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Smart TV Market Research Report- Forecast till 2027Market Highlights
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. The global smart TV market is anticipated to exhibit 10.9% CAGR from 2019 to 2025. It can reach a size of USD 98.55 billion by 2025.
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.
COVID-19 Impact
The COVID-19 pandemic has propelled the growth of smart TV market owing to increasing reliance through communication applications and support of social media applications in these TV sets. But suspension of production and operations coupled with hesitancy among users can restrain market growth.
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Segmentation:
By resolution, the smart TV market has been segmented into 720p, 1080p, 4K, 8K, others. The 4K segment is expected to carve a major market share owing to demand for high resolution content. Adoption of quantum dot technology and nanotechnology by TV manufacturers can improve the image quality in these TV sets. On the other hand, 8K TV sets are offering 33 million pixels and may offer stiff competition to 4K TVs.
By technology, the smart TV market has been segmented into LCD, LED, Plasma, OLED, QLED. The LED technology is likely to dominate market demand significantly owing to emphasis on sound.
By platform, the smart TV market has been segmented into Android, WebOS, Roku, Tizen, and others. The Android platform can lead the global market share owing to open-source nature, compatibility of various applications, and a large existing customer base. Access to social media applications such as Facebook and support of voice commands by Android TVs can drive the demand in the segment.
By distribution channel, the smart TV market has been divided into online and offline. The online distribution channel is expected to be lucrative for the market owing to surge in ecommerce firms and penchant for online shopping.
By application, the smart TV market has been segmented into commercial and residential. The residential application is estimated to show the highest growth rate owing to work-from-home policy enacted by governments to curb the cases of the COVID-19 pandemic. Moreover, the consumption of online content and easy access to hi-speed internet can bode well for the market.
Regional Analysis
North America, Europe, Asia-Pacific, South America, and the Middle East & Africa (MEA) are major regions covered in the smart TVs market.
North America is set to dominate the global market owing to internet compatibility and development in LED technology. Support for video streaming services and need for education and business communication can trigger the market demand considerably.
On the other hand, APAC is expected to showcase a strong growth rate during the assessment period owing to adoption of smart TVs by customers and inclination towards sleek designs. Huge demand for 4K TVs can drive the regional smart TV market.
Competitive Analysis
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. (US), Samsung Electronics Co. Ltd (US), Sony Corporation (Netherlands), Panasonic Corporation (US), Vizio Inc. (US), Apple Inc. (Germany), Hisense Group Co. Ltd (Ireland), Koninklijke Philips NV (Sweden), TCL Corporation. (US), Insignia Systems Inc. (US), Haier Group Corporation. (US), Hitachi Ltd (US), Roku (US), Changhong (), and Konka (UK). 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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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 2027
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Name: Saurabh Sinha
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