Smart TV Sticks Market Outlook 2031:
The global smart TV sticks market size was valued at USD 41.90 Billion in 2022 and is projected to reach USD by 2031, expanding at a CAGR of 5.35% during the forecast period 2023 - 2031. The growth of the market is attributed to the rapidly changing home entertainment preferences, increasing usage of Internet of Things (IoT) enabled devices in modern living rooms, and rising penetration of broadband across the globe.
A smart TV stick offer various facilities to watch a wide range of content from leading providers such as Netflix, HULU, and Amazon Prime. The connection of this device to a TV allows user to easily watch online content available on the Internet. Key players are investing in production innovation to improve their product offerings. For instance, Amazon announced the launch of Amazon Firestick 4K for the market in India. The 4K streaming feature has revolutionized the online content viewing in the country.
Smart TV sticks provide hand-on entertainment content to the customer. It enables accessibility to all forms of media content such as movies, shows, music, and live matches. Additionally, recent advancement in technology of television sets such as big screens and powerful speakers enable consumers to spend leisure time in watching the content on TV.
Digital, over-the-top (OTT), and IoT enabled devices offer a modern living experience. Smart TV sticks market hold more than 65% share in the US market, in terms of revenue. Currently, more than 37% OTT viewing population in the US prefer smart TV devices rather than satellite-based streaming.
Smart TV Sticks Market Drivers, Restraints, Trends, and Opportunities
- Growing consumer inclination toward online streaming channels such as Netflix, Amazon Prime, and HULU is the prime factor driving the market growth. Furthermore, increasing number of OTT platforms is expected to increase the product demand during the forecast period.
- Smart TV sticks offer the flexibility to watch the content 24/7, while offers flexibility to consumers to only pay for the content they watch instead of signing up for all OTT channels. This flexibility is anticipated to propel the product demand across the globe.
- The COVID-19 outbreak has adversely affected the global smart TV sticks market. Restricted labor supply, limited availability of components, and supply chain disruptions are some of the factors restraining the market growth.
- Various TV channels are broadcasting their shows through online streaming channels. Convenience of watching shows online without any interruption is the key factor driving the growth of global smart TV stick market.
Scope of the Smart TV Sticks Market Report
The report on the global smart TV stick market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart TV Sticks Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Distribution Channels (Online, Specialty Stores, Hypermarkets & Supermarkets, and Convenience Stores)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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Amazon.com, Inc., Roku, Inc., Google., Apple Inc., Sky PLC, ASUSTeK Computer, Shenzhen Rikomagic Tech, Dongguan Sonicway Electrical Appliance, Shenzhen Tomato Technology, and CloudWalker Streaming Technologies
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Global Smart TV Stick Market Segment Insights
Hypermarkets and Supermarkets segment anticipated to account a significant market share.
On the basis of distribution channels, the market is segregated into online, specialty stores, hypermarkets & supermarkets, and convenience Stores. The hypermarkets and supermarkets segment is anticipated to account for a market share of more than 45% during the forecast period. Availability of wide range of products and the guidance from the sales executive to choose the product are some of the key factors driving the segment growth.
For instance, Croma has acquired a significant market share of consumer electronics in India. At present, there are 125 stores across various cities in India that offers variety of smart sticks.
The online distribution channel is expected to expand at robust growth rate owing to the rising number of Internet users, easy access to Internet, and changing lifestyle of consumers. Additionally, growing penetration of e-commerce is expected to spur the segment growth. Furthermore, discounts offered by online retailers and access to user reviews on online platforms are expected to fuel the segment growth during the forecast period. For instance, Croma is selling their products through e-commerce portals such as Amazon and Flipkart.
North America expected to account for a considerable market share.
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to account for a market share of more than 35% during the forecast period. Rising adoption of smart devices, growing penetration of broadband and OTT platforms are the factors fueling the market growth in this region. For instance, OTT content is more favored in the US. On average, a US home views around 49 hours of OTT content over the month.
The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Rising consumer inclination toward the OTT content along with rapid growth in the standard of living is expected to spur the regional market growth.
Segments
The global smart TV sticks market has been segmented on the basis of
Distribution Channels
- Online
- Specialty Store
- Hypermarkets & Supermarkets
- Convenience Stores
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Amazon.com, Inc.
- Roku, Inc.
- Google.
- Apple Inc.
- Sky PLC
- ASUSTeK Computer
- Shenzhen Rikomagic Tech
- Dongguan Sonicway Electrical Appliance
- Shenzhen Tomato Technology
- CloudWalker Streaming Technologies
Competitive Landscape
Some of the key manufacturers in the global smart TV sticks market are Amazon.com, Inc., Roku, Inc., Google., Apple Inc., Sky PLC, ASUSTeK Computer, Shenzhen Rikomagic Tech, Dongguan Sonicway Electrical Appliance, Shenzhen Tomato Technology, and CloudWalker Streaming Technologies.
Companies are focusing on launching innovative product to sustain the growing competition in the market. For instance, in September 2020, Amazon announced the plans to expand its Fire TV portfolio. Its expanded portfolio is expected to include smart TVs, car entertainment systems, and cable boxes.
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