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There are 28 million U.S. households with an HDTV set, accounting for 25 percent of the population, according to a March 2008 Frank N. Magid Associates study.

During the 2007 holiday season and the 2008 Super Bowl, 5.5 million households purchased their first HDTV set, while 3 million homes bought a second HDTV.

Current HDTV owners are projected to drive demand. Close to 40 percent of HDTV owners said they plan to purchase a second HDTV set within the next year.

"Consumers who become accustomed to the sleek and contemporary appearance of their first HD set are now looking to bring that benefit into other rooms in their home," said Maryann Baldwin, vice president at Magid Media Features.

Other factors that will contribute to the growth include dropping prices, the Summer Olympics and the misunderstanding that an HDTV set is required when the digital transition happens in 2009.

Visit DTV.gov for more information.