Smart TV Market Research Report - Forecast till 2030

Smart TV Market Research Report - Forecast till 2030

ID: MRFR/SEM/6916-HCR | | Region: Global | 100 pages

Impact of COVID-19 on the Smart TVs Market

Smart TVs, also known as connected TVs, are integrated with interactive web 2.0 features and Internet connectivity, which allow the user to stream video, audio, and view photos. These TVs support applications such as games and social media platforms with the help of an Internet connection and are also used to control connected devices, including sensors for door locks and lights and control voice assistants. The shift in consumer preference towards online content is expected to drive the growth of the market. During the COVID-19 pandemic, the lockdowns imposed by government authorities have forced the people to stay within their homes and the employees to work remotely. The increasing number of people confined to their homes has boosted the online streaming of video and audio, downloads, conference meetings on applications such as Zoom and Microsoft Teams, among others, which in turn has increased the demand for Internet connectivity, and thus the use of smart TVs across the globe. The watching of live broadcasts on bigger screens has also driven the demand for smart TVs. However, on the flip side, the ongoing COVID-19 pandemic has adversely impacted the consumer electronics market, with manufacturing operations suspended temporarily, leading to a substantial slowdown in production.

Companies are focused on reducing operational costs to maximize profits. Major manufacturers such as LG Electronics, Inc., SAMSUNG, and others have suspended their manufacturing operations in countries such as India, China, South Korea, and Europe, which has drastically impacted the production of new smart televisions. The pandemic has also affected consumer purchase behavior, which has lowered the sales of new smart TVs. People are spending exclusively on essential day-to-day goods rather than Internet-enabled devices. Besides, the canceled or postponed product launches of new smart TVs are also hampering the growth of the market. The continuation of the lockdowns is expected to result in the permanent closure of some of the manufacturing companies owing to significant revenue losses, unavailability of labor, and disruptions in the supply chains. On the other hand, the resumption of the production of smart TVs is expected to rapidly drive the growth of the market post the lockdown period owing to the increasing demand for online streaming of content over the Internet.

COVID 19 Impact Smart TV Market Share

Source: Statista

COVID 19 Impact Smart TV Market Outlook