The worldwide TV market is forecast to grow to 234 million units in 2014, representing a 3% growth from 2013, according to Futuresource Consulting. However, 2014 is projected to see a 4% fall in trade value to US$97 billion, reflecting a decline in average retail prices from US$652 to US$608.

"The anticipated boost from the World Cup in the first half of the year has been followed by a better than expected the third quarter of 2014. Europe is forecast to exceed 57 million units in 2014, with western Europe enjoying 2% on-year growth, while eastern Europe remains flat," said Jack Wetherill, senior market analyst at Futuresource Consulting.

"The North America market is anticipated to be stable at 40 million units in 2014, with Latin America on track to achieve 17% growth this year to 32 million units. Most countries in this region have yet to complete their analogue switch offs.

"Asia Pacific is forecast to see 88 million shipments in 2014. This region is forecast to grow at 4% CAGR until 2018, when it will exceed 100 million units. This market has yet to reach saturation and the digital switchover in some countries is still to be completed. It is anticipated that the worldwide TV market will grow at 3% CAAGR until 2018, when shipments will exceed 260 million units."

Additionally, Ultra HD (4K) sets are expected to ship 11.6 million units in 2014, up nearly 700% on year, with China accounting for over 70% of worldwide demand. In western Europe and North America, share of Ultra HD demand in 2014 will represent 10% and 8% respectively, with demand expected to grow at 72% CAGR until 2018.

"4K adoption is forecast to grow quickly from 2015 onwards with over 100 million shipments projected in 2018, representing 38% of the total TV market," said David Tett, research analyst at Futuresource Consulting. "An indication that 4K is quickly becoming mainstream was the availability of many sets at discounted prices during last month's Black Friday."