After a few decades in the US TV market, Panasonic announced its exit from it in 2016. This was a surprise for many, as the brand had established itself as a major manufacturer of high-quality television sets in the country. However, the company’s decision to leave was not a sudden one, as it had been experiencing challenges for some time.

One of the primary reasons for Panasonic’s exit from the US TV market was the increased competition. The market had become saturated with other companies producing high-quality televisions, including Samsung, LG, and Sony, which made it more challenging for Panasonic to maintain its foothold. These companies also had the advantage of larger marketing budgets, which made it difficult for Panasonic to compete.

Another challenge was the technological shift in the industry. The emergence of Smart TVs and the rise of streaming platforms like Netflix meant that customers could access content through alternative means. This meant that the focus of the industry had shifted to software and platform development, something Panasonic wasn’t able to keep up with at the same pace.

Additionally, the manufacturing process of televisions had changed, and it was becoming increasingly difficult for smaller manufacturers to keep up with it. Panasonic had already shifted its manufacturing facilities to Japan and Mexico. Therefore, its local production factories struggled to keep the pace with the market demand, which affected its ability to compete.

Furthermore, as the global economy shifted, Panasonic had been focussing on its business of batteries and solar panels, and it needed to streamline its activities. The restructuring efforts saw the company exit several product lines that were determined to be less profitable, with TVs being among them.

In conclusion, Panasonic’s exit from the US TV market was due to a combination of factors, including increased competition, advances in technology, and changes in the market demand. By leaving this market, Panasonic strengthened its position as a leading brand, with its focus on electronics and energy -dependent technology. Although, the US customers and Panasonic TV enthusiasts may miss their presence, the brand remains a relevant player in the global electronics industry.