Global Smart TV Market is valued at USD 151.81 Billion in 2018 and is expected to reach USD 609.47 Billion by 2027 with a CAGR of 16.7% over the forecast period.
Global Smart TV Market Global Size, Trends, Competitive, Historical & Forecast Analysis to 2022-2028, Increasing demand for smart TV’s, technological advancements in TV resolution from HD towards 4K and higher, and demand for web-enabled TV’s are some of the factors which are driving the growth of the Smart TV Market
A smart TV is a digital television that is, essentially, an Internet-connected, storage-aware computer specialized for entertainment. The main benefit of a smart TV is access to a large number of channels that offer TV programs, movies, and music without the need to connect a TV antenna or subscribe to a cable/satellite service. Also, some smart TVs provide web browsing, gaming, and access to compatible media content stored on a computer. Smart TVs have emerged as an advancement that is transforming the entertainment industry throughout the globe. Internet penetration and digitalization has further enriched the experience that televisions offer to audiences in the entertainment industry, and the smart TV is technical conjunction of computers and flat-screen televisions.
Smart TVs are also gaining more integrated smart home features and some are even the best smart home devices. Many TVs are compatible with other connected devices in the home, including best smart lights, best smart locks and other sensors, and some TVs even include a dedicated dashboard for controlling all of the devices in the connected home. Smart TV is a technological advancement in traditional television. It is a connected TV or hybrid TV that is integrated with internet access. It also accompanied by the set-top box. It provides extraordinary benefits than normal TV including search, browser, share, download, chat, mirroring etc.
Smart TV market Report covers prominent leading players are
Global Smart TV market report is segmented on the basis of type, application and regional& country level. Based upon type Smart TV market is classified into 32 inch, 40 inch, 42 inch, 55 inch, Less than 60 inch and others. Based upon Application Smart TV market is classified into Family and Public. Smart TV Market report is segmented on the basis of technology, screen size, end-user and by regional & country level. Based upon technology, global smart TV market is classified as HDTV, Full HDTV, 4K UHD TV and 8K TV. Based upon screen size, global smart TV market is classified as 28 to 40 Inches, 41 to 59 Inches and above 60 Inches. Based upon end-user, global smart TV market is classified as office purpose, home entertainment and educational purpose.
Apart from smart homes, smart TVs are nowadays also being adopted in various educational institutes, healthcare institutes, and hotels, as well as in commercial shopping complexes. Of all the TVs in U.S. households, 32% are now connected smart TVs, and 4K TVs in 2019. An upcoming trend in the smart TV market is OLED and 4K technology, which is designed to deliver high-quality visual content. OLED panels have low power consumption and better durability as compared to LCD panels. OLED displays are energy efficient and provide a high quality of visual experience. The energy-efficiency feature promotes its demand in the commercial sector. TechRadar an international media group stated that As it stands, over 70% of American households now own a 4K TV, with that number only set to increase in 2020 – but with so many sets to choose from, they thought to bring together the very best 4K Ultra HD TVs in one handy guide.
Computers Networks and Emerging Technology stated that Most of the demand was in China, where more 75 percent of televisions shipped last year were Web connected. Popularity in North America also increased from 36 to 48 percent. High cost is the major restrain to the market. High internet bandwidth requirement for web enabled TVs is one more factor that is hindering the Smart TV Market. In addition, technological advancement and innovation in smart TVs, features and functions and rising purchasing power in emerging economies are the factors which provide an opportunity for the growth of this Smart TV market.
The major driving factor for the global smart TV market is changing lifestyle coupled with advancement in technology. Nevertheless, the commercial sector is showing the higher growth in the global market. Increasing buying power of the people in developing region due to increasing disposable income is also fueling the global smart TV market growth. Changing company strategies to beat their rivals such as collaborations, new product developments, agreements, partnerships, mergers & acquisitions, and contracts is expected to foster the global market growth. However, high of the smart TV as compare to normal is likely to hamper the smart TV market during the forecast period. The global smart TV market is expected to expand at a CAGR of around 11% between 2018 and 2024
North America is expected to dominate the growth of Smart TV Market, due to increasing number of internet users across the globe and rise in demand for internet-connected multimedia devices. Smart TV Penetration in U.S. is up to 32%. Also According to Internet live state, in the U.S.A. there are 286,942,362 Internet Users. Europe is second largest Smart TV market, due to rising disposable income of consumers, growing population and changing lifestyles of consumers. Furthermore, the adoption of advanced technologies, transitioning consumer spending behavior for enhanced customer experience, and increasing economic growth of the developing economies of South East Asia and Middle East & Africa.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2018:||USD 151.81 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 609.47 Billion|
|Tables, Charts & Figures:||175|
|Smart TV Companies||Logitech International, Sony Corporation, Apple, Yahoo, TCL Corporation, Panasonic Corporation, Samsung Electronics, LG Corporation, Onida Electronics, TechniSat Digital, Hong Kong Skyworth Digital Holdings, Toshiba Corporation, Haier Consumer Electronics Group, Videocon Industries, and Vizio, Inc., Koninklijke Philips N.V., Microsoft, Samsung Electronics, Intel, Sharp Corporation|
|Segments Covered||By Technology, By Screen Size, By End-user|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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