August 30, 2019 by Steve Blade
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The smart TV sticks market growth is also impacted from the trade tensions between China and the United States, as the latter continues to impose high duty tariffs on imported electronic products. Such stringent government regulations between the two economically stable giants are likely to cause gap in supply and demand, consequently challenging the growth of smart TV sticks market.
Television scenario has been radically changing with customers shifting from traditional cable network or set top boxes toward standalone content providing devices such as smart TV sticks. The steady upward growth apropos to the demand for OTT (Over The Top) media services has significantly driven the adoption of smart TV sticks. Fact.MR envisages that the demand for smart TV sticks is projected to expand at a steady CAGR of 7.1% in terms of value throughout the period of assessment, 2018-2028.
Sales of smart TV sticks are likely to remain concentrated in the developed regions of United States, given the high purchasing power parity of individuals in the country. However, emerging economies of Asia Pacific excluding Japan (APEJ) region, such as China and India have showcased high inclination toward adoption of smart TV sticks. The report forecasts that by end of 2028, the demand for smart TV sticks in China is projected to grow at a meteoric pace with its sales volume crossing 6 million units.
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Segmentation by Video Support
segmentation by Sales Channel
Third Party Online Channels Direct to Customer Online Channels Franchised Electronics Outlets Independent Electronics Outlets Modern Trade Channels The smart TV sticks study offers segmentation for six geographies and encompassing 23 countries across the globe. The selection of countries have been done in terms of total sales generated from each country. The segment-wise analysis have been given in each of the six regions. North America has been the key market for smart TV sticks accounting for over 40% share; however, its share is expected to decline, as its lost share will be gained by APEJ, and Europe in the coming years.
Segmentation by Region
While OTT viewership has become mainstream in the U.S., the other countries are gradually looking at it, thereby boosting the demand for smart TV sticks. Amazon has been enjoying the privilege of having its own e-commerce channel, which has led to the continuous strong growth of its smart TV sticks globally. Other providers’ direct to customer online offerings are limited to fewer countries, leading to a slightly lower growth. Google’s is also expanding its penetration of its Chromecast branded smart TV sticks.
APEJ to gain 8% share in the smart TV sticks market between 2018 and 2028, equating to around 27% by 2028
Asia-Pacific excluding Japan has been witnessing significant growth in the smart TV sticks market. APEJ is projected to grow its smart TV sticks market share by nearly 8% during 2018 and 2028. With this it become the second largest smart TV market, surpassing Europe. The espousal of western entertainment habits by the people in APEJ has led to the surge in demand for smart TV sticks. The modernization of network infrastructure and broadband has elevated the demand for live streaming, thereby boosting the growth of smart TV sticks market globally.
The prices of smart TV sticks has been eroding continuously, therefore encouraging the volume growth. With the technological advancements, the smart TV sticks that are inching towards becoming obsolete are being offered at prices lower than consumer’s expectations. The prime day offers of Amazon are further encouraging customers for short term high volume purchase of smart TV sticks. The emergence of smart TVs embedded with streaming technology, has been to some extent obstructed the demand for smart TV sticks. However, in the short term this restraining implication are low for the smart TV sticks market.
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