Market Research Future published a research report on “Smart TV Market Research Report – Global Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
According to Market Research Future (MRFR), the global smart TV market is expected to reach USD 195.47 billion, with a CAGR of 10.9% from 2018 to 2025 (forecast period). The report examines the impact of the COVID-19 pandemic on the global smart TV market and provides a complete and accurate estimate of the expected volatility of demand over the forecast period.
Smart TVs support a number of applications, such as video streaming, gaming, and social media platforms, with the aid of internet connectivity. Smart TVs can also be used to control connected devices like voice assistants and sensors to control lights and door locks.
The shift in customer preference to online content is expected to drive the smart TV industry’s growth globally. In addition, the internet reach in the US is extraordinarily high, increasing the market for smart TVs in North America. Market players can take advantage of the growth opportunities provided by various technological advances. However, growing sales of streaming devices are expected to hinder the global smart TV market’s growth during the assessment period.
The growth of the global Smart TV Market can be linked to the presence of manufacturers of electrical components worldwide exporting products. In addition, the increasing importance of online streaming and high internet connectivity is expected to further fuel market development, while technological developments are expected to generate growth opportunities for market-based players.
Smart devices and other electronic gadgets are very popular due to a range of innovations introduced by established market players, and a high level of consumer awareness of emerging trends and technological developments. Known players in the smart TV industry are exploring long-term tie-ups and partnerships with suppliers for the continuous supply of electrical components. These manufacturers face internal competition and, in order to retain the global market, offer these components at a low rate, attracting new entrants to join the market, and deliver smart TVs at a reasonable cost.
Major players in the global smart TV market are listed across all major regions based on their country of origin, presence, recent main innovations, product diversification, and industry expertise. Some of them are LG Electronics Inc, Apple Inc, Samsung Electronics Co. Ltd, Sony Corporation, Panasonic Corporation, Vizio Inc, Hisense Group Co Ltd, Insignia Systems Inc, Koninklijke Philips NV, Haier Group Corporation, Hitachi Ltd, Roku, TCL Corporation, Changhong, and Konka. These players make a significant contribution to market development. Apart from the top leading players, the other players contribute almost 35–40% to the smart TV market.
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The global smart TV market has been divided based on resolution, technology, platform, size, distribution channel, and application.
By resolution, the global smart TV market has been segmented into 720p, 1080p, 4K, 8K, others.
By technology, the global smart TV market has been segmented into LCD, LED, Plasma, OLED, QLED.
By platform, the global smart TV market has been segmented into Android, WebOS, Roku, Tizen, others.
By distribution channel, the global smart TV market has been segmented into online and offline.
By application, the global smart TV market has been segmented into commercial and residential.
By region, the global smart TV market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Increased internet and home broadband access across North America is projected to rise exponentially over the forecast period. Globally, widespread access to the internet provides smart TV manufacturers the ability to develop, introduce features, and internet-based services. Streaming content platforms such as Netflix and Amazon Prime Video needs an uninterrupted internet connection. In addition, smart TVs also support video streaming services. Increasing sales of smart TVs due to the high availability of internet access in the US resulted in nearly 38.59% of households with a smart TV in 2018.
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