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Global 8K Market Size and Share Analysis 2023-2028
The 8K market size is currently estimated at USD 7,879 million in 2023, and it is projected to reach USD 32,665 million by 2028, reflecting a considerable Compound Annual Growth Rate (CAGR) of 32.90% during the forecast period from 2023 to 2028.
8K resolution denotes an image or display resolution with a width of approximately 8,000 pixels. This ultra high-definition technology, known as 8K, offers an impressive resolution of 7680 x 4320 pixels, surpassing the previous standard of 4K.
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USD 5.2 billion in 2021
Device, Application, and Geography
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The adoption of 8K technology is on the rise across various industries, including healthcare, entertainment, and the commercial sector. The market is experiencing robust growth due to the surging demand for 8K-based cameras, particularly from filmmakers who seek to capture high-quality images. Notably, NHK, a prominent Japanese broadcasting company, has announced its plans to launch 8K SHV channels, providing 8K media content on a large scale.
The increasing use of smart TVs worldwide is a significant driver of market growth. Reports from Ofcom reveal a growing number of households in the United Kingdom (UK) owning televisions with app capabilities and internet access. In the past year, 67% of homes in the UK were equipped with Smart TVs. Among 8K technology applications, televisions witness the highest adoption, leading companies to introduce new 8K-based television models.
Developing countries exhibit a rising demand for premium products featuring high-resolution displays, driven by factors like a substantial TV market segment and targeted promotional campaigns by industry players. Moreover, 8K displays are capable of upscaling lower-resolution content to fill the extra pixels, further stimulating market growth. Technological advancements in cameras also contribute to the development of the 8K market.
However, there are significant challenges hindering market expansion. The costly nature of 8K technology-based products and limited accessibility to 8K content pose obstacles to wider adoption.
During the COVID-19 pandemic, the surge in streaming and console gaming activities resulted in increased demand for large-screen high-definition TVs. Consequently, global television manufacturers introduced premium OLED TV models. For instance, in February 2022, Magnachip announced the production of a DDIC (Driver IC) product for UHD TVs, based on upgraded high-voltage analog process technology, to meet the market’s demands.
The market is segmented based on various factors, including device, application, and geography.
Segmentation by Device
Segmentation by Application
Healthcare and Medical
Segmentation by Geography
North America – United States, Canada
Europe – United Kingdom, Germany, France, and Rest of Europe
Asia-Pacific – China, Japan, South Korea, and Rest of Asia-Pacific
Middle East and Africa
The television segment holds the largest revenue share of 54% in the 8K market as of 2022, making it the fastest-growing segment. It is projected to reach USD 18,740 million by 2028, with a notable Compound Annual Growth Rate (CAGR) of 34.3% during the forecast period.
In the consumer electronics segment, which accounted for 49.8% of the market revenue in 2022, the expected growth is substantial as well, reaching USD 16,978 million by 2028. Meanwhile, the commercial segment is anticipated to experience the highest growth rate, registering a CAGR of 34.8% during the forecast period.
Consumer electronics applications for 8K technology encompass various technologies like televisions, digital cameras, 8K monitors, PCs, and laptops, among others. The increasing demand for high-resolution and superior image quality drives the widespread adoption of 8K across consumer electronics. With its display resolution of 7680 x 4320 pixels, 8K technology offers enhanced clarity and improved visual angles, making it highly appealing to consumers.
The consumer electronics segment continually strives to innovate and offer customers better-resolution products, leading to a growing demand for 8K. A competitive race among major vendors such as Samsung, LG, TCL, and Sharp for 8K TVs demonstrates the strong interest in this technology.
Furthermore, the availability of smartphones capable of capturing 8K video has contributed to the market’s expansion. 8K videos provide greater precision and clarity compared to previous technologies like 4K.
Notably, Samsung’s Galaxy S23 series, launched in December 2022, supports higher resolution videos with the option to shoot videos in 30fps. The Galaxy S22 Ultra features 8K video recording at 24fps, enhancing the overall user experience.
In addition to smartphones, other consumer electronics devices are also capitalizing on 8K technology. Sharp’s collaboration with Leica resulted in the development of the Aquos R7’s main camera, which offers improved low-light performance and 8K video recording capabilities.
The rising demand for smartphones with better camera quality, particularly among Gen Z and millennials, further boosts the market’s growth.
China’s status as the largest producer and exporter of consumer electronics globally is a key factor driving market growth in the region. Efforts by the Ministry of Industry and Information Technology to enhance content, computing, storage, and display industrial chains contribute significantly to market expansion. Local government initiatives that subsidize home appliance purchases also play a role in stimulating market growth.
Japan’s healthcare sector and its substantial consumer electronics industry are major contributors to the demand for 8K technology in the country. Japan’s achievements in launching the world’s first 8K channel, featuring high-resolution visuals and multi-channel sound, have been influential in creating a positive outlook for the market.
South Korea holds a prominent position in the market, being home to major players such as Samsung and LG Electronics. Continuous product innovation in the region, along with broadcasting companies utilizing 8K technology for high-quality content delivery, adds to the market’s growth potential. The advent of 5G technology is expected to further impact the future of broadcasting.
In May 2022, the electronics and telecommunications research institute (ETRI) of South Korea participated in the National Association of Broadcasters (NAB) 2022 event, showcasing the latest 8K-UHD broadcasting and 5G convergence media broadcasting technologies. This initiative aimed to publicize Korea’s strengths in 8K-UHD broadcasting and 5G convergence media services, thereby facilitating global expansion for Korean companies and contributing to market growth.
The 8K market is characterized by a fragmented and highly competitive landscape due to the participation of prominent players. These include LG Display Co. Ltd, Samsung Electronics Co. Ltd, BOE Japan Co. Ltd, Canon Inc., Dell Inc., Hisense Co. Ltd, and Ikegami Tsushinki Co. Ltd., among others. Established brands, known for their reliable performance, are expected to maintain a competitive edge. These companies have substantial market penetration and the capacity to deliver advanced products, hence, the level of competitive rivalry is projected to remain high. Furthermore, large-scale investment requirements elevate the barriers to exit for existing players, encouraging enhanced competition. Vendors are also focused on boosting their technological capabilities, thereby intensifying market competition.
In September 2022, LG Electronics launched its second annual global search for innovative business ideas at the LG Electronics North American Innovation Center (LG NOVA). Businesses across all sizes and stages were invited to pitch their business concepts for the opportunity to grow and collaborate with LG. Selected companies are to be provided with resources and potential investments from LG and the Capital Alliance, along with support from LG’s global infrastructure and supply chain for concept development.
In August 2022, Samsung Electronics Co. Ltd announced a strategic partnership with Prime Video to offer exclusive 8K content on Samsung’s cutting-edge display screens. The company aims to distribute its advanced products globally and has more than 197 unlisted overseas subsidiaries engaged in product manufacturing, sales, and R&D, located across the United States, Europe/CIS, the Middle East & Africa, and Asia. Furthermore, Samsung continues to invest significantly in its research and development endeavors.
Key companies profiled in this report include Boe Japan Co. Ltd (boe Technology Group), Canon Inc., Dell Technologies Inc., Hisense Co. Ltd, Ikegami Tsushinki Co. Ltd, LG Electronics Inc., Panasonic Corporation, Red Digital Cinema Camera Company, Samsung Electronics Co. Ltd, Sharp Corporation.
Recent Industry Developments
In January 2023, LG Electronics Inc. unveiled its latest line of OLED TVs for the year. Among the new releases is the Z3 series, consisting of 8K OLED TVs, which is set to introduce several advancements. Notably, these models will incorporate EX panels and heat sink technologies for the first time, resulting in improved brightness compared to the previous Z series models.
During the same month, Hisense made an announcement regarding their new product for 2023 – an 8K ultra short throw projector. This cutting-edge projector boasts several key features, including a True RGB Triple Laser Light Source, Imax Enhanced Certification, and an enhanced 3000:1 Contrast Ratio with Deeper Blacks, among other impressive attributes.
Key Questions Answered
What is the study period of this market?
The study period of the 8K Market extends from 2018 to 2028.
What is the growth rate of the 8K Market?
The 8K Market is experiencing a robust Compound Annual Growth Rate (CAGR) of 32.90% over the next five years.
What is the 8K Market size?
The 8K Market is anticipated to reach USD 7,879 million in 2023 and is projected to grow at a CAGR of 32.90%, reaching USD 32,665 million by 2028.
Which region has the highest growth rate in the 8K Market?
The Asia Pacific region is exhibiting the highest CAGR over the period of 2018-2028.
Which region has the largest share in the 8K Market?
As of 2022, Europe holds the highest market share.
Who are the key players in the 8K Market?
The major companies operating in the 8K Market include BOE Japan Co. Ltd, Canon Inc., Dell Technologies Inc., Hisense Co. Ltd, and Ikegami Tsushinki Co. Ltd.