The Global Smart TV Market size was valued at USD 197.8 Billion in 2022 and is expected to surpass USD 522.63 Billion by 2031, expanding at a CAGR of 11.4% during the forecast period, 2023–2031. The growth of the market is attributed to technological advancements, rising disposal income, and shifting consumer preferences towards high speed internet.
Smart TV is a traditional television set with interactive web 2.0 and integrated internet features. Rising demand for online streaming has provided opportunities for service providers to distribute content through internet and take risks in the Over the Top (OTT) space. It offers complete home entertainment to the consumers.
Market Trends, Drivers, Restraints, and Opportunities
Increasing preference of consumers towards smart TV over convectional cable TV is anticipated to propel the market.
Rising demand for online streaming has provided opportunities for service providers to distribute content through internet and gamble in OTT space. This is expected to boost the smart TV market.
Increasing demand for personalized entertainment is anticipated to fuel the market growth.
A major challenge faced by the smart TV market is taxation. Smart TVs come under the highest tax slab in GST. This, in turn, hampers the market.
Scope of Smart TV Market Report
The report on the global smart TV market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Smart TV Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
Resolutions (HDTV, Full HD TV, 4K UHD TV, and 8K TV), Sizes (Above 65 inches, 56-65, 46-55, 32-45, and Below 32 inches), Types (Curved and Flat),
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered
Samsung Electronics Co. Ltd, LG Electronics, Inc., Videocon Industries Limited, Sony Corporation, and Panasonic Corporation.
Smart TV Market Segment Insights
Based on screen size, the global smart TV market is segregated as above 65 inches, 56-65, 46-55, 32-45, and below 32 inches. The falling prices and installation of 4K technology have caused a shift in customers’ preferences in screen size. Tempted by striking prices and features, the consumer is automatically shifting to large display screens. The 46 to 55 inch display segment is estimated to hold a large share in the market. The 4K display is used in large TVs for enhanced picture quality. Small screen sizes are not able to display the improvements in picture quality given by 4K technology.
On the basis of resolution, the global smart TV market is fragmented as HDTV, Full HD TV, 4K UHD TV, and 8K TV. The 4K resolution segment is anticipated to expand at a rapid CAGR during the forecast period, 2021–2028. 4K smart TVs are rapidly gaining importance due to their decreasing prices.
The advanced QLED technology can display bright and accurate colors with large color volume. Presently, OLED screens are costlier than QLED screens, as they are difficult to produce.
Based on types, the global smart TV market is classified as curved and flat. The flat segment is anticipated to hold a large revenue share during the forecast period, 2021–2028. The flat display segment is dominating the market, due to high curved panels. Customers prefer flat screen over curved screen, as it is easier to mount on the wall.
The manufacturers are focusing on curved panels, as the curved screens offer enhanced viewing angles as compared to flat displays. The curved screens eliminate image degradation as the angle makes it easier to see more images from the side-view. However the manufacturers have introduced flexible TVs that offer curved as well as flat TVs.
In terms of regions, the global smart TV market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to hold a large share of the total revenue during the forecast period, 2021–2028. Due to slim design and high image quality, there is rise in demand for 4K TVs in the region. Increasing demand has created opportunities for content providers to provide content in high resolution and recording, which supports 4K technology.
China is anticipated to dominate the market. Some brands such as TCL Corporation have arrived in North America, thus ensuring global coverage of their brand. TCL Corporation has aligned with Roku, Inc. to develop co-branded smart TVs called TCL Roku TV. It declared a partnership with UCLA Athletics and became the official sponsor of Bruins basketball and football teams. In 2020, Samsung incorporated Google Assistance in its smart TVs. The increasing adoption of smart TVs in different segments resulted in rising demand for TVs with enhanced sound, smooth design, and high image quality.
- Full HD TV
- 4K UHD TV
- 8K TV
- Above 65 inches
- Below 32 inches
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players in the global smart TV market include Samsung Electronics Co. Ltd, LG Electronics, Inc., Videocon Industries Limited, Sony Corporation, and Panasonic Corporation.
China is entering into the market with hi-tech and advanced products in affordable prices. Haier Electronics Group Co, Ltd., TCL Corporation, and Hisense Group are the top manufacturers in the market.
Manufacturers are focusing on developing their own operating systems. In 2016, LG Electronics has launched a smart TV with WebOS 3.0, which includes advanced features like magic mobile connection, magic remote, and magic zoom.