by The smart TV market has experienced significant growth in the recent years owing to the increasing demand for large-screen televisions with enhanced connectivity and streaming capabilities. Smart TVs allow users to access digital content through integrated apps and network connection and provide an enhanced TV viewing experience with features such as voice search, personalized recommendation engine and multi-user profiles. The innovation in television display technology has led to thinner panels, improved contrast ratios and higher resolutions. Major smart TV brands are focusing on building intelligent user interfaces to offer seamless content discovery and personalized content recommendations based on user preferences.
The Global smart TV market is estimated to be valued at US$ 253.79 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the smart TV market are Samsung, Panasonic Corporation, LG Electronics, Inc., Apple, Inc., Sony Corporation, Koninklijke Philips N.V., Videocon Industries Limited, Haier Electronics Group Co, Ltd., TCL Corporation, Hisense Group, Sansui Electric Co., Ltd. Samsung dominated the global smart TV market in 2019 with a market share of 32.9% owing to its wide product portfolio and strong brand presence across regions.
The growing trend of video streaming and video on demand presents significant growth opportunities for Smart TV Market Demand vendors. Major players are focusing on partnerships with streaming platforms and content providers to offer integrated streaming applications. The increasing investments by smart TV brands to develop artificial intelligence-powered capabilities will further enhance the content discovery and personalized experience for users.
The smart TV market is witnessing rapid growth in developing regions of Asia Pacific and Latin America driven by rising living standards, increasing broadband penetration and growing media and entertainment consumption. Major brands are establishing manufacturing facilities in these regions to cater to the rising local demand.
Market Drivers
The increasing adoption of connected home devices and rising trend of home automation has been a major market driver for Smart Tv Companies. Many smart TV models offer compatibility with voice assistants, smart speakers and other IoT devices allowing users to control tv functions through voice commands. This has improved overall user experience and convenience driving more consumers to adopt smart TVs.
PEST Analysis
Political: The government support for digitalization and smart technologies adoption is positively impacting the smart TV market. Subsidies and favourable tariffs by various governments is also supporting the market growth.
Economic: Rising disposable incomes and growing economy globally is supporting the purchasing power for premium smart TVs. Lower interest rates and easy financing options are also contributing to the market expansion.
Social: Changing consumer preferences towards smart and connected lifestyle products. Increasing popularity of OTT platforms and online streaming is driving the demand for smart TVs among youth.
Technological: Continuous innovation in display technologies like LCD, LED, QLED, OLED is enhancing picture quality and driving replacement demand. Integration of AI capabilities is enabling new personalised viewing experiences.
Geographical Regions with High Market Concentration
The smart TV market in terms of value is highly concentrated in regions like North America and Asia Pacific. North America holds a significant share owing to high average selling prices and high replacement rates in countries like United States. In Asia Pacific, China represents the largest smart TV market because of its huge population size, growing middle class and government initiatives for digital switch over.
Fastest Growing Region
The smart TV market is witnessing fastest growth in Asia Pacific region excluding Japan. Rapid digitization, digital infrastructure development, affordability of smart TVs due to local manufacturing and rising tech savviness among consumers are fueling double digit growth rates in countries like India, Indonesia and Vietnam. Government policies for digital switch over is also propelling adoption in rural regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
