Consumer Goods Technology Solutions: The TV Accessory Industry
Consumers and brands are at a heightened time within the consumer goods industry. Not least because technological advancements are being made even faster than in prior decades, but because there is a honing in on personalization to the end user.
When speaking to consumer goods as a market, it covers a large swath of users, companies, organizations, and all the in between. That is why it is important to compartmentalize the consumer goods technology industry with the consumer goods technology solutions that can be provided to customers. Furthermore, to drill down even more granularly is ideal, as is the case of this article, so research — whether it is data found within the TV market research space or minutely like in handheld device research — can be explored more thoroughly.
For consumers looking to understand the consumer goods space, many facets come into play, some of which we hit on here. From understanding more of the consumer psyche and how the future of the consumer goods industry will be affected by more user-friendly brands to acknowledging that there are solutions that currently exist that may need slight upgrades to how the products, services, or solutions are presented to users, there are multiple perspectives worth sharing.
Consumer Goods Technology
In a day and age that sees new technology emerging in all areas of life — whether it’s consumer goods technology like pieces within the home entertainment space, digital technology like ChatGPT, or operational technology such as processing or manufacturing plants — everything new harkens back to what’s been created in the past and enhances it. Because the television industry and adjacent industries like TV market research — and understanding the minds of consumers as it pertains to consumer goods technology solutions (i.e. the types of TVs on the market and emerging technologies) — and the adoption of TV accessories — such as sound bars and television wall mounts — have matured in recent years, there tends to be countless data points about consumer goods.
The consumer goods space, including technology and the acceptance of other consumer goods solutions, includes a wide swath of products and services that cover a healthy range of needs and wants from consumers. Because the consumer goods industry includes an expansive range of items, the space ebbs and flows with the economy and other external factors.
For instance, with some consumer goods items that require more of a financial decision such as cars or bigger electronics, the level of spending on those consumer goods will often be dictated by recessions and future economic forecasting. As Investopedia states, “The economic factors that most affect the demand for consumer goods are employment, wages, prices/inflation, interest rates, and consumer confidence.”
Consumer Goods Technology Trends
For technology in the consumer goods and services arena, especially as it relates to electronics, as Research Nester points out, “The market is majorly driven on the back of factors such as rising popularity of flexible electronics, increasing adoption of advanced and energy efficient electronic devices, availability of numerous flexible electronics according to the requirements of users and enhancement in user experience, which will further likely to adopt flexible electronics.
Therefore, as the research has been laid out, it looks to be that the electronic category — including electronic wearables like VR headsets, as well as the growth of the television market (especially those that enhance the home entertainment experience like the Ultra High Definition televisions often known as 4K or 8K TVs) — will only continue to grow in years to come.
Euromonitor’s research (Kandusova, V, 2022) shows that the consumer goods space, specifically speaking to electronics research via sales from retail value amounts, looks to have its compound annual growth rate at 4% worldwide. This worldwide data point, albeit at a rate that could be seen as maintaining consistency, is likely to be welcomed in the category of consumer goods and electronics due to the inflation in many parts of the world and the impact that multiple countries are experiencing through recessions and lack of support and cohesion in local, regional, national and international supply chains.
Additionally, as Mintel found through its Global Consumer Trends Report, “the appeal for options that are advantageous for consumers and building out interactive experiences will expand and increase, indicating that technology will enhance consumer lives and become ingratiate with experiences in the consumer market” (p. 19, Macke et al., 2023). This should come as no surprise as trends with the consumer goods technology space have been becoming increasingly personalized, or at the very least, more unique the categories of people, over recent years.
Furthermore, as there is more of an interactive experience with consumers, although not necessarily an exact correlation, as Kandusova (2022) noted, the broader trends that will impact consumer behaviors and sales of electronics include price increases, leaders in the market will have a grip on the competition, and there will be even more emerging new technologies that will have large investments.
AI and Technology Platforms
One such new technology platform that has been through a boom recently is generative AI. Although ChatGPT, Open AI, and other AI platforms aren’t a one to one comparison with other consumer goods technology trends — as those end up being more tangible items and pieces of technology — that is a trend to watch out for. However, because it’s a trend within the consumer space, AI and machine learning may eventually be incorporated into how consumers watch television. Think about it: not only do tools like smart watches, smart home thermostats, and other consumer goods and products enhance how most people live, there’s a bit of that consumer goods technology in place already. Generative AI might, then, in the future, help create a more collaborative home entertainment and media environment through televisions and smart speakers and other home media accessories that assist in a more immersive experience.
As Euromonitor mentioned, “Entertainment aspect of many products among electronics; they were explored or rediscovered the ways they can use technology of home entertainment during the pandemic, whether it’s gaming or starting a home cinema,” (Kandusova, 2023). During the COVID-19 pandemic, entertainment and media tools became more synonymous with the home than ever before; highlighting that consumer goods technology trends and ideas, like AI, might be heightened now and in the future, after seeing how successful items were in 2020 through 2022.
With AI, or even simply more accessible consumer goods technology innovations and products, consumers are more likely to monetarily invest — as well as become more brand loyal — in companies, goods, and services (pg. 11, Macke et al., 2023) that make life easier, more efficient, and, likely, more relaxing. The companies and organizations that create pieces of consumer goods that enhance a lifestyle look to be the businesses of the future that can capitalize on, not just good will of the consumers, but also through revenue. The companies that innovate due to “the demand for convenient options and interactive experiences” (pg. 19, Macke et al., 2023) have a better chance to attract customers and, therefore, are more likely to convert.
How Staying Home Has Impacted Consumer Goods Technology
This was more true than not during the COVID-19 pandemic when, as Veronika Kandusova notes with Euromonitor research, “With hybrid working imposed by the pandemic at first, these products changed almost overnight from non-essential to staple household products.” (Kandusova, 2023). As is alluded to, and as Mintel reports, “Digital advancements have already made an impact and carved out a space in the tech segment, which we will see increase as many consumers are looking to brands to offer practical solutions” (pg. 19, Macke et al., 2023).
Those digital advancements of consumer goods technology products need to be taken into consideration in addition to understanding that brands and organizations must “enable consumers to form healthy connections with resources in the technology, wellness and leisure spaces,” (pg. 19, Macke et al., 2023).
With those data and research points in mind, the television industry and home media and entertainment market should harken back to the facts that, as Statista finds in the consumer electronics and consumer goods technology space, “the volume is expected to amount to 260.90m pieces by 2028. The televisions segment is expected to show a volume growth of 0.9% in 2024,” (Statista, 2023). So how do the consumer goods technology industry and those in the TV market research space coalesce and bring forward ideas to benefit consumers? That’s the next piece of the puzzle.
TV Market Research and Advancement of Home Entertainment Solutions
As has been gathered and assumed, then, from the consumer goods technology perspective on televisions and home entertainment, whatever data and information is gleaned from TV market research will be paramount for companies… and consumers. The more advanced the world gets with home entertainment products, the more consumers will have options with what’s available for home entertainment solutions.
So, what does the TV market research say and what should consumer goods companies and consumers be on the lookout for when it pertains to home entertainment solutions? They mainly include the technological advancement of the televisions themselves and also what consumers want from the televisions — regardless of what is on the screen or items that help enhance the viewing experience.
Technological Advancements of Televisions
Although televisions have been in homes for nearly a century, only in the past two or so decades have televisions made strides with the technological advancements with the products themselves; in addition, those advancements televisions are available to consumers — although the hefty cost is a barrier for most.
In the past few years there has been an uptick in the type of television that is available to be more mass produced than the exclusive televisions that are seen at trade shows and the like. These advancements of technology include items like, as Marketwatch (2023) suggests, Smart TVs. Despite not having much TV market research on Smart TVs, it is expected that the Smart TV market will see more demand in the 2020s and beyond as more capabilities through the television technology is produced.
The introduction of Smart TVs and the features they have — including having on-demand content, the ability for a Smart TV user to browse the internet, the advantage of social media apps and Smart TV games — only allows the television manufacturing and invention space to delve into possibly new or unearthed areas of television features.
What’s more, it’s not necessarily solely the television features like a Smart TV that are turning heads but the televisions themselves. Dhapte (2023) found that “th 46 to 55 inches segment dominated the market in 2021 and is projected to be the fastest-growing segment during the forecast period, 2022-2030, owing to the rising trend of purchasing bigger TVs for a theater-like viewing experience.”
This trend found within TV market research lends credence to the fact that consumers, during Covid-19, wanted a more comfortable entertainment experience, especially because movie theaters and other entertainment options were not available. Although it is three years removed from 2020, the adoption of a cozy media entertainment and hosting at home environment means that television and television accessory manufacturers should expect the demand to continually increase.
One of the demands to the development of TV technology to watch for, however, is the 3D and 4D landscape. Qing (2010) has mentioned that as increasingly more 3D content is made through sporting events and movies, especially, that there could be an increase in demand for those at home — like those with the home theater experience — to have a “greater bandwidth to stream full-high definition 3D content.” (ZDNet, 2023)
When not even mentioning the most out of reach televisions on the market to most consumers, there are still the television industry categories like LCD, LED, OLED, and Plasma, amongst others. If you’re interested, MantelMount has a blog on the differences between the types of televisions, here.
However, by getting more into the details on the types of televisions, as Research Nester (2023) lays out, “the LED display segment is anticipated to garner the largest market revenue of USD 184609.8 Million by the end of 2029. Alternatively, the OLED segment is anticipated to grow with the highest CAGR of 4.8% during the forecast period.”
Advancement of Entertainment On Screen and Embracing TV Viewing Enhancements
Not only are there technological advancements with television technology, there have been advances with onscreen and television viewing enhancements, which, there is likely to be more to be seen in years to come.
Jim O’Neill (2016) noted that subscription video on demand (known as VOD) “is becoming more central in American’s video viewing, as more than half of U.S. households now have at least one subscription video service.” Video on demand subscriptions are otherwise known in households by their branded names. Customers and consumers know as Netflix, Hulu, Apple TV+, Amazon Prime Video, or any of the other streaming service options that are available on the market.
Most streaming apps and video services launched in the mid-2000s, with the advent of Prime Video in 2006, BBC’s iPlayer in 2007, and also YouTube a few years prior in 2005 (Business of Apps, 2023). However, despite the abundance of streaming services — and programs found on the streaming platforms — customers are finding a greater amount of ways to turn down certain options. As Douin (2023) found out, “consumers are rationalizing their choices, particularly in an economic downturn, and competition among platforms for subscriber attention and loyalty has never been fiercer.”
Although what Douin mentions has legs to stand on as there is data to back up the fact that viewers are ever-increasingly watching streaming services at home. The following prompt means that there is a streaming war and subscribers are trying to be ever shrewd about their viewing decisions; so, question yourself: how often are you using Netflix versus Hulu versus MAX versus Paramount versus… any other streaming service that is out there.
O’Neill (2016) states from a Leichtman Research Group (LRG) report that, “59% of households (HHs) subscribe to Netflix, Amazon or Hulu, an increase of more than 25% since 2014. LRG also found that nearly half (47%) subscribe to two or more services.” Unsurprisingly, as Anil & Roshan (2020) found out, “Subscription revenue model is expected to gain major popularity among the TV industry during the forecast period, owing to benefits associated with it such as predictable revenue, increase in return on customer acquisition costs, and huge scope for upselling and cross-selling.”
To add to the matter of there being a large amount of streaming services and the competition found within, there is even more competition with Smart TVs as well as Smart TV accessories. Research Nester (2023) divulges that, “many multi-national companies are concentrating towards new product advances in smart TV Accessories. Changing psychological consumer behavior and its impact on the commercial sector is predicted to affect the smart TV accessories market positively over the forecast period.”
So, not only is the streaming TV service market growing with leaps and bounds, despite occasional scaling back from time to time, there are also advancements in the overall home entertainment category with televisions, consumer goods that affect at home televisions viewing (think couches, lighting fixtures, and coffee and end tables), but also in more niche categories such as TV accessories that create a holistic television viewing experience.
Adoption of TV Accessories
Not even a decade ago, it seemed highly unlikely that the TV market — in addition to the other supplementary categories like the user adoption of TV accessories — could be penetrated just as much as it has in the past five years. The COVID pandemic accelerated that growth to the media and home entertainment market; and especially to the TV accessories and TV mount market. TV accessories can be grouped into different categories, one of which being accessories to the Smart TV market in addition to remote controls and TV mounts.
Smart TV Accessories Market
Most households, especially if there is a newer television in the home, will have at least one smart TV. This means that, as aforementioned, the television watcher has the capabilities to use the internet on the TV and speak to a built-in voice assistant (think Siri, Alexa, etc.), amongst other features.
Because the Smart TV market has boomed, so has the adjacent Smart TV accessories market. As Research Nester found out, “the smart TV accessories market is a rapidly emerging market with an emergence of new technological up gradations.” The company also noted that, due to the emerging area of commercial need for Smart TVs and their accessories — such as in the medical infrastructure environment and in educational institutions in which chalkboards, whiteboards, blackboards, and moveable projectors are going by the wayside — this specific and niche TV market looks to incur heavier increases in demand. Furthermore, although the TV market research is not completed, or possibly not even started, in this area, Research Nester noted that, “increasing urban population coupled with increasing disposable income is anticipated to propel an increase in the market value of smart TV accessories market over the forecast period,” which leads up to 2027.
Remote Controls and Handheld Accessory Items
Another niche market area when taking into consideration the adoption of TV accessories is a product, or rather smaller product items, that are simple. Take, for instance, the remote control. Even three decades ago, elder millennials were growing up having to run to the TV set to change the channel as remotes were not as synonymous with televisions. However, once the technology was accepted to be moving in that direction, remote controls and other smaller TV-adjacent devices like tablet holders, became en vogue and something that each person, or at the very least each household, would need.
For remote controls, and in the 2020s, the remote control is a vital tool, especially when, in those precious seconds, walking over to a TV could hamper a busy lifestyle; whereas having a remote control, notably if it is a universal device at that, can help wonders with multi-tasking. Armstrong (2020) notes that “a universal remote makes it possible to easily switch between settings without needing to page through individual menus. Some units can turn on multiple devices at once for viewers who appreciate surround-sound quality.”
Although it is not necessarily a television accessory, it does help users who want to watch TV on different and smaller devices, like tablets or smartphones. The adoption of TV accessories also includes phone holders or tablet holders with moveable bases so that, as Cadden (2023) mentions, “a rotating head lets you adjust the screen no matter what position you are sitting in.” Just think, if you are updating your home media entertainment experience within a living room or a home movie theater setting, it might be worthwhile to upgrade other TV entertainment aspects, such as phone and tablet entertainment experiences.
MM815 Consumer Video D2C 03-10-23 from MantelMount on Vimeo.
TV Mounts
The last category within the focus of the adoption of TV accessories is near and dear to the MantelMount heart: TV wall mounts. With the advent of more streamlined and thinner televisions, the aesthetic of having more space in a living room or family room has been embraced. With that in mind, TV wall mounts are, and have been recently — especially with the pandemic changing in media habits — an accessory to have, more as a necessity now instead of a perk.
MarketWatch (2023) found out that the TV wall mount market size is expected to grow a healthy amount, with the market size estimated around “USD 2150.4 million in 2022 and is forecast to a readjusted size of USD 2365.3 million by 2028.” These numbers should not be a surprise to anyone within the consumer goods technology industry because, as The Insight Partners (2020) notes, “increased penetration of internet and growth of e-commerce sector in developing economies are further supporting the growth of TV mount market.”
As the pandemic changed media habits, including TV watchers being able to adjust the level of comfort they have while watching television, as well as the aforementioned increase of people who want a cleaner and crisper TV viewing experience and look to TV wall mounts to help, the home TV wall mount industry has the potential to affect other aspects of the consumer goods industry. As such, The Insight Partners (2020) noted that there are available mounts for most types of televisions as they mention in their research that, “TV mounts are suitable for flat-panel TVs, including LED, LCD, OLED, or plasma screen, and there are several types of TV mounts available in the market such as fixed wall mount, full-motion wall mount, tilting wall mount, ceiling mount, floor mounted, and pole TV mounts.” As an example of television mounts that can be used in multiple types of settings, MantelMount pull down TV mounts and motorized drop down and swivel TV mounts can be used interchangeably within the home or a commercial setting, with the United States and North America being a big player within the industry.
Statistify Market Research (2023) describes the market by saying, “It is assessed that North America, the overwhelming nation in the TV wall mounts market will show impressive development during the estimated time frame.” With the expected TV mount market expected to grow and flourish throughout the 2020s, it is an industry to keep an eye on. Especially, as was highlighted previously from Macke, Crabbe, & Moriarty (2023) that brands will need to allow for users to create robust connections with the advancements in “technology, wellness and leisure spaces.” Additionally as the Mintel Global Trends Report (p. 19, Macke et al., 2023) mentions that “functionality will go a long way in serving the underserved. Digital advancements have already made an impact and carved out a space in the tech segment, which we will see increase as many consumers are looking to brands to offer practical solutions.”
As The Insight Partners (2020) points out, “A key trend which is projected to affect the US TV mount market in the coming year is the emergence of new technologies for TVs. The technology used in TVs is powering the scope of other related markets as well. 4K and 8K TVs are highly advanced TV sets present in the country; nevertheless, technology keeps on changing.”
With the understanding that brands need to be nimble with future forecasting, and keeping in mind those practical solutions in the television mount market that MantelMount brings to the table — including the new MM815 Motorized Drop Down and Swivel TV Mount — allow for consumers to enjoy the technologies that are found at home or in the office with hardly any effort having to be put in. With less effort in finding the right angles so the glare doesn’t impact the TV watching and no consternation with neck or back pain, TV wall mounts are here to stay, and will only enhance the media experience.
The Future of the Consumer Goods Technology Space
From TV wall mounts to smart TVs and adjacent technology to what the TV market research says about the adoption of TV accessories and the future of the television industry, the consumer goods market has much to look forward to.
Although it was not expected to be nearly as large of a market before the COVID pandemic, there are many avenues for brands to go down to meet consumers, not only where they currently are with their TV, media, and consumer goods technology needs, but also where the need will be for the future. With more useful technologies emerging for consumers, the tougher the market will be to stand out. With brands found in the consumer goods technology industry, the importance of relationships will be what separates the brands that have a difficult experience showcasing the features of their products versus the consumer goods brands that connect with consumers.
For most consumers wanting to take advantage of a more personalized brand experience with their consumer goods — whether it is technological advances across the consumer goods technology space spectrum or more specifically items like the enhancement and adoption of TV accessories — then, the 2020s and beyond look to be in good shape for all those, brands and consumers alike, that embrace the changing atmosphere and grow with the times.
Citations
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