GLOBAL SMART TV MARKET SIZE (2024 - 2030)

Global Smart TV Market was valued at USD 348.49 billion and is projected to reach a market size of USD 1300.57 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 20.7%.

Industry Overview:

A smart TV is an internet-connected tv with an extensive variety of online features, such as on-demand content material from quite a number of apps, get admission to streaming offerings such as Amazon Prime, Netflix, and the potential to join with quite a few different wi-fi units such as smartphones and tablets. Moreover, organizations working in the international smart TV market are focusing on imposing a variety of techniques such as collaborations and partnerships with different producers to extend their manufacturing services globally to hold their world presence. With the introduction of modern-day technology, viewers can get the right of entry to and manipulate the aspects of these related units and streaming content material from web services. With the inflow of high-speed internet, there is an extent in the consumers' spending on online video streaming channels, such as Netflix, YouTube Premium, Hotstar, Hulu, and Amazon Prime Video. Manufacturers additionally improve their choices by including new facets to their extra-recent fashions for customer convenience, mainly to expand demand.

Moreover, with the developing client demand, the smart tv market is predicted to increase swiftly in the upcoming years. Smart TVs are loaded up with superior elements and functions in contrast to traditional televisions. To face up to the fierce opposition from a range of streaming machine providers, like Apple and Roku, main players like Samsung and LG specialize in growing their very own working systems. In addition, the state-of-the-art TV fashions are geared up with voice command equipment that permits customers to change channels barring urgent the remote button.

COVID-19 impact on the Smart TV Market    

COVID-19 is an infectious ailment caused by the novel coronavirus. Largely unknown before the outbreak started out in Wuhan (China) in December 2019, COVID-19 modified into an international pandemic in no time. The COVID-19 pandemic has expanded the burden on healthcare structures throughout the globe. Companies scaled up R&D efforts to advance vaccines and drugs in opposition to the virus. 

During the COVID-19 pandemic, the lockdowns imposed by way of authorities have compelled humans to remain inside their homes and personnel to work remotely. The growing quantity of humans restricted to their houses has boosted the online streaming of video and audio, downloads, and convention conferences on purposes such as Zoom and Microsoft Teams, amongst others, which in flip has elevated the demand for Internet connectivity, and consequently the use of smart TVs throughout the globe. The gazing of stay pronounces on greater monitors has additionally pushed the demand for smart TVs. However, on the flip side, the ongoing COVID-19 pandemic has adversely impacted the purchaser electronics market, with manufacturing operations suspended temporarily, main to a considerable slowdown in production.

MARKET DRIVERS:

The rise in online content consumption during COVID-19 is driving the growth of the market

However, all through the pandemic, entertainment corporations are focusing on discovering new techniques to adapt to the altering digital reality. The enterprise is seeing a fast surge in digital content material consumption, with structures like Netflix and Amazon Prime Video seeing international viewership. Strong emphasis on online content material distribution, blended with the growing relaxation of COVID restrictions, is predicted to enhance the reputation of smart tv (T.V.) manufacturers around the world, accelerating the smart tv (T.V.) market.

The rise in demand for entertainment at the home is driving the growth of the market

The rise in the demand for personalized amusement will speed up the smart tv (T.V.) market's boom rate. Gone are the days when human beings gathered to film theatres or flipped via satellite tv channels. Smart T.V.s grant this carrier by means of connecting to the internet, permitting customers to subscribe to their desired online streaming offerings such as Netflix and Amazon Prime. Furthermore, the smart tv (T.V.) market is additionally being pushed via substantial elements such as the upward shove in the stage of disposable earnings and speedy urbanization. The smart tv (T.V.) market is estimated to rise hastily over the forecast duration due to the fact of surging adoption of superior technologies.

MARKET RESTRAINTS:

The high investment required is restraining the growth of the market

The market for smart tv (T.V.) is forecast to be restricted via the taxation of smart television. Also, fear, uncertainty, and doubt of patrons will similarly undertake the increase of the smart tv (T.V.) market. The extreme impact of the COVID-19 outbreaks on furnish chain and the excessive repairing fee of smart T.V.s will act as the most important restraints and similarly hinder the increased price of the smart tv (T.V.) market

MEDICAL DEVICES MARKET REPORT COVERAGE:

This research report on the global Smart TV Market has been segmented and sub-segmented based on By Resolution, By Operating System, and Region.

Global Smart TV Market - By Resolution:

• 4K UHD TV

• HDTV

• Full HD TV

• 8K TV

On the basis of the Resolution, the full HD TV phase accounted for the biggest market share in 2022, owing to the high-definition picture quality and a vast range of content material aiding it. Full HD TV resolution provides a resolution of 1920 x 1080 pixels which has been the enterprise baseline for many years. This decision is commonplace as giant quantities of content material assist the resolution. Streaming of content material and live sports activities on this decision no longer devour high internet bandwidth whilst nevertheless presenting an immersive and good-quality viewing experience. The 8K TV phase is predicted to develop at the perfect CAGR of over 15% in the course of the forecast duration of 2023 to 2028, owing to the demand for splendid high-resolution image quality. The 8K TVs help around 33 million pixels and offer complete image quality. The decision has an ever-growing content material library as it turns more regular in the market. The phase is predicted to develop strongly due to the decision and delivered points producers offer, such as Dolby Atmos sound, HDR support, and more.

Global Smart TV Market - By Operating System:

• Android TV

• Tizen

• WebOS

• Roku

• Other

Based on the Operating System, The Android TV section accounted for the greatest market share in 2022 as a result of the already famous Google Android ecosystem. The segment’s stronghold is attributed to the Play Store getting entry to utility downloads. It additionally provides voice search and content material aggregation from more than one media app and service. The Android TV working gadget additionally allows integration with current Google technologies like Knowledge Graph, Cast, and Assistant. By running the system, the Roku phase is predicted to develop at a CAGR of over 15% at some stage in the forecast length due to its Apple AirPlay compatibility, making it easy to move movies, photographs, music, and different content from an Apple machine to a smart TV. Many smart TV producers are teaming up with Roku to furnish the in-built characteristic of Roku programs with no requirement of a set-top box. For instance, TCL has collaborated with Roku and launched a 4K HDR Roku TV. This China-based organization is the usage of the Roku platform for its TV product line.

Global Smart TV Market - By Region:

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East

• Africa

Geographically, The Asia Pacific area recorded the best income share in the Smart TV market in 2022. The developing reputation of smart TV in rapidly creating countries like India is notably using regional market expansion. China holds a substantial share in the Asia Pacific Smart TV market, aided by means of the emergence of new players, such as Hisense Co., Ltd., and TCL Corporation, increasing their footprint and growing contention amongst main players.

The Europe area is predicted to document a CAGR of over 9% over the forecast duration from 2023 to 2028. Developments throughout the OTT section in the improvement of enticing content material are the main to a fast rise in the adoption of smart TVs in the region. Ever-changing consumer focus towards streaming online content, owing to the growing availability of high-speed net broadband connections, is in addition favoring product demand. Countries in this place are focusing on remodeling the show area, and for that reason growing the adoption of smart TVs throughout the region.

Global Smart TV Market Share by Company

1. LG Electronics, Inc.

2. Samsung Group

3. Panasonic Corporation

4. Apple, Inc.

5. Sony Corporation

6.  Koninklijke Philips N.V.

7. Videocon Industries Limited

8. Haier Electronics Group Co, Ltd.

9. TCL Corporation

10.  Hisense Group

11.  Sansui Electric Co., Ltd.

12. Micromax Informatics

13. Sharp Corporation

14. VIZIO, Inc.

15.  Toshiba Corporation

16. Hitachi Ltd

Recently, Samsung Electronics Co. introduced its range of QLED smart TVs, which have achieved a first-class energy efficiency rating.

Market players are targeted on strategies, such as partnerships, joint ventures, product innovation, lookup & development, and geographical growth to improve their market positions. The enterprise is characterized by excessive opposition due to the presence of a few well-established rivals. Furthermore, the developing demand for on-site gas grants in a wide variety of sectors is compelling producers to enhance technology and follow aggressive administration in all areas of manufacturing and distribution. A key enterprise approach utilized by using notable purveyors is the acquisition of enterprises that complement a purveyor's present-day goods and services. They are engaged in many activities such as collaboration and promotions which are estimated to drive the market's growth during the forecast period.

NOTABLE HAPPENINGS IN THE GLOBAL SMART TV MARKET IN THE RECENT PAST:

• Product Launch - In April 2022, Samsung Electronics Co. Ltd introduced its Neo QLED 8K smart TV range. This launch included 65-inch and 85-inch screen-sized televisions.

• Announcement - In March 2021, Apple declared the next generation of Apple TV 4K, delivering high frame resolution HDR with Dolby Vision, connecting watchers to their favorite content with the highest quality standards.