November 27, 2019 by Market-NewsFlash
The global smart TV market is highly competitive with the presence of major players across the globe. The established players in the market act as a challenge for new entrants to establish their brands. Additionally, the need for high investments in the market poses barriers to the entry of new players. However, the availability of cost-effective raw materials from local suppliers and escalating demand for smart TVs in developed countries has made the market lucrative.
The increasing preference for smart TVs offers significant opportunities for the manufacturing of products with innovative functions such as voice recognition, online streaming, and video chat. The popularity of smart TVs is increasing as they offer an enhanced viewing experience with advanced picture quality. Customers have a wide range of options from which they can choose based on requirement, price, and convenience.
The rapid transformation in the modes of content delivery from the traditional platforms to subscription video-on-demand (SVOD) services has led to the popularity of media providers such as Netflix, HBO Go, Hulu, and Amazon Prime Video. The growing demand for media streaming applications among consumers to watch movies, series, and songs on a single platform is boosting the viewer count across the globe.
According to Market Research Future, the global smart TV market has been segmented based on resolution, technology, platform, size, distribution channel, application, and region. By resolution, the smart TV market has been segmented into 720p, 1080p, 4K, 8K, and others. Among these, 4K dominated the smart TV market in 2018 due to vivid image quality and lower energy consumption.
By technology, the smart TV market has been segmented into LCD, LED, Plasma, OLED, QLED. Among these, LED dominated the smart TV market in 2018 due to advantages such as affordability and low power consumption. However, the adoption of OLED-based smart TVs is expected to gain momentum at the highest CAGR during the forecast period. By platform, the smart TV market has been segmented into Android, WebOS, Roku, Tizen, Others.
By region, the smart TV market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
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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