The global smart TV market is predicted to reach a value of approximately US$ 288.71 million in 2022. As internet access becomes more widespread and consumers increasingly seek out TVs with internet capabilities, the overall demand for Smart TVs is expected to increase at a steady annual growth rate of 20.8% from 2022 to 2032. This growth is projected to result in a total market value of around US$ 1,910.44 million by 2032.
A steady increase in the use of streaming devices, combined with rising internet penetration, is driving market growth. Furthermore, the recent shift in consumer preferences has significantly contributed to revenue generation. The surge in demand for smart TVs has created lucrative opportunities for content providers to enter the Over the Top (OTT) space, This enables them to distribute original content over the internet.
Furthermore, many industry players are collaborating with streaming media player manufacturers in order to broaden their portfolios and increase their visibility. All of these factors are expected to boost market growth in the near future. Because of falling product prices, an increasing number of customers are opting for these technologically advanced televisions.
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Manufacturers are also upgrading their offerings by adding new features to their newer models for customers’ convenience, leading to increased demand. Moreover, the industry has witnessed high penetration in the 4K UHD TV segment, which has become a standard resolution for most manufacturers.
The accelerated demand for smart TVs has paved way for lucrative opportunities for content providers to venture into the Over the Top (OTT) space, which is allowing them to distribute original content via the internet. Also, numerous industry players are collaborating with streaming media player manufacturers to expand their portfolios and enhance their visibility.
All these factors are projected to contribute to market growth in the near future. The use of Android as an operating system by various smart TV providers has made it easy for users to access major OTT platforms such as Netflix, Hulu, and YouTube. Additionally, the Google platform also provides access to major Android-based applications, such as Facebook, Twitter, and Google Play.
Key Takeaways from the Smart TV Market Report:
- Global smart TV market to experience 6.7x growth from 2022 to 2032
- Flat screen smart TVs account for nearly 95% revenues in 2020, expected to retain said dominance
- By screen size, smart TVs measuring 46 to 55 inches to capture 38% revenue in 2022
- North America to be the most opportunistic smart TV market, expected to accumulate 45% revenue in 2022
- 3/5th of global smart TV market revenue to be contributed by the Asia-Pacific
- MEA to generate significant growth opportunities for smart TV manufacturers, accounting for 30.5% revenue in 2022.
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Competitive Landscape:
Players in the global Smart TV Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In March 2021, Apple announced the next generation of Apple TV 4K, delivering high frame rate HDR with Dolby Vision, connecting customers to their favorite content with the highest quality standards.
- In July 2020, Samsung Electronics Co. introduced its range of QLED smart TVs, which have achieved a first-class energy efficiency rating.
- In April 2020, Sony Electronics Inc. revealed new 2020 LED and OLED television models announced at the CES 2020. Sony’s processors power the 2020 TV line-up by upgrading to better color and TRILUMINOS displays. The TVs are also equipped with Google Assistant.
- In March 2020, LG Electronics (LG) announced sales of its 2020 TV line up, which included 14 OLED models, including the GX Gallery series, the Genuine 8K ZX models and the 4K Ultra HD TV.
Leading Key Players:
- LG Electronics, Inc.
- Samsung Group
- Panasonic Corporation
- Apple, Inc.
- Sony Corporation
- Koninklijke Philips N.V.
- Videocon Industries Limited
- Haier Electronics Group Co, Ltd.
- TCL Corporation
- Hisense Group
- Sansui Electric Co., Ltd.
- Micromax Informatics
- Sharp Corporation
- VIZIO, Inc.
- Toshiba Corporation
- Hitachi Ltd.
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Smart TV Industry Segmentation:
By Display Technology Type:
- LED
- QLED
- HDR
- OLED
- LCD
- IPS LCD
- XLED
By Screen Type:
- Flat
- Curved
- Foldable
By Screen Size:
- 32 Inches & Under
- 33 to 44 Inches
- 45 to 50 Inches
- 51 to 55 Inches
- 56 to 65 Inches
- 66 Inches & Above
By Application Type:
- Residential
- Commercial
- Hotels
- Restaurants
- Corporate Offices
- Cafeterias
- Others
By Price Range:
- Under US$ 500
- US$ 500 – US$ 1000
- US$ 1000 – US$ 2000
- US$ 2000 – US$ 3000
- US$ 3000 & Above
By Sales Channel:
- Hypermarkets/Supermarkets
- Specialty Stores
- Multi-brand Stores
- Online Retailers
- Wholesalers & Wholesalers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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