With the surge in the need for smart TVs, leading manufacturers have now shifted their focus on technologies that cater to multi-functional consumer needs. Future Market Insights (FMI) in its latest study has forecasted 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 the latest models of smart televisions, which were not available in traditional cathode-ray tube (CRT) televisions.
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.
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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.
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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.
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.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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