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Smart TV Market Trends

ID: MRFR//6916-HCR | 100 Pages | Author: Aarti Dhapte| May 2024

Global Smart TV Market Overview:

Smart TV Market Size was valued at USD 152.9 billion in 2021. The Smart TV market industry is projected to grow from USD 177.82 Billion in 2022 to USD 2.55 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 16.30% during the forecast period (2022 - 2030). Smart TVs gained traction with the growing trend of content available on over-the-top platform are the key market drivers enhancing the market growth.

Global Smart TV Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart TV Market Trends

  • Growing content creators to boost the market growth

The convenience of watching content anytime and anywhere brings more subscribers to OTT platforms. Several TV content creators are introducing new content with varied genres to cater to every type of viewer’s demands. This factor is anticipated to contribute to the growth of the industry. The content creators are partnering with different OTT platforms to form an exclusive partnership. Following this trend, leading streaming platforms such as Amazon Prime, Netflix, Disney Hotstar, and others have developed custom applications for smart TVs to offer their streaming services. The demand for smart TVs can be attributed to the advanced features it offers such as voice command, screen mirroring/sharing, and video calling among others which create a more enticing environment for the users. Smart TVs feature operating systems, is software that enables viewers to interact with features such as downloading applications, streaming video, and purchasing content among others on the TV. Manufacturers are introducing their own operating systems for the smart TVs they produce to counter the popular operating systems. For instance, the Tizen operating system is developed by Samsung Electronics Co. Ltd for their smart TV range, helping viewers access streaming applications to enjoy TV content. Additionally, LG offers its own operating systems which support exclusive features such as magic remote, voice command, and more.

The number of smart TV users is likely to increase as smart TVs offer ease of enjoying movies and shows on demand. Users can rent, stream, or buy content with the high-resolution quality offered by any OTT platform, directly from their smart TV. Moreover, customers can browse the internet and run supported applications including educational apps for children on smart TVs. The smart TV also supports music streaming via popular applications such as Spotify and Apple Music. Therefore, such condition has enhanced the Smart TV market CAGR across the globe in the recent years.

However, manufacturers attract customers by creating affordable products and pricing them competitively is another factor driving the growth of the Smart TV market revenue.

Smart TV Market Segment Insights:

Smart TV Resolution Insights

The Smart TV Market segmentation, based on Resolution, includes 4K UHD TV, HDTV, Full HD TV, and 8K TV. The Full HD TV segment held the majority share in 2021 contribution to around ~45% in respect to the Smart TV Market revenue. Full HD TV resolution provides a resolution of 1920 x 1080 pixels which has been the industry baseline for many years. This resolution is prevalent as large amounts of content support the resolution. Streaming of content and live sports on this resolution does not consume high internet bandwidth while still offering an immersive and good-quality viewing experience.

Smart TV Operating System Insights

The Smart TV Market segmentation, based on operating system, includes Android TV, Tizen, WebOS, roku, and other. The android TV segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The segment’s stronghold is attributed to the Play Store access for application downloads. It also adds voice search and content aggregation from multiple media apps and services. The Android TV operating system also facilitates integration with recent Google technologies like Knowledge Graph, Cast, and Assistant. Hence, rising applications for Smart TV positively impacts the market growth.

Smart TV Screen Size Insights

The Smart TV Market data has been bifurcated by screen size into light, below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, Above 65 inches. The 46 to 55 inches segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. owing to the rising trend of purchasing bigger TVs for a theater-like viewing experience. The segment demand is attributed to the screen size to price value for consumers.

Figure 2: Smart TV Market, by Screen Size, 2021 & 2030 (USD Million)

Smart TV Market, by Screen Size, 2021 & 2030

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart TV Screen Size Insights

Based on Screen Size, the global Smart TV industry has been segmented into flat and curved. Flat smart Tvs held the largest segment share in 2021owing to it being the industry standard and easier to manufacture. Consumers prefer flat-screen smart TVs are easier to fix and mount on walls.

The fastest growing segment in the Smart TV industry is Curved smart. Curved smart TVs are seen in the top-end range with big screen sizes to offer an added depth experience to the viewer. Curved screens also help remove picture deprivation that occurs when watching from the off-center axis.

Smart TV Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific Smart TV market accounted for USD 67.21 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The growing popularity of smart TV in rapidly developing countries like India is significantly driving regional market expansion. China holds a significant share in the Asia Pacific Smart TV market, aided by the emergence of new players, such as Hisense Co., Ltd., and TCL Corporation, expanding their footprint and increasing rivalry among major players. Moreover, China Smart TV market held the largest market share, and the India Smart TV market was the fastest growing market in the Asia-Pacific region

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Smart TV Market SHARE BY REGION 2021 (%)Smart TV Market SHARE BY REGION 2021
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Smart TV market accounts for the second-largest market share. Increasing internet penetration and the presence of low-cost manufacturers are expected to innovate smart TVs based on the latest features at competitive price offerings to meet the diverse needs of customers. Further, the Germany Smart TV market held the largest market share, and the UK Smart TV market was the fastest growing market in the European region

The North America, Smart TV Market is expected to grow at the fastest CAGR from 2022 to 2030. Developments across the OTT segment in the development of engaging content are leading to a rapid rise in the adoption of smart TVs in the region. Ever-changing consumer focus toward streaming online content, owing to the increasing availability of high-speed internet broadband connections, is further favoring product demand. Moreover, US Smart TV market held the largest market share, and the Canada Smart TV market was the fastest growing market in the Asia-Pacific region

Smart TV Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Smart TV market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Smart TV industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global Smart TV industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Smart TV industry has provided with some of the most significant benefits. The Smart TV market major player such as Samsung Electronics Co, and others are working to expand the market demand by investing in research and development activities.

Samsung Electronics Co., Ltd (Samsung Electronics) is one of the leading companies engaged in manufacturing and designing various products such as digital TVs, monitors, printers, smartphones, tablets, and other wearables globally. The company operates through three segments: IT & mobile communications, consumer electronics, and device solutions. It provides heating and cooling products, connected car systems, medical equipment, general logistics agency, financing, AI technology research, marketing, consulting, cloud services, enterprise automation solutions and connected services, and digital advertising platforms. In December 2021, Samsung Electronics Co. Ltd announced that select 2022 4K and 8K TVs and gaming monitors would support the new HDR10+ GAMING standard, delivering an immersive, ultra-responsive HDR gaming experience to gamers.

OnePlus Technology Co., Ltd., doing business as OnePlus, is a Chinese consumer electronics manufacturer headquartered in Shenzhen, Guangdong. It is a subsidiary of Oppo. May 2021,OnePlus launched a 40-inch (100 cm) smart television under its Y-series on Flipkart. The new OnePlus Y Series 100 cm (40 inches) Full HD LED Smart Android TV (40FA1A00) has similar specifications as the 43-inch variant. The OnePlus TV 40Y1 will be equipped with 20 W stereo speakers with Dolby Audio, a 64-bit processor paired with 1GB RAM, and 8 GB internal storage. The device runs Android TV 9.0 with Oxygen Play support and features Gamma Engine, which adds dynamic contrast and improves picture quality

Key Companies in the Smart TV market includes

  • 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., among others

Smart TV Industry Developments

The world's top TV manufacturer, Samsung Electronics, kicked off its annual Tech Seminar series in Frankfurt, Germany, in 2024. Samsung has been ruling the TV industry for 18 years running. Professionals in Europe will get the opportunity to see Samsung's newest display lineup for 2024, which includes cutting-edge AI technology and smart features on the Neo QLED, OLED, and Lifestyle devices, from February 20 to 22. For the past 13 years, Tech Seminar sessions have been a well-established program that offers comprehensive knowledge and special hands-on encounters with new products.

The 43-inch QLED and 55-inch 4K Google TV is Blaupunkt's newest offering in the television industry, which it unveiled in 2023 in collaboration with online retailer Flipkart. The sale of Blaupunkt's 55 and 65-inch TVs has seen an astounding 300% jump in sales over the last year.

Smart TV Market Segmentation:

Smart TV Operating System Outlook

  • Android TV

  • Tizen

  • WebOS

  • Roku

  • Other

Smart TV Resolution Outlook

  • 4K UHD TV

  • HDTV

  • Full HD TV

  • 8K TV

Smart TV Screen Size Outlook

  • Light

  • Below 32 inches

  • 32 to 45 inches

  • 46 to 55 inches

  • 56 to 65 inches

  • Above 65 inches

Smart TV Screen Shape Outlook

  • Flat

  • Curved

Smart TV Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America


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