Global Smart TV Market Size & Growth Trends Analysis Report

The increasing demand for over-the-top (OTT) content has led to phenomenal growth in the smart TV market across the globe. TV content providers are establishing unique over-the-top (OTT) interfaces and are constantly offering new content in different formats to accommodate their viewers’ interests. As a result, top streaming providers such as Netflix, Disney Plus, and Amazon Prime created apps exclusively for smart TVs, making it easier for people to access their favorite shows and movies. Smart TVs provide the flexibility to access material from several streaming platforms and services, adapting to individual preferences and tastes, as viewers want a wider variety of entertainment options. The market for smart TVs is continuing to rise as a result of consumers increasing demand for content, which is being met by organizations who are working to improve the choice and accessibility of content.

Significant marketplace growth is also being pushed through ongoing developments in the smart TV era, along with the introduction of shows with extra resolutions, better networking opportunities, and the integration of present-day technology like voice management and artificial intelligence. Customers now have access to greater immersive and overwhelming enjoyment options through these continued innovations, which additionally enhance their ordinary viewing experience. The global sales of smart TVs are rising as streaming services like Netflix, Amazon Prime Video, and Disney Plus gain more and more traction. Customers are choosing smart TVs more and more to watch their favorite movies, TV series, and videos since they are convenient and allow them to access a large library of content right from their living rooms. Furthermore, the rise in the global gaming industry coupled with the increasing disposable income around the globe has opened up new opportunities for the entire smart TV market. Consumers from the gaming industry while moving from PC games to gaming consoles such as Playstation and Xbox choose top-tier smart TVs for immersive gaming experiences, thereby boosting the entire smart TV market.

The smart TV market has a lot of potential for expansion, but there are some obstacles and limitations to its growth as well. The high price range of buying smart TVs, especially the ones with cutting-edge features and technology, is a major barrier. Therefore, consumer price sensitivity may reduce adoption rates, particularly in emerging areas where consumers place a high value on cost. Moreover, concerns around data security and privacy also pose a barrier to the growth of the smart TV market. As smart TVs become more interconnected with other devices and the internet, there is a greater chance of hacks and privacy violations, which makes consumers reluctant to embrace these linked gadgets.

Similarly, with the advent of newer technology, the market is highly unstable for future perspective as any potential parameter change outside of the smart TV market may change the entire structure of how consumers may look at smart TV as a product. With the advancement of VR technology, the smart TV offering companies may start doubting the future of smart TV in the upcoming decades.

Additionally, connectivity problems and compatibility issues provide barriers to successful integration and user experience. The proliferation of carriers and suppliers has made it increasingly difficult to ensure consistency across smart TV models and software ecosystems, and the temper and satisfaction of those who implement. Due to this fragmentation, the entire market expansion may be hindered. Also, manufacturers face a struggle to keep up with changing industry standards and consumer preferences, as technological developments move at a rapid pace, which can lead to product obsolescence and consumer reluctance to invest in a new smart TV.

Impact of COVID-19

The market for smart TVs has had differing effects from the COVID-19 outbreak. On the one hand, the protracted lockdowns and social distancing measures have boosted demand for smart TVs and other home entertainment alternatives. The increased number of people spending time indoors has led to a rise in the use of internet content, streaming services, and video-on-demand platforms, which has increased demand for smart TVs as customers look to improve their watching experiences. The majority of individuals watched news channels for COVID-19 updates, which caused the total television viewership to increase to 21% from 7% in April 2020, according to the Broadcast Audience Research Council (BARC) India. On the other hand, in addition to disrupting manufacturing processes and supply networks, the pandemic caused delays in the manufacture and delivery of smart TVs. This led to limited availability of some models in some areas and brief shortages in others. Additionally, households were prioritizing necessities over frivolous purchases like gadgets, which somewhat slowed market growth due to economic uncertainty and decreased consumer purchasing power during the pandemic.

Segmentation

The global smart TV market has been segmented into resolution, screen size, screen shape, operating system, distribution channel, and technology. By resolution, the market is further segmented into 4K UHD TV, HDTV, Full HD TV, and 8K TV. The 8K TV market is anticipated to expand at the fastest rate between 2023 and 2031. Consumers are looking for TVs with exceptionally clear images, and 8K TVs offer far more pixels than 4K ones. However, large manufacturers such as Sony, Samsung, and LG are increasing the quality and appeal of their 4K TVs with advanced technologies. By screen size, the smart TV market is segmented into, Below 32 Inches, 32 to 45 Inches, 46 to 55 Inches, 56 to 65 Inches, and Above 65 Inches. With the rising disposable income, the sales for bigger smart TV screens i.e. the above 65-inch segment have the highest CAGR during the forecast period. By screen shape, the market is segmented into flat, and curved. By operating system, the market is segmented into Android TV, Tizen, WebOS, Roku, and others. The Android TV segment had the highest market share in the year 2023 mainly due to the popularity of the Android ecosystems in mobile phones. The extensive access to the Play Store applications is another major factor for its hold in the global smart TV market. By distribution channel, the smart TV market is segmented into online, and offline. Though e-commerce has boosted in the past few years, globally many consumers still buy electronic products from brick-and-mortar stores. However, the online segment has a higher CAGR as compared to the offline segment. By technology, the market is segmented into OLED, QLED, LED, and others. The QLED segment has the highest market share in terms of technology for the global smart TV market.

Regional Analysis

In terms of market share and revenue, Asia-Pacific leads the smart television industry, and this trend is expected to continue during the projection period. This is a result of quickly emerging economies like India adopting more and more smart televisions. Furthermore, the growing customer preference for higher quality and elegant design is driving up demand for 4K display technology, which will accelerate market expansion in this area. Europe's smart TV Market holds the second largest market share with the increasing penetration of the internet. North America is the fastest growing market for the smart TV industry mainly due to the development of engaging online content in the region coupled with the increasing availability of high-speed internet in the region, which in turn favors demand for the smart TV.

Latin America along with The Middle East and Africa are anticipated to have substantial growth from 2024 to 2031 because of rising disposable income in several countries in the region. Additionally, as seamless, high-speed internet connections become more widely available, consumer’s attention will continue to migrate toward online content, thereby increasing product demand.

Competitive Analysis

The major players in the global smart TV market include Samsung, Sony, LG, Google, Panasonic, Sharp, Philips, Hitachi, TCL, Skyworth, Haier, Toshiba, Videocon, Grande Holdings, Xiaomi, Hisense, Vizio, Insignia, and Apple. There have been many recent developments in the past few years in the global smart TV market. Samsung Electronics introduced the first 24Gbps GDDR6 DRAM for high-end graphics cards in July 2022. To highlight its top products, LG teamed together with multi-platinum vocalist Jeremy Zucker. In April 2023, Xiaomi India announced the introduction of a new line of smart TVs.

Apart from improving their product offerings, these major players in the smart TV market use many different strategies to solidify their market position. Collaborations with popular streaming platforms for pre-installed applications is one such strategy. Competitive pricing to cater to a range of customers is another major strategy used to keep the market position intact.

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The global smart TV market is segmented as follows:

By Resolution (Revenue: USD Billion, 2019 – 2031)
●    4K UHD TV
●    HDTV
●    Full HD TV
●    8K TV

By Screen Size (Revenue: USD Billion, 2019 – 2031)
●    Below 32 Inch
●    32 to 45 Inch
●    46 to 55 Inch
●    56 to 65 Inch
●    Above 65 Inch

By Screen Shape (Revenue: USD Billion, 2019 – 2031)
●    Flat
●    Curved

By Operating System (Revenue: USD Billion, 2019 – 2031)
●    Android TV
●    Tizen
●    WebOS
●    Roku
●    Others

By Distribution Channel (Revenue: USD Billion, 2019 – 2031)
●    Online
●    Offline

By Technology (Revenue: USD Billion, 2019 – 2031)
●    OLED
●    QLED
●    LED
●    Others

By Region (Revenue: USD Billion, 2019 – 2031)

● North America
o U.S.
o Canada
o Mexico

● Europe
o U.K.
o France
o Germany
o Italy
o Spain
o Rest of Europe
 
● Asia Pacific
o China
o Japan
o India
o South Korea
o South East Asia
o Rest of Asia Pacific

● Latin America
o Brazil
o Argentina
o Rest of Latin America

● Middle East & Africa
o GCC Countries
o South Africa
o Rest of Middle East & Africa