Smart TV Market

Market Overview

The global smart tv market size was valued at USD 204.24 billion in 2022, and is projected to reach USD 489 billion by 2031, registering a CAGR of 20.97% from 2023 to 2031.

Smart T.V., commonly referred to as linked T.V. is a digital television with internet and interactive features. Smart T.V. is a combination of computer and social television that enables people to utilize all the features of computers and cellphones on their televisions. Smart T.V.s include additional hardware and connections in addition to a T.V. operating system and a graphical user interface (GUI). Smart T.V.s include an Ethernet and Wi-Fi connection, eliminating the need for a separate set-top box. It includes web surfing, video-on-demand and video streaming from services like YouTube and Netflix, internet radio via services like Pandora, social networking via sites like Twitter and Facebook, apps, and more. Smart T.V.s are more on online interactive media, Internet T.V., over-the-top content, streaming media on demand, and home networking access than on the traditional broadcasting media supplied by conventional television sets and set-top boxes.

Smart T.V.s enable users to search for and watch images, videos, and Web information on a local cable T.V. channel, a satellite T.V. channel, or a local storage device. While content providers digitize data, Smart T.V.s have developed to a point where administration of broadband and broadcasting technologies, on-board entertainment, and other features are combined. To complement their enhanced visual experience, there is a growing demand for the most advanced surround sound systems, such as Dolby Digital and DTS. Android T.V.s have shifted control and power to the developer community and users, whereas prior smart T.V.s relied primarily on device manufacturers to integrate numerous apps and functions. Google, and Android, in particular, appeared to hint toward a more significant presence in the smart T.V. market by offering specialized extensions as part of the L project. Android T.V.'s design approach is centred on giving the spectator a cinematic experience, ease of use, and casual usage. Television makers are receptive to Android ecosystem integration.

Market Dynamics

Global Smart TV Market Drivers

A persistent increase in the usage of streaming devices

An ongoing uptick is driving the expansion of the industry in the number of people using streaming devices, as well as an increase in the proportion of people who have internet access. Additionally, the shift in customer preference over the past few years has dramatically contributed to revenue development. The increased demand for smart T.V.s has created lucrative opportunities for content providers to enter the Over the Top (OTT) arena, which enables them to deliver original material via the internet. These opportunities were made possible due to the increased demand for smart T.V.s. Additionally, various industry participants are teaming up with streaming media producers to broaden the scope of their product offerings and increase their visibility. It is anticipated that each of these factors will shortly contribute to the market's expansion.

A growing desire for customized entertainment

The increased desire for individualized entertainment will drive the growth rate of the smart television (T.V.) market. No longer do individuals assemble at movie theatres or switch through satellite television channels. Smart T.V.s enable customers to subscribe to their chosen online streaming services, such as Netflix and Amazon Prime, simply connecting to the internet. In addition, the market for smart televisions (T.V.s) is driven by critical factors such as rising disposable income and expanding urbanization. The market for smart televisions (T.V.s) is expected to grow substantially throughout the forecast period due to the increasing usage of advanced technology. Other key factors, such as the advent of smartphone manufacturers like Xiaomi, OnePlus, and Micromax, and the adoption of 4K-resolution televisions, will moderate the growth rate of the smart television (T.V.) industry.

Global Smart TV Market Restraints

Taxation of smart T.V.s

However, the taxation of smart television is anticipated to limit the market for smart television (T.V.). Fear, uncertainty, and customer scepticism will also hinder the expansion of the smart television (T.V.) market. The extreme consequence of the COVID-19 outbreak on the supply chain and the high cost of repairing smart televisions will act as significant restrictions and slow the growth rate of the smart television (T.V.) market. This smart television (T.V.) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, and product approvals and launches. For more information on the smart television (T.V.) market, please contact Data Bridge Market Research for an Analyst Brief. Our experts will assist you in making a well-informed decision for market expansion.

Global Smart TV Market Opportunities

Smart T.V.s are loaded with more sophisticated functions and applications

Smart T.V.s are loaded with more modern functions and applications than standard televisions. Leading participants are concentrating on developing their operating systems to compete with Apple and Roku, among other streaming device manufacturers. For example, Tizen by Samsung Electronics Co. Ltd. and WebOS by L.G. Electronics enable viewers to download software from the store and access online streaming applications. The most recent television models include speech recognition features that allow viewers to change channels without touching buttons on a remote. Various smart T.V. companies' adoption of Android as an operating system has facilitated user access to primary OTT services such as Netflix, Hulu, and YouTube. In addition, the Google platform enables access to prominent Android-based applications, including Facebook, Twitter, and Google Play. In addition, Android T.V.s enable voice commands, which may be accessed using magic remotes. For example, the Sony One-Flick remote has a built-in microphone that enables users to search for their preferred channels and programmes using voice commands. In addition to applications, Android has games, music, and movies.

Regional Analysis

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. In addition, the region is projected to experience the highest growth between 2022 and 2030. The increasing adoption of smart televisions in emerging economies, such as India, contributes considerably to the regional market's expansion. In addition, the escalating demand for 4K display technology due to customer preference for higher picture quality and sleeker design is anticipated to increase income generation potential in the region. China maintains a sizable portion of the regional market, bolstered by new entrants such as Hisense Co., Ltd. and TCL Corporation. They are establishing their footprint and intensifying the battle for established companies.

From 2022 to 2030, the Middle East and Africa region are projected to develop rapidly, with a CAGR of over 12 %. The rapid adoption of smart TVs in the region results from advancements in the OTT industry and an increase in the production of engaging content. The increasing availability of smooth, high-speed internet connections positively impacts product demand as consumers shift their attention to online information. According to a recent report by Grand View Research, the demand for HD content and HDTVs in Africa is steadily increasing. African nations, especially Nigeria and Kenya, are concentrating on bringing about a revolution in the display industry, thereby boosting the adoption of smart televisions throughout the continent.

Segmental Analysis

The smart TV market is categorised by resolution into 4K UHD TV, HDTV, Full HD TV, and 8K TV. The 4K HDTV sector had a market share of approximately 40 % in 2021 and is anticipated to maintain its dominance throughout the forecast period. In recent years, 4K televisions have gained significant popularity due to their consistently falling prices. The Consumer Technology Association (CTA) reports that the sales of these televisions have surpassed those of HDTVs. Sony Corporation, Samsung Electronics Co., Ltd., and LG Electronics, Inc. have incorporated quantum dot technology and nanotechnology to improve the picture quality of their products in this category, increasing demand. From 2022 through 2030, the 8K TV market is anticipated to experience the highest growth, with a CAGR of nearly 19 %. This can be related to the growing demand for televisions with high-resolution images. 8K televisions contain around 33 million pixels, significantly more than the 8 million pixels provided by a 4K HDTV. Companies are growing their 8K series portfolios, delivering equipment with increased AI capabilities designed to provide the most dynamic audio and visual quality. In addition, prominent firms are focusing on delivering 8K TVs with sophisticated features, such as Active Voice Amplifier, pop-up camera, Dolby Atmos, and Dolby Vision compatibility, in developing countries, such as India, where they are likely to acquire popularity and contribute to the segment's growth.

In phrases of volume and revenue, the flat screen category dominated the industry in 2021, accounting for more than 95 % of the total. The category is anticipated to maintain its dominance during the projection period. The strong revenue generation is attributable to the lower price of flat-panel televisions compared to their curved equivalents. Most consumers choose flat-screen televisions because they are easier to place on the wall. The increased desire for flat screens can also be due to the mirror effect caused by the curvature, in which the image is obscured by the light emanating from the display. The market for curved screens is anticipated to increase at a CAGR of over 7 % between 2022 and 2030. Curved panels provide more suitable viewing angles and a more immersive experience. Curved screens also decrease the video deterioration that results from off-centre viewing. In addition, market suppliers are producing flexible TV panels that can transform from flat panels to curved, enhancing the segment's growth potential.

In 2021, the 46 to 55-inch category dominated the market with a revenue share of over 38 %. The dropping prices of products and the quick incorporation of 4K technology with appealing features encourage consumers to acquire televisions with larger screens. The 4K display is often recommended for larger TV displays to experience more excellent image quality, which smaller screens may not provide. In recent years, prominent manufacturers have produced a vast selection of 55- to 85-inch 4K televisions in response to the increasing demand from consumers. The increased availability of a growing number of products on the market is anticipated to expand the segment's consumer base. From 2022 to 2030, it is anticipated that the segment of televisions more significant than 65 inches would have the highest CAGR, at over 14%. Due to the relatively small price difference between 55-inch and 65-inch televisions, a substantial percentage of clients who want to buy 55-inch televisions do not hesitate to spend a bit more on televisions with over 65-inch displays. In the future, the Middle East and Asia-Pacific regions are expected to see an increase in the number of customers who purchase large-screen televisions of the next generation, mainly due to their expanding purchasing power.

Recent Developments

• In July 2022, Samsung Electronics Launches Industry’s First 24Gbps GDDR6 DRAM to Power Next-Generation High-End Graphics Cards.
• In July 2022, Sony India launches flagship VENICE 2 digital cinema camera with a new 8.6K Full-Frame image sensor.
• In July 2022, LG Teams up With Multi-Platinum Singer Jeremy Zucker to Highlight LG’s Market-Leading Products.
• In July 2022, Panasonic Energy and Kansas Partner to Advance Plans for US-based EV Battery Facility.