GLOBAL SMART TV MARKET SIZE (2024 - 2030)

The global smart TV market attained a valuation of USD 348.49 billion and is anticipated to achieve a market size of USD 1300.57 billion by the conclusion of 2030. Across the forecast period spanning from 2024 to 2030, the market is poised to exhibit a Compound Annual Growth Rate (CAGR) of 20.7%.

Industry Overview:

A smart TV refers to an internet-enabled television offering a wide array of online functionalities, including access to on-demand content from various applications, streaming services such as Amazon Prime and Netflix, and connectivity with diverse wireless devices such as smartphones and tablets. Furthermore, entities operating in the global smart TV market are concentrating on implementing various strategies like collaborations and partnerships with other manufacturers to expand their production capabilities worldwide and sustain their global presence. With the advent of cutting-edge technologies, viewers can access and manage the features of these connected devices and stream content from web services. The proliferation of high-speed internet has led to an increase in consumers' expenditure on online video streaming platforms such as Netflix, YouTube Premium, Hotstar, Hulu, and Amazon Prime Video. Manufacturers are also enhancing their offerings by incorporating new features into their latest models to enhance consumer convenience, thereby boosting demand.

Moreover, propelled by burgeoning consumer demand, the smart TV market is poised to expand rapidly in the forthcoming years. Smart TVs are equipped with advanced features and functionalities compared to conventional televisions. To withstand the intense competition from various streaming device providers like Apple and Roku, major players such as Samsung and LG are focusing on developing their own operating systems. Additionally, the latest TV models come equipped with voice command tools, enabling users to change channels without pressing the remote button.

COVID-19 Impact on the Smart TV Market

COVID-19, an infectious ailment caused by the novel coronavirus, emerged largely unknown before the outbreak commenced in Wuhan, China, in December 2019, swiftly escalating into a global pandemic. The COVID-19 pandemic has exerted immense pressure on healthcare systems worldwide, prompting companies to ramp up Research and Development (R&D) endeavors to develop vaccines and treatments against the virus.

During the COVID-19 pandemic, government-imposed lockdowns have compelled individuals to stay within their homes and employees to work remotely. The burgeoning number of people confined to their residences has propelled the online streaming of video and audio, downloads, and conference meetings on applications such as Zoom and Microsoft Teams, among others, thereby augmenting the demand for internet connectivity and consequently the utilization of smart TVs worldwide. Furthermore, the viewing of live broadcasts on larger screens has also bolstered the demand for smart TVs. However, on the flip side, the ongoing COVID-19 pandemic has adversely impacted the consumer electronics market, with temporary suspensions of manufacturing operations leading to a significant slowdown in production.

MARKET DRIVERS:

The surge in online content consumption during COVID-19 is propelling market growth.

However, throughout the pandemic, entertainment companies are striving to discover new avenues to adapt to the evolving digital landscape. The industry is witnessing a rapid surge in digital content consumption, with platforms such as Netflix and Amazon Prime Video witnessing global viewership. A significant emphasis on online content distribution, coupled with the gradual relaxation of COVID restrictions, is anticipated to bolster the popularity of smart TV manufacturers globally, thereby accelerating the smart TV market.

The uptick in demand for home entertainment is fueling market growth.

The burgeoning demand for personalized entertainment will expedite the growth rate of the smart TV market. Gone are the days when individuals frequented movie theaters or browsed through satellite TV channels. Smart TVs facilitate this service by connecting to the internet, enabling users to subscribe to their preferred online streaming services such as Netflix and Amazon Prime. Moreover, the smart TV market is also being propelled by significant factors such as the rise in disposable income levels and rapid urbanization. The smart TV market is poised to surge rapidly over the forecast period owing to the escalating adoption of advanced technologies.

MARKET RESTRAINTS:

The substantial investment required is impeding market growth.

The smart TV market is projected to be constrained by the taxation of smart televisions. Additionally, consumer apprehensions and uncertainties will further impede the growth of the smart TV market. The profound impact of COVID-19 outbreaks on the supply chain and the high repair costs of smart TVs will act as major constraints and further hinder the accelerated growth of the smart TV market.

Global Smart TV Market - By Resolution:

• 4K UHD TV
• HDTV
• Full HD TV
• 8K TV

Regarding Resolution, the Full HD TV segment held the largest market share in 2022, primarily due to its high-definition picture quality and extensive content offerings. Full HD TV offers a resolution of 1920 x 1080 pixels, which has served as the industry standard for many years. This resolution is widely adopted due to the vast array of compatible content available. Content streaming and live sports viewing at this resolution do not require significant internet bandwidth while still delivering an immersive and high-quality viewing experience. The 8K TV segment is projected to witness the highest compound annual growth rate (CAGR) of over 15% during the forecast period from 2023 to 2028, driven by the increasing demand for superior high-resolution image quality. 8K TVs boast approximately 33 million pixels, providing unparalleled picture quality. With an expanding content library, fueled by its increasing market penetration, this segment is expected to grow robustly, supported by additional features offered by manufacturers such as Dolby Atmos sound, HDR support, among others.

Global Smart TV Market - By Operating System:

• Android TV
• Tizen
• WebOS
• Roku
• Other

In terms of Operating Systems, the Android TV segment dominated the market in 2022, leveraging the widespread popularity of the Google Android ecosystem. The segment's strength stems from access to the Play Store for application downloads. Additionally, it offers features such as voice search and content aggregation from various media apps and services. Integration with existing Google technologies like Knowledge Graph, Cast, and Assistant further enhances the Android TV operating system. The Roku segment is expected to experience a CAGR of over 15% during the forecast period, driven by its compatibility with Apple AirPlay, facilitating seamless content streaming from Apple devices to smart TVs. Many smart TV manufacturers are collaborating with Roku to integrate Roku functionality directly into their TVs, eliminating the need for a separate set-top box. For instance, TCL has partnered with Roku to launch a 4K HDR Roku TV. This partnership showcases the utilization of the Roku platform across TCL's TV product lineup.

Global Smart TV Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East
• Africa

Geographically, the Asia Pacific region accounted for the highest revenue share in the Smart TV market in 2022. The increasing adoption of smart TVs in rapidly developing countries like India is a significant driver of regional market growth. China, with the emergence of new players such as Hisense Co., Ltd., and TCL Corporation, has contributed substantially to the Smart TV market in the Asia Pacific region, intensifying competition among major players.

The Europe region is anticipated to witness a CAGR of over 9% during the forecast period from 2023 to 2028. Developments in the over-the-top (OTT) segment, focusing on the creation of compelling content, are key factors propelling the rapid adoption of smart TVs in the region. The evolving consumer preference for streaming online content, supported by the increasing availability of high-speed broadband connections, further boosts product demand. Countries within this region are prioritizing the modernization of the display space, thereby driving the adoption of smart TVs across Europe.

Global Smart TV Market Share by Company: LG Electronics, Inc.

1. Samsung Group
2. Panasonic Corporation
3. Apple, Inc.
4. Sony Corporation
5. Koninklijke Philips N.V.
6. Videocon Industries Limited
7. Haier Electronics Group Co, Ltd.
8. TCL Corporation
9. Hisense Group
10. Sansui Electric Co., Ltd.
11. Micromax Informatics
12. Sharp Corporation
13. VIZIO, Inc.
14. Toshiba Corporation
15. Hitachi Ltd

Recently, Samsung Electronics Co. unveiled its range of QLED smart TVs, which have achieved top-tier energy efficiency ratings.

Market players are focusing on strategies such as partnerships, joint ventures, product innovation, research & development, and geographical expansion to strengthen their market positions. The industry is characterized by high competition due to the presence of several well-established competitors. Moreover, the growing demand for on-site gas supplies across various sectors is compelling manufacturers to enhance technology and adopt aggressive management strategies across all aspects of production and distribution. Notable market players are engaged in various activities such as collaborations and promotions, expected to drive market growth during the forecast period.

NOTABLE OCCURRENCES IN THE GLOBAL SMART TV MARKET IN RECENT HISTORY:

• Product Launch - In April 2022, Samsung Electronics Co. Ltd introduced its Neo QLED 8K smart TV range, featuring televisions with screen sizes of 65 inches and 85 inches.
• Announcement - In March 2021, Apple announced the next generation of Apple TV 4K, offering high-frame-resolution HDR with Dolby Vision, enhancing viewer access to high-quality content standards.