October 30, 2019 by Market-NewsFlash
Global Smart TV Market Research Report: by Resolution (720p, 1080p, 4K, 8K, Others), by Technology (LCD, LED, Plasma, OLED, QLED), by Platform (Android, WebOS, Roku, Tizen, Others), by Size (Below 32 Inches, 32 to 42 Inches, 42 to 55 Inches, Others), by Distribution Channel (Online, Offline), by Application (Commercial, Residential), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) — Forecast till 2025
Smart TV Market
The global smart TV market was valued at USD 98.55 billion in 2018; it is expected to reach USD 195.47 billion by the end of the forecast period at a CAGR of 10.9%.
Smart TVs support a range of applications such as video streaming, gaming, and social media platforms with the help of internet connectivity. Smart TVs can also be used to control connected devices such as voice assistants and sensors for controlling lights and door locks. Shifting consumer preference toward online content is expected to propel the growth of the smart TV market globally. Additionally, the reach of the Internet is exceptionally high in the US, which is accelerating the demand for smart TVs in North America. Market players may take advantage of the growth opportunities provided by various advances in technology. However, the rising sales of streaming devices are expected to restrict the growth of the global smart TV market during the forecast period.
The growth of the global smart TV market can be attributed to the presence of electrical component vendors across the world exporting products globally. Additionally, the growing importance of online streaming and high Internet connectivity are expected to further drive the market growth, while technological advancements are expected to create growth opportunities for the players operating in market. However, the growing sales of streaming devices are likely to hamper the market growth during the review period.
Smart devices and other electronic gadgets are highly popular due to a number of innovations introduced by established market players as well as high awareness among consumers inclined toward new trends and advanced developments. Established players in the smart TV market consider long-term tie-ups and collaborations with suppliers for a continuous supply of electrical components. These suppliers experience internal competition and in order to sustain in the global market, offer these components at low rates; this is attracting new players to enter the market and offer smart TVs at reasonable cost.
Manufacturers based in Taiwan, the Philippines, and Japan are exporting, thereby, boosting the market growth. Suppliers have also started manufacturing customized products with high scalability and efficiency for innovation and product development.
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Smart TV Market
Globally, the smart TV market has been categorized into four regions — North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Increasing Internet and home broadband connectivity across North America is expected to grow at an exponential rate during the forecast period. The widespread access to the Internet across the globe offers smart TV manufacturers the opportunity to innovate, providing features and Internet-based functions. Streaming video platforms such as Netflix and Amazon Prime Video require an uninterrupted Internet connection. Furthermore, smart TVs also support video streaming services. The growing sales of smart TVs due to high availability of Internet connectivity in the US has resulted in approximately 38.59% of households with smart TV in the US in 2018.
The key players in the smart TV market are identified across all the major regions based on their country of origin, presence, recent key developments, product diversification, and industry expertise. Some of them are LG Electronics Inc, Samsung Electronics Co. Ltd, Sony Corporation, Panasonic Corporation, Vizio Inc, Apple Inc, Hisense Group Co Ltd, Koninklijke Philips NV, TCL Corporation, Insignia Systems Inc, Haier Group Corporation, Hitachi Ltd, Roku, Changhong, and Konka. These players contribute significantly to market growth. Apart from the top key players, the other players contribute nearly 35–40% in the smart TV market.
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