The global HDMI cable market size is expected to grow by USD 800.10 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global HDMI Cable Market 2020-2024 (Graphic: Business Wire)
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The growing demand for 4K/UHD TVs is one of the key factors driving the growth of the HDMI cables market during the forecast period. HDMI cables are used for high-definition, multimedia transmission onto TV screens for enhanced viewing experience. HDMI cables are preferred over conventional RCA cables as they can transmit a video signal, a CEC signal, and up to 8 channels of audio signals. This provides better audio-video quality while avoiding audio-video lag. Globally, the shipment of 4K TVs is increasing due to their decreasing price. Furthermore, the rising disposable income of individuals coupled with the increasing number of commercial buildings is supporting the sale of 4K/UHD TVs, thereby driving the demand for HDMI cables.
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As per Technavio, the growing popularity of HDMI 2.1 will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
HDMI Cable Market: Growing Popularity of HDMI 2.1
The growing popularity of HDMI 2.1 is one of the key HDMI cable market trends that is driving the growth of the market. HDMI 2.1 cables allow faster refresh rates, better audio at 48 Gbps data rates, and 8K resolution video at 60 frames per second. These cables also offer dynamic HDR support, which ensures eARC, quick media switching (QMS), and display stream compression to the HDMI specification. As a result, the demand for HDMI 2.1 cables is increasing significantly across the world. This is compelling smart TV manufacturers to introduce products that support the HDMI 2.1 version.
“Factors such as the increased usage of economical HDMI cables, and the growing gaming console market will have a significant impact on the growth of the HDMI cable market value during the forecast period,” says a senior analyst at Technavio.
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HDMI Cable Market: Segmentation Analysis
This market research report segments the HDMI cable market by type (high-speed, standard, and ultra-high-speed) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the HDMI cable market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing demand for HD TV screens with enhanced gaming experience in various countries, including India, China, Japan, South Korea, and Thailand.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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