TV Wall Mounts market size will be USD 12.1 billion in 2023 and will grow at a CAGR of 8% from 2023-2030: Cognitive Market Research
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Introduction of TV Wall Mount Market
A television mount is used to attach a TV to ceiling poles or walls. The television may extend out of the mount assembly by using its two arms and a spring mechanism to fasten it to a wall. Customers must take into account the size, kind, and other technical details when purchasing a television mount. Usually, metal is considered for these mounts. The total amount of flat televisions sold globally affects the need for TV mounts. As a result, the primary driver of TV demand and consumption is the expansion of the television market, allowing the television to swivel and pull out from the wall simultaneously.
For instance, a number of growing economies, like those in South East Asia, Malaysia, Argentina, and India, are reporting notable increases in their GDP, which has raised the average income of their citizens.
Key Insights from TV Wall Mount Market Report
The Worldwide TV Wall Mounts market size will be USD 12.1 billion in 2023 and will grow at a CAGR of 8% from 2023 to 2030.
Rising Demand for Televisions with Large Screens to Provide Viable Market Output
The quick adoption of large-screen TVs worldwide and the rising demand for televisions with large screens are two major factors propelling the global television mounting industry. It is anticipated that the market will see substantial growth due to the development of novel and inventive goods, expansion into untapped markets, and increased product penetration via e-commerce. It is anticipated that the growth of the TV mount market overall will remain the same in the next years due to the growing popularity of cutting-edge televisions like UHD TVs and LED TVs, among others. The availability of a large variety of TV mount items on the market is another important element driving the market's growth. Managing the significant degree of fragmentation in the TV mount industry is one of the main issues.
For instance, it has been observed that developed economies like those of the United States and Canada are growing. The increase in demand for larger or higher-resolution TV screens is responsible for this expansion, which in turn has driven the growth of the TV mount industry. The demand for smart TVs has increased significantly as a result of some nations, like India, having inexpensive internet access.
The product's presentation will be further enhanced by technological advancements, which will enable it to meet a wider range of market demands. The development of technology will boost output and spur market expansion. High demand combined with technological innovation is creating more and more pressure to boost output. To satisfy customer needs and preferences, some players concentrate on improving their products. It is expected that continuous innovation in product manufacture would increase consumer demand.
For instance, the world authority in electrical and digital building infrastructures is Legrand. A leading worldwide supplier of cutting-edge mounting and display solutions for a range of audio-visual technologies is Legrand AV. Distributed through several channels, the company's cutting-edge goods are mostly offered under the Chief, Da-Lite, Middle Atlantic, Projecta, Sanus, and Vaddio brand names.
Market Dynamics of TV Wall Mount
Expensiveness is impeding the TV wall market's growth. Issues like the expensive TV wall installation and upkeep impede the expansion. The constraints that restrict include the high initial cost, the intricate technique, and the maintenance requirements. Another problem that is limiting industry expansion is the need for more expertise and understanding.
Impact of COVID–19 on the TV Wall Mount Market
The global COVID-19 epidemic has had a severe impact on everyone. It had an impact on the sector and created several unforeseen disruptions. COVID-19 negatively impacted the market because of the decline in the economy, the financial sector's volatility, and the very unstable market. Demand fell as a result of the pandemic's disruption of the supply chain, decline in product sales, and altered delivery timetables. Travel restrictions have an impact on company partnerships and collaborations. Due to travel restrictions and lockdowns during the COVID-19 epidemic, demand has lately decreased. It is anticipated that the ongoing losses in the company brought on by the lockdown measures would have a direct impact on the rise in market investments.
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Competitive Landscape of the TV Wall Mount Market
Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their worldwide footprint, with significant market developments including new Material portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. Because of automation and technological advancement, businesses compete fiercely to deliver innovative products.?
Top Companies Market Share in TV Wall Mount Industry:
TV Wall Mount Market Analysis
Type Segment Analysis:
According to Cognitive Market Research, fixed TV wall mounts held the major market share over the forecast period as they allow one to position the TV as near to the wall as you want while still leaving enough room for the cabling to be installed behind the TV. Because they cannot be adjusted once attached, these are also known as immovable mounts.TVs with a rear protrusion cannot be mounted with these brackets.?The open architectural structure of these wall mounts allows for more airflow for the TV.
Adjustable TV wall mount is the fastest-growing category over the forecast period due to increasing Consumers' demand for versatile and long-lasting solutions, which has raised demand for adjustable TV wall mounts.
Application Segment Analysis:
APAC dominated the market in 2023 and accounted for around 28% of the worldwide revenue due to rising consumer buying power.
According to Cognitive Market Research, APAC dominated the market in 2023 and accounted for around 28% of the worldwide revenue due to rising consumer buying power. Furthermore, the region's fast urbanization has increased sales of television mounts all around it. Despite the economic downturn, Asia Pacific's television market has grown significantly, particularly in China and India.
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Europe is the fastest-growing category because of rising rent, more and more individuals in Europe are choosing to live in smaller apartments. As a result, more people are using technologically sophisticated TV mount goods, which should increase the product's sales in the upcoming years. Technology advancements are helping the regional market to grow.
Frequently Asked Questions (FAQs)
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