Global Smart TV Market size was valued at USD 198.21 billion in 2022 and is projected to reach USD 515.28 billion by 2031, growing at a CAGR of 11.2 % during the forecast period (2023-2031) according to a new report by IMIR Market Research.
A smart TV device is either a television set with built-in Internet access or a set-top box for television with more sophisticated connectivity and computational power than a modern basic television set. A Smart TV is an information appliance that can be compared to a mobile device's computer system attached to a television set. A complete operating system or mobile operating system is operated by a smart tv, which might serve as a platform for app developers. As a result, a Smart TV frequently enables the user to install and use more sophisticated plugins or add-ons based on its unique platform.
Smart TVs cover a lot of ground. Smart TVs go beyond traditional television viewing with their comprehensive features and functionalities, giving customers access to a flexible and connected entertainment hub that is at the centre of their digital lives. The widespread adoption of digital television in the middle of the 2000s and the beginning of the 2010s considerably enhanced Smart TVs. The majority of TV makers have stated that they will only produce middle-range to high-end Smart TVs in 2015. Smart TVs rose to prominence in the late 2010s. Beginning in 2016, Nielsen found that 29% of those with yearly salaries over $75,000 owned a smart TV. According to a study by the research firm NPD According to In-Stat, only roughly 12 million American households have Internet-connected TVs in 2012, despite an estimated 25 million households owning sets with built-in network functionality. According to In-Stat, 100 million homes in Western Europe and North America will have televisions that mix traditional programming with online information by 2016. Around the world, there were 1.26 billion Connect TVs installed as of the end of 2019. Over the years, the number of households adopting over-the-top television services has grown significantly. In 2015, 43% of pay-TV subscribers also used Netflix, and 43% of individuals used a streaming video on demand service at least regularly. In addition, 52% of American households had a Netflix, Amazon Prime, or Hulu Plus subscription. Furthermore, 19% of Netflix users shared their membership with non-family members. At the time, 10% of adults expressed interest in HBO Now.
The Smart TV market research report comprises a thorough examination of the current and future scenario of this industry vertical. The research highlights major trends and opportunities, as well as challenges, for various segments and sub-segments, while broadening the company horizon. The study report also includes extensive information based on past and present patterns across several industry verticals to help find various expansion prospects. Throughout the forecast period, several estimations regarding market share, market size, and industry growth rate are presented. The research includes information on competitive analysis as well as consumption habits and pricing strategies depending on the Smart TV market.
Scope of Smart TV Market Report:
A recent market research report added to repository of Intellectual Market Insights Research is an in-depth analysis of Global Smart TV Market. On the basis of historic growth analysis and current scenario of Smart TV market place, the report intends to offer actionable insights on global market growth projections. Authenticated data presented in report is based on findings of extensive primary and secondary research. Insights drawn from data serve as excellent tools that facilitate deeper understanding of multiple aspects of global Smart TV market. This further helps users with their developmental strategy.
This report examines all the key factors influencing growth of global Smart TV market, including demand-supply scenario, pricing structure, profit margins, production and value chain analysis. Regional assessment of global Smart TV market unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, pricing strategies, innovation possibilities and much more.
The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The Global Smart TV Market Industry Drivers:
Rise in streaming services and OTT content:
The proliferation of streaming platforms like Netflix, Amazon Prime Video, and Disney+ has created a demand for smart TVs that can directly access these services without the need for additional devices, making streaming content more accessible and convenient. The OTT (Over-the-top) industry in India has been growing at a rapid pace in recent years. With the increasing availability of affordable smartphones and high-speed internet, more and more people are turning to digital content for their entertainment needs.The OTT (or streaming) industry dominated news coverage in India throughout the two pandemic years (2020 and 2021). OTT emerged as the new and exciting destination for high-quality entertainment material when theatres were largely closed and television content remained static.
During this time, a number of movies were released straight online, and new platforms in various Indian languages were also introduced. New programs were released every week on well-known platforms including Disney+ Hotstar, Prime Video, Netflix, and others.As of October 1, 2022, Disney+Hotstar had approximately 61.3 million subscribers, which dropped to reach around 57.5 million as per current estimates. The end of the platform’s content partnership with HBO on March 31 this year and loss of IPL 2023 streaming rights to JioCinema may further the declining trend.Analysis from consultancy firm Arthur D Little shows that Netflix currently has 6.1 million subscribers in India while Amazon Prime Video has 22.3 million. The firm puts Disney+Hotstar’s subscriber base at 51 million.
The Global Smart TV Market Industry Restraint:
Privacy and security issues:
Smart TVs are connected to the internet almost all the time and are also connected to different smart devices in your home. This puts the TV at risk of hacking. Hackers can get access to the settings and applications of the TV and take control of it to compromise various online accounts. Hackers can get access to the built-in cameras and microphones of the TV and control them for malicious purposes. They can even control the programming of your TV and hack into your other smart devices like your phone, laptop, etc. and access your information. Also if you browse the internet or do online shopping through your smart TV, all the details that you put in there like passwords, bank card details, etc. can be hacked by a third party
The Global Smart TV Market Industry Opportunities:
Increasing Consumer Demand:
Smart TVs are television sets that are equipped with internet connectivity and built-in streaming capabilities. They allow users to access a wide range of online content, including streaming services like Netflix, Amazon Prime Video, and Hulu, directly on their television screens.In recent years, there has been a significant increase in consumer demand for smart TVs due to several factors. One of the key drivers is the growing trend of digital content consumption. With the rise of platforms like YouTube, Netflix, and other streaming services, people are increasingly turning to online sources for their entertainment needs. Smart TVs provide a convenient way for users to access and enjoy these digital content platforms on a larger screen in the comfort of their homes.
Another factor contributing to the increasing demand for smart TVs is the shift towards cord-cutting. Traditional cable and satellite TV subscriptions are becoming less popular as consumers prefer the flexibility and affordability of streaming services. By opting for a smart TV, users can eliminate the need for additional streaming devices like set-top boxes or streaming sticks, simplifying their entertainment setup. According to industry data compiled by leading market research firms, smart TV sales in emerging markets have witnessed an impressive year-on-year growth rate of 40%, outpacing the growth in more mature markets. The study highlights that the emerging markets, including regions like Southeast Asia, Latin America, and parts of Africa, accounted for approximately 45% of global smart TV sales in the past year.
Smart TV Market Key Players Analysis:
- Samsung Electronics
- LG Electronics
- Sony Corporation
- TCL Technology Group Corporation
- Hisense Group
- Panasonic Corporation
- Sharp Corporation
- Philips Electronics
- Vizio Inc.
- Xiaomi Corporation
- Toshiba Corporation
- Haier Group Corporation
- Skyworth Group
- Insignia Systems (Best Buy brand)
- RCA (TTE Technology brand)
- Feb 2023: German consumer electronics brand Blaupunkt has announced the launch of its new Sigma Smart TV series. As per a report from GizmoChina, the Sigma series will include a range of smart TVs with various screen sizes, including 32-inch, 43-inch, and 50-inch variants.
- Jun 2023: Samsung India executive stated that their Neo QLED 8K smart TV is the "most secure television" in the market. The executive highlighted the robust security features integrated into the TV, including Samsung Knox and multiple layers of protection.
- Aug 2022.: Thomson, the popular electronics brand, has made a comeback in the Indian market with the launch of three smart LED TVs. According to an article from Hindustan Times Tech, the new TV lineup includes a 42-inch, 50-inch, and 55-inch variant, all equipped with smart features and LED displays.
Smart TV Market Players & Competitor Analysis:
The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2022-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
Smart TV Market Segmentation Analysis:
The global Smart TV Market industry is segmented into two categories: By Resolution, By Screen size, By Screen type, by region.
Based on the Resolution:
The Smart TV Market is bifurcated into By Resolution 4K UHD TV, HDTV, Full HD TV, 8K TV.
The Smart TV Market Market is experiencing significant growth and is segmented into 4K UHD TV, HDTV, Full HD TV, 8K TV based on Resolution. In 2023, the 4K UHD TV segment is estimated to hold the highest CAGR of 6.9% in the market. 4K UHD TVs offer a significantly higher resolution compared to traditional HDTVs or Full HD TVs. They provide a sharper and more detailed picture quality, with a resolution of 3840 x 2160 pixels. This higher pixel count allows for enhanced clarity and finer details, resulting in a more immersive viewing experience. The increasing popularity of 4K UHD TVs can be attributed to several factors. Firstly, as the availability of 4K content continues to grow, consumers are looking for TVs that can fully leverage the benefits of this high-resolution content. Streaming services like Netflix, Amazon Prime Video, and YouTube offer a wide range of 4K content, including movies, TV shows, and documentaries.
Secondly, as the prices of 4K UHD TVs have become more affordable over time, they have become accessible to a broader consumer base. Initially, 4K UHD TVs were considered premium products, but with advancements in technology and economies of scale, their prices have become more competitive, attracting a larger number of buyers.
Based on the Screen size:
The global Smart TV Market is split into Below 32 Inches, 32 to 45 Inches, 46 to 55 inches, 56 to 65 Inches, above 65 Inches.
The Smart TV Market Market is experiencing significant growth and is segmented into Below 32 Inches, 32 to 45 Inches, 46 to 55 inches, 56 to 65 Inches, above 65 Inches. based on Screen size. In 2023, the above 65 Inches TV segment is estimated to hold the highest CAGR of 6.9% in the market. The above 65 Inches TV segment caters to consumers who prioritize a more immersive and cinematic viewing experience. These larger-sized TVs offer a wider field of view, making them suitable for spacious living rooms or dedicated home theater setups. They provide an expansive display area, enhancing the visual impact and making the content more engaging.There are several factors contributing to the growing popularity of above 65 Inches smart TVs. Firstly, as consumers increasingly seek to replicate the theater experience in their homes, larger screen sizes offer a more immersive and captivating viewing experience for movies, sports, and other content. The trend towards creating home entertainment hubs has fueled the demand for larger-sized smart TVs.
Secondly, advancements in display technology have made it possible to manufacture larger-sized TVs without compromising on picture quality. Technologies like 4K and 8K resolution, coupled with High Dynamic Range (HDR) and enhanced color reproduction, ensure that the visual quality remains impressive even on larger screens. This has further bolstered the appeal of above 65 Inches smart TVs.
Based on the Screen type:
The global Smart TV Market is split into Flat, Curved.
The Smart TV Market Market is experiencing significant growth and is segmented into Flat, curved based on Screen type. In 2023, the Flat segment is estimated to hold the highest CAGR of 6.9% in the market. Flat-screen smart TVs have become the preferred choice for a majority of consumers due to several reasons. Firstly, flat screens offer a more traditional and familiar viewing experience. They present the content in a straightforward manner, with no distortion caused by curvature. This design appeals to consumers who prefer a classic and unaltered representation of their favorite movies, TV shows, or games.Secondly, flat-screen TVs are more versatile when it comes to wall-mounting or placement on TV stands. The absence of curvature allows for easier installation and integration into various home entertainment setups. This flexibility in positioning makes flat-screen smart TVs suitable for a wide range of room layouts and furniture arrangements.
Furthermore, flat-screen smart TVs tend to be more cost-effective compared to their curved counterparts. The manufacturing process for flat screens is more mature and streamlined, resulting in lower production costs. As a result, flat-screen models often offer a better value proposition to consumers, making them an attractive choice in terms of price-performance ratio.
Estimated Forecast Year
CAGR of 11.2 % from 2023 to 2031
By Resolution, By Screen size, By Screen type, By region.
- 4K UHD TV
- Full HD TV
- 8K TV
By Screen Size
- Below 32 Inches
- 32 to 45 Inches
- 46 to 55 inches
- 56 to 65 Inches
- Above 65 Inches
By Screen Type
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
- Asia-Pacific (China, India, Japan, ASEAN, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Global Smart TV Market Regional Analysis:
The global Fractional Flow Reserve Market is analyzed on the basis of region across North America, Europe, Asia-Pacific, and LAMEA.
North America Dominates the Global Market
The global Fractional Flow Reserve Market is analyzed on the basis of region across North America, Europe, Asia-Pacific, and LAMEA.
In 2021, the Asia-Pacific region had the largest market share—over 38%—and it is predicted that it will continue to dominate for the duration of the forecasted period. Additionally, between 2022 and 2030, the region is anticipated to increase at the fastest rate. The growing popularity of smart televisions in developing nations like India has a significant impact on the growth of the regional industry. In addition, it is projected that the region's ability to generate cash would improve due to the rising demand for 4K display technology as consumers favour better picture quality and more streamlined designs. With the help of recent newcomers like Hisense Co., Ltd. and TCL Corporation, China still holds a substantial share of the regional market. They are making their presence known and upping the ante in the competition for reputable businesses.
Between 2022 and 2030, the Europe area is anticipated to see a CAGR of about 10.1%. The popularity of smart TVs has increased as a result of contemporary changes in content production. Users can select the protagonist's subsequent actions in the Netflix series You versus Wild, for example. The region's product demand is also being aided by the shifting consumer attention towards streaming online content brought on by the expansion of high-speed internet broadband connections.
The Middle East and Africa region is anticipated to have rapid development between 2022 and 2030, with a CAGR of more than 12%. The region's quick adoption of smart TVs is due to developments in the OTT market and a rise in the volume of interesting content being produced. As more people turn to online information, the availability of stable, fast internet connections has a beneficial impact on the demand for products.
Smart TV Market Report is also available for below Regions and Country Please Ask for that
- Rest of Europe
- South Korea
- Rest Of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
Points Covered in the Report:
The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.
The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Key Reasons to Purchase:
To gain insightful analyses of the Smart TV market and have comprehensive understanding of the global market and its commercial landscape.
Assess the production processes, major issues, and solutions to mitigate the development risk.
To understand the most affecting driving and restraining forces in the market and its impact in the global market.
Learn about the Smart TV market strategies that are being adopted by leading respective organizations.
To understand the future outlook and prospects for the Smart TV market. Besides the standard structure reports, we also provide custom research according to specific requirements.
Research Scope of Smart TV Market:
- Historic year: 2018- 2021
- Base year: 2022
- Forecast: 2023 to 2031
- Representation of Market revenue in USD Million
Smart TV Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: