Global Smart TV Market Size USD 2364.96 million By 2030 | CAGR of 20.97%

Introduction

The global smart TV market size was valued at USD 426.31 million in 2021, and is projected to reach USD 2364.96 million by 2030, registering a CAGR of 20.97% from 2022 to 2030.

Smart T.V., often known as connected T.V., is a digital television with internet and interactive capabilities. Smart T.V. is a combination of computer and social television that enables users to employ all of the features of computers and mobile devices on their televisions. In addition to a T.V. operating system and a graphical user interface, smart T.V.s include extra hardware and connectivity (GUI). Smart televisions offer Ethernet and Wi-Fi connectivity, removing the need for a set-top box. It includes web browsing, video-on-demand and video streaming from services such as YouTube and Netflix, internet radio via services such as Pandora, social networking via sites such as Twitter and Facebook, and additional applications. Smart televisions focus more on online interactive media, Internet television, over-the-top content, streaming media on demand, and home networking access than conventional television sets and set-top boxes on traditional broadcasting media.

Smart T.V.s enable users to search for and view photographs, movies, and Web content on a local cable, satellite television channel, or a local storage device. Smart televisions have progressed to the point where administration of broadband and broadcasting technologies, onboard entertainment, and other functions are incorporated. There is an increasing demand for the most advanced surround sound systems, such as Dolby Digital and DTS, to accompany the increased visual experience. Android T.V.s have handed control and power to the developer community and consumers, whereas previous smart T.V.s primarily relied on device manufacturers to incorporate various apps and services. By giving specialised extensions as part of the L project, Google and Android, in particular, looked to indicate a more significant presence in the smart television industry. Android T.V.'s design philosophy is centred on providing the viewer with a cinematic experience, usability, and casual use. Manufacturers of televisions are open to Android ecosystem integration.

Market Dynamics

Continuous growth in the use of streaming devices:

The expansion of the industry is being driven by an ongoing increase in the number of people using streaming devices and the proportion of people with internet access. In addition, the shift in customer preference over the past few years has contributed significantly to revenue growth. Increased demand for smart televisions has created lucrative opportunities for content providers to enter the Over-the-Top (OTT) market, allowing them to distribute original content over the internet. This opportunity was made possible by the growing demand for smart televisions. In addition, various industry participants collaborate with streaming media producers to expand the scope of their product offerings and boost their visibility. It is anticipated that each of these variables will soon contribute to the expansion of the market.

Increasing demand for personalised entertainment:

Increasing demand for the rising demand for personalised entertainment will fuel the growth of the smart television (T.V.) market growthised entertainment. People no longer attend movie theatres or switch between satellite television stations. Customers can subscribe to their preferred online streaming services, such as Netflix and Amazon Prime, by connecting their smart televisions to the internet. Moreover, the market for smart televisions (T.V.s) is driven by factors such as increased disposable income and urbanisation. The market for smart televisions (T.V.s) is anticipated to expand significantly over the projected period as the use of advanced technologies grows. The adoption of 4K-resolution televisions and the emergence of smartphone manufacturers such as Xiaomi, OnePlus, and Micromax will moderate the growth rate of the smart television (T.V.) industry.

Smart televisions are filled with more advanced features and applications:

Smart televisions have more advanced features and applications than conventional televisions. Leading participants are focusing on developing their operating systems to compete with Apple, Roku, and other manufacturers of streaming devices. For instance, Tizen by Samsung Electronics Co., Ltd. and WebOS by L.G. Electronics allow users to download software from the app store and access online streaming applications. The newest television models contain speech recognition capabilities that allow users to change channels without touching a remote. The adoption of Android as an operating system by numerous smart T.V. manufacturers has enabled user access to primary OTT services such as Netflix, Hulu, and YouTube. Additionally, the Google platform provides access to critical Android-based applications, such as Facebook, Twitter, and Google Play. In addition, Android televisions support voice commands, which are accessible via magic remotes. The Sony One-Flick remote, for instance, features a built-in microphone that enables users to search for their chosen channels and programmes using voice commands. In addition to applications, Android includes music, movies, and video games.

Regional analysis of the Global Smart TV Market 

It is predicted that the Asia-Pacific region will maintain its control over the market during the projected period, as it held the most crucial market share in 2021 (more than 38 %). Additionally, it is anticipated that the region will experience the most significant increase between 2022 and 2030. The growing popularity of smart televisions in developing economies like India significantly contributes to the expansion of the regional market. In addition, the growing demand for 4K display technology due to consumer preferences for improved picture quality and sleeker design is expected to increase the possibility for the region to generate more cash. New companies in China, such as Hisense Co., Ltd. and TCL Corporation, have helped the country keep a substantial share of the regional market. They are hardening their position in the market and ramping up the competition for well-established businesses.

It is anticipated that the Middle East and Africa region will experience rapid development with a CAGR of over 12 % between 2022 and 2030. The rapid adoption of smart T.V.s in the region is a direct result of developments in the OTT business and a rise in the production of entertaining and informative content. Product demand is positively impacted when consumers transfer their focus to online information, which occurs when there is increased availability of smooth and high-speed connections. A new analysis by Grand View Research indicates that the demand for high definition (H.D.) content and high definition televisions (HDTVs) in Africa is constantly expanding. The nations of Africa, particularly Nigeria and Kenya, are focusing on bringing about a revolution in the display business, which will ultimately lead to an increase in the number of people purchasing smart televisions across the continent.

Key highlights

• The global smart TV market size was valued at USD 426.31 million in 2021 and is projected to reach USD 2364.96 million by 2030, registering a CAGR of 20.97% from 2022 to 2030.
• The 4K HDTV sector had a market share of approximately 40 % in 2020 and is anticipated to maintain its dominance throughout the forecast period.
• In phrases of volume and revenue, the flat screen category dominated the industry in 2021, accounting for more than 95 % of the total.
• In 2021, the 46 to 55-inch category dominated the market with a revenue share of over 38 %.
• The Asia-Pacific region held the most significant market share of over 38 % in 2021 and is anticipated to maintain its dominance throughout the projected period.

Competitive Players

1. SAMSUNG (South Korea)
2. SONY INDIA (Japan)
3. L.G. Electronics (South Korea)
4. Google LLC (U.S.)
5. Panasonic Corporation (Japan)
6. SHARP CORPORATION (U.S.)
7. Koninklijke Philips N.V.(Netherlands)
8. Hitachi Ltd. (Japan)
9. TCL (China)
10. Skyworth Group Limited (China)
11. Haier Group (Hong Kong)
12. TOSHIBA CORPORATION (Japan)
13. Videocon Industries Limited (Mumbai)
14. Grande Holdings Company Limited (Hong Kong)
15. Xiaomi (China)
16. Hisense International (China)
17. VIZIO Inc.(U.S.)
18. INSIGNIA SYSTEMS (U.S.)
19. Apple Inc (U.S.)

Recent Developments

Recent Developments

• June 2024 - Toshiba, the leading TV brand in Japan and a pioneer in the consumer electronics industry presented the C350NP Smart TV, their most recent advancement in home entertainment. The ultra-thin bezel design of this cutting-edge Google TV ensures simple navigation and an intuitive user experience.
• May 2024 - In India, LG unveiled a brand-new line of AI-powered smart TVs with real-time upscaling. LG OLED EVO Al and LG QNED AI TVs, with sizes ranging from 43 to 97 inches, are among the 55 new models. With a massive 97-inch screen, the LG OLED97G4 is the largest OLED TV in the world, according to the South Korean electronics giant.

Segmentation

1. By Resolution
   1. 4K UHD TV
   2. HDTV
   3. Full HD TV
   4. 8K TV
2. By Screen Size
   1. Below 32 Inches
   2. 32 to 45 Inches
   3. 46 to 55 inches
   4. 56 to 65 Inches
   5. Above 65 Inches
3. By Screen Type
   1. Flat
   2. Curved
4. By Distribution Channel
   1. Online
   2. Offline
5. By Operating System
   1. Android TV
   2. Tizen
   3. WebOS