Smart TV Market Research Report - Forecast till 2027

Smart TV Market Research Report: by Resolution (720p, 1080p, 4K, 8K, Others), by Technology (LCD, LED, Plasma, OLED, QLED), by Platform (Android, WebOS, Roku, Tizen, Others), by Size (Below 32 Inches, 32 to 42 Inches, 42 to 55 Inches, Others), by Distribution Channel (Online, Offline), by Application (Commercial, Residential) and by Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2027

ID: MRFR/SEM/6916-HCR | February 2021 | Region: Global | 100 pages

Smart TV Market Overview


If you're wondering what smart TV is then a smart TV is any TV that is built-in with internet connectivity. Smart TV allows you to access a wide range of web-based services. Smart TVs are standalone products but regular televisions can also be set up as smart through set-top boxes. These boxes enable advanced functions and features. Smart TVs allow users to access that TV entertainment experience by using a variety of apps available online. Users can install and run various advanced applications which are based on specific platforms using a smart TV.

Smart TV Market was valued at USD 98.55 billion in 2018; it is expected to reach USD 195.47 Billion by the end of the forecast period at a CAGR of 11.70%.


Covid-19 Analysis

In 2020, a total of 268.9 million units were sold in the smart TV market. The demand value is expected to expand even further at a compound and growth rate of 20.8% between the forecasted period from 2021 to 2028. The COVID 19 pandemic has in a way impacted the customers' purchase behavior, they focussed spending on essential grocery and healthy food items rather than luxury items. Furthermore, the unprecedented situations that were expected due to the third waves are creating a gloomy outlook. The study shows that the evaluation has started due to different scenarios of covid 19s impact. However, Strict lockdowns drastically increased online streaming which ultimately led to a notable increase in the demand for smart TVs. However, the initiation of vaccination has begun and hence it is believed that by the year 2022 things will get back to normal.

Market Dynamics

Drivers

The major factors that contribute to the smart TV market in India's growth include continuous use of streaming devices, rise in internet penetration, a shift in consumers preference, high generation of revenue, increase in disposable income, and the modernization of the current world. All this is forcing the population to opt for smart TV market trends. In addition to this other factors include the numerous industry players who work in collaborations and acquisitions with the key players to expand portfolios and exchange the liability of

Work. These are some of the factors which are projected to contribute to the market growth In the smart TV market.

Opportunities

These are some of the factors that are contributing to the major boost in the smart TV market. These factors usually pose as opportunities that include accelerated demands for smart TVs which has paved a concrete path for lucrative opportunities. These lucrative opportunities further provide ventures into the over-the-top (OTT) space for content providers, these opportunities allow content providers to distribute the original content via the internet over larger distances. In addition to this new features are added to the newer models for customers' convenience. These opportunities allow content providers to distribute the original content via the internet over larger distances. In addition to this other factors include the collaborations with streaming media player manufacturers who help in further expanding their portfolio and enhancing their visibility.

Restraints

The factors affecting the smart TV market that are hampering the market growth are the availability of Android mobiles with an operating system that has made it easy for users to access major OTT platforms. Hence one can easily access Netflix, Hulu, and YouTube. This makes the necessity of buying a smart TV a little less. And since the onset of the Covid-19 pandemic strict lockdowns imposed by the government have significantly reduced the visit of consumers to the electronics industry. However electronic products are something which people prefer buying from a physical showroom which has adversely affected the electronics industry. These are some of the factors that hamper the growth of the global smart TV market to some extent.

Value Chain Analysis

Smart TVs are beneficial due to declining product prices. This led to an increase in the number of customers who are opting for these technologically advanced televisions. In addition to this smart TVS helps you to access internet connectivity as well as mobile apps.

Smart TV Market, USD Billion  Smart TV Market

Source: MRFR Analysis


Market Segmentation

The smart TV market is segmented based on the resolution, based on the screen size, based on the screen shape, and based on the region into the following-


  • Based On The Resolution: The Smart TV market is divided based on the resolution into 4k UHD, HD TV, Full HD TV, and 8k TV.

  • Based On The Screen Size: Based on the screen size the smart TV market is divided into below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, and above 65 Inches.

  • Based On The Screen Type: Based on on-screen type, the market is divided into flat and curved.

  • Based On The Region: On a regional basis, the smart market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.


Regional Analysis

The smart TV market is divided into five regions, namely- Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. According to the market analysis, Asia-Pacific holds the largest smart TV market share. With more than 38 % in 2020 Asia Pacific countries to market growth. Due to the rising adoption of smart televisions in developing economies such as India. In addition to this, the surging demands of 4K display Technology amongst the consumers has inclined them towards better picture quality and sleek designs. This further adds up to the revenue generation in the region of Asia Pacific.

Competitive Landscape

The prominent key players of the smart TV market in the global market are mentioned down below-


  • LG Electronics Inc.

  • Samsung Electronics Co. Ltd.

  • Sony Corporation

  • VIZIO Inc.

  • Videocon Industries Ltd.

  • Sansui Electric Co. Ltd.

  • Toshiba Corporation

  • Haier Electronics Group Co., Ltd.


All these prominent key players play a major road in the dynamics and growth of the smart TV market. These major key players opt for many strategies and policies to widen their customer base. These policies and strategies mainly include collaborations, mergers, acquisitions, extensions, joint ventures, establishments, new production processes, innovations, technology widening the existing products, partnerships, etc. All these important methods are opted to get the needs of customers and develop a strong potential growth base.

Recent Developments

Given below are some recent developments seen in the global smart TV market-


  • Various innovative products have been manufactured such as OLED, QLED, 4k TVs, and 8k TVs.

  • Advancements are made in smart TVs in such a way that they are equipped with advanced features and applications when compared to conventional televisions.

  • Focus is made on the development of operating systems, To fight the competition from various streaming device producers such as Apple and Roku. Hence leading key players are developing their own operating systems.

  • Advanced features are introduced such as downloading applications from the store along with helping them to access online streaming applications.

  • The latest TV models are equipped with voice recognition tools that help users easily switch channels without pressing buttons on a remote.

  • All these features enable viewers to enjoy the smart TV.


Report Overview

The demand for the smart TV in the year 2018 was USD 98.55 billion units and it is expected to expand even further at a compound and growth rate of 10.9% The forecasted period is from 2019 to 2025. The global smart TV market in the global market research report consists of the following elements which are mentioned down below-


  • Market overview

  • Covid 19 analysis

  • Market dynamics

  • Value chain analysis

  • Market segmentation

  • Regional analysis

  • Competitive landscape

  • Recent developments


In the global smart TV market research report, there are major factors that drive the growth of the market. The report consists of opportunities that may further in the future and hands the global market of smart TV. Various factors restrain the growth of sugar-free confectioneries and hamper the development of such a fine-based market. The research report also consists of various analyses based on Covid 19 impact market dynamics, different segmentations, regional analysis, etc. This research report also consists of various strategies and policies followed by the major key players that drive the market. 



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Frequently Asked Questions (FAQ) :


The 4K UHD segment is expected to witness notable growth over the forecast period. The drop in the prices of these TVs is drawing customers, and triggering demand across emerging economies. The growth can be associated with innovative features, such as high resolution and high picture quality, with Dolby Digital sound, that provide theater experiences on larger screen sizes.

Established players in the smart TV market consider long-term tie-ups and collaborations with suppliers for a continuous supply of electrical components. These suppliers experience internal competition and in order to sustain in the global market, offer these components at low rates; this is attracting new players to enter the market and offer smart TVs at reasonable cost. Manufacturers based in Taiwan, the Philippines, and Japan are exporting, thereby, boosting the market growth. Suppliers have also started manufacturing customized products with high scalability and efficiency for innovation and product development.

By technology, the smart TV market has been segmented into LCD, LED, Plasma, OLED, QLED.

The global smart TV market is characterized by the presence of several global vendors. The competition among the existing players in the market is highly intense. Cost, quality, accuracy, and reliability of products are some of the factors that help vendors to sustain in an intensely competitive market. Furthermore, technological advancements for the adoption of smart TV are expected to fuel the growth of the smart TV market during the forecast period.

The top vendors in the smart TV market are LG Electronics Inc, Samsung Electronics Co. Ltd, Sony Corporation, Panasonic Corporation, Vizio Inc, Apple Inc, Hisense Group Co Ltd, Koninklijke Philips NV, TCL Corporation, Insignia Systems Inc, Haier Group Corporation, Hitachi Ltd, Roku, Changhong, and Konka.