, 32-bit, and 64-bit core chip.
Presence of several domestic and international vendors in the LCD TV industry has created a highly competitive setting in the LCD TV core chip market. Strong competition among existing players has largely restricted the entry of new entrants into the market. Moreover, high dependence on technology providers for setting up business in LCD TV market confines the growth opportunities and requires high investments. Technological advancements in LCD TV core chip market demand heavy investments on R&D activities. Use of alternative technologies such as LED Smart TVs poses a major threat to market augmentation. LED TV market has boomed and captured a major part of the entire industry as the market experienced a major shift from LCD to more advanced LED TVs. The LCD TV core chip industry is highly sensitive to the existing economic conditions. Global recession and financial crisis along with weak demand among underdeveloped nations have hampered the growth of market.
There is a strong presence of LCD TVs and LCD TV core chip manufacturers in the Asia Pacific region, especially in countries such as China, Korea, Japan, and Taiwan. Owing to this, LCD TVs incorporated with core chip are available at lower rates in the regional market, which has consequently fueled the demand, thereby contributing to regional market growth. North American countries such as the U.S. and Canada have experienced an upsurge in LCD Smart TVs. This has impelled LCD TV core chip market growth in the North American region. The European nations are deemed to be early technology adopters. Moreover, the European Union has always been pioneers in creating a sustainable environment and stressing on the usage of eco-friendly products. LCD TVs being energy-efficient and eco-friendly are experiencing a high demand in this region.
Major vendors dominating the global LCD TV core chip industry are Amlogic, Inc., Broadcom Corporation, CooCaa TV, Google, Hisense Co. Limited, Lenovo Group Limited, LG Electronics, Inc., MediaTek Inc., Panasonic Corporation, Philips, Sony Corporation, Samsung Group, Toshiba Corporation, and Xiaomi, Inc.
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The ongoing COVID-19 outbreak has adversely affected the display industry with manufacturing operations temporarily suspended across major manufacturing hubs, leading to a substantial slowdown in the production. Major manufacturers including Samsung, LG Display, and Xiaomi among others have suspended their manufacturing operations in China, India, South Korea, and European countries. In addition to having an impact on the production, the ongoing pandemic has taken a toll on the consumer demand for display integrated devices, likely exacerbated by the lockdown imposed across major countries. Uncertainty regarding the possible length of lockdown makes it difficult to anticipate how and when a resurgence in the display industry will occur. On the flip side, increased demand for displays in medical equipment including ventilators and respirators is expected to keep the demand for displays afloat in the coming months. The report will account for Covid19 as a key market contributor.