Smart TV Market Projected to Record Highest CAGR% by 2021 to 2031

With the surge in the demand for smart TVs, leading manufactures have now shifted their focus on technologies that cater to multi-functional consumer needs. Future Market Insights (FMI) in its latest study has forecast the smart TV market to rise at a CAGR of ~24.7% between 2021 and 2031.

Innovations are transforming the television industry by integrating advanced technologies like artificial intelligence (AI), Internet of Things (IoT), Google Assistance, and internet connected services in latest models of smart televisions, which were not available in traditional cathode-ray tube (CRT) televisions.

The smart TV industry consists of several big players like the Samsung Group, TLC Corporation, Panasonic Corporation, and Sony Corporation. The smart TV industry is being viewed as lucrative investment opportunity due to enormous customer interest.

Partnerships between big companies and small players are bolstering the scope for growth. Manufacturers are focusing on developing innovative product features, in addition to effectively developing sales and distribution channels. Most consumers focus on online product research before making a purchase.

As a result, manufacturers are increasing their product presence and online availability. In addition, the increasing popularity of smart homes among middle-class urban population is a major factor fuelling the demand for smart TVs in the market.

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Key Takeaways from the Smart TV Market Study

  • The 45- 50 inches’ segment accounted for a 22.3% share in 2020, which is attributable to the increasing penetration of 4K TVs in the higher economic consumer class.
  • Multi-brand stores are a popular distribution channel, accounting for over 29% of the market. However, online sales are expected rise at 27.3% CAGR.
  • The U.S. currently holds the lead accounting for 79.5% of the North America market, driven by increasing consumer expenditure on lifestyle products.
  • Japan is expected to register high potential for growth, accounting for an estimated 51.7% share in East Asia market by the end of 2031, supported by easier access to new technologies.
  • India followed by Indonesia are projected to emerge as lucrative markets in South Asia, holding over 32% and 23% share.

Impact of COVID-19 on the Smart TV Market

The COVID-19 pandemic has adversely impacted the smart TV market. Lockdown imposed by governments, suspended operations in manufacturing facilities. Restrictions were imposed on the movement of non-essential goods and services for months, which hampered the overall supply/distribution for smart TVs across the globe.

Samsung which has manufacturing facilities in Vietnam, the Czech Republic, and Hungary was relatively less affected in 2019. However, with the closing of Hungary’s boarders and the lock down in Czech Republic, Samsung faced difficulties in operating its European facilities.

The outbreak had a negative impact on businesses in 2020 and continued to affect operations in 2021. However, in the current scenario, the smart TV market is expected to recover steadily from the downfall in the forecast period.

Who is Winning?

Key players operating in the smart TV market include Samsung Electronics Co., Ltd, Panasonic Corporation, LG Electronics, Inc., Sony Corporation, Videocon Industries Limited, Haier Electronics Group Co, Ltd, TCL Corporation., Hisense Group, Sansui Electric Co., Ltd., Micromax Informatics, Sharp Corporation, VIZIO, Inc., Apple Inc, Toshiba Corporation, Hitachi Ltd and among others.

Players in the moderately consolidated smart TV market are largely involved in strategies for product development and launches in addition to investments for geographical and capacity expansion to sustain long term growth.

  • In March 2020, Samsung Electronics Co., Ltd. announced the latest and expanded line of 2020 QLED 4K and 8K TVs at select retailers. The latest and expanded 8K series in the 2020 series has larger screen sizes, improved AI capabilities for the 4K and 8K models, and is designed to provide superior image and sound qualities.
  • In July 2020, Indian television brand Shinco, launched its latest television, the S43UQLS 43- inch 4K HDR LED Smart TV. This is one of the most affordable 4K televisions on the market of this size, as most 43-inch televisions at this price have full-HD LED displays.
  • In April 2020, Sharp Corporation, announced two new 8K smart TVs for the Japanese market, namely the Sharp Aquas 8T-C70CX1 and the Sharp Aquos 8T-C60XX1, which include 70-inch and 60-inch 8K panels.
  • In April 2021, Samsung and Mediatek, announced the world’s first 8K QLED TV – which will deliver the fastest connectivity experience through its cutting-edge WI-FI 6E capabilities.

Get Valuable Insights into Smart TV Market

Future Market Insights, in its new offering, provides an unbiased analysis of the global smart TV market, presenting historical demand data (2016-2020) and forecast statistics for the period from (2021-2031). The study divulges compelling insights on the smart TV market based on the display technology type (LED, QLED, HDR, OLED, LCD, IPS LCD, and XLED), screen type (flat, curved and foldable), screen size (32 inches and under, 33 to 44 inches, 45 to 50 inches, 51 to 55 inches, 56 to 65 inches, 66 inches and above), application type (residential and commercial{ hotels, restaurants, corporate offices, cafeterias, and others}) price (under US$ 500, US$500 – US$ 1000, US$ 1000 – US$ 2000, US$ 2000 – US$ 3000 and US$ 3000 and above), sales channel (hypermarkets/supermarkets, speciality stores, multi-brand stores, online retailers, wholesalers & distributors, and other sales channel), across seven major regions.

Key Points Covered in Smart TV Market Survey

  • Market estimates and forecast 2016-2031
  • Key drivers and restraints impacting market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Smart TV Market and how to Navigate
  • Recommendation on Key Winning Strategies

To gain more insights into the market with a detailed table of content and figures, click here:

Key Questions Answered in the Smart TV Market Report

  • What is smart TV market size?

Driven by the growth of e-commerce and the proliferation of the UHD technology, the global smart TV market size will surpass US$ 388.7 Mn in 2021, and it is expected to reach US$ 3.5 Bn in 2031.

  • At what rate did the smart TV market expand in the last five years?

According to FMI’s analysis, smart TV sales have grown at 17% CAGR between 2016 and 2020.The market’s valuation stood at over US$ 327.3 Mn in 2020.

  • What are the key trends shaping the smart TV market?

There is an increasing focus on UHD and 4K display technologies in the market. Companies are currently focusing on curved screen offerings. Besides this, e-commerce sales will result in increasing demand for the foreseeable future.

  • What are the key factors driving smart TV demand?

Key drivers fuelling the demand for smart TV include lower costs of new display technologies, increasing use of e-commerce channels, and higher growth in lifestyle standards and disposable incomes in emerging economies.

  • What is the North America smart TV market outlook?

Demand in North America will continue to rise, backed by increasing sales in the U.S. and Canada. As per FMI, North America currently holds more than 24.4% of the global smart TV market in 2021. The market will rise at 10.3% between 2021 and 2031.

  • Which Countries are Key Producers of Smart TVs?

Leading producers of smart TVs include South Korea and China, followed by Japan and the U.S.

  • What is the cumulative share of top five companies in the smart TV market?

The cumulative share of the top 5 smart TV companies including Samsung Electronics Co. Ltd., LG Electronics Inc., Sony Corporation, TCL Corporation, and Sharp Corporation equals 66.5% in the global market.

  • Who are the Key Exporters of Smart TVs?

Crystal Export Co., Limited., Funai Electronics Co., Ltd., Express Luck Technology Ltd., Thai Samsung Electronics Co. Ltd., TCL, and Shanghai Audren Electric Technology Co., LTD. are the leading exporters of smart TVs.

  • Which are the top countries driving demand for smart TVs?

Denmark, Germany, the U.K., the U.S., and Sweden have emerged as leading countries aiding the demand for smart TVs.

  • What are the key statistics for smart TV market in Japan and South Korea?

Japan and South Korea are estimated to hold a market value share of 35% and 22.8% in the East Asia smart TV market in 2021.

About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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