Smart TV Market by Distribution Channel and Geography - Forecast and Analysis 2020-2024

The smart TV market share is expected to increase by 293.32 million units from 2020 to 2024, and the market's growth momentum will accelerate at a CAGR of 21%.

This smart TV market research report extensively covers smart TV market segmentation by distribution channel (offline and online) and geography (APAC, Europe, MEA, North America, and South America). The smart TV market report also offers information on several market vendors, including Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Qingdao Haier Co. Ltd., Samsung Electronics Co. Ltd., Sharp Corp., Sony Corp., Videocon Industries Ltd., VIZIO Inc., and Xiaomi Corp. among others.

What will the Smart TV Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Smart TV Market Size for the Forecast Period and Other Important Statistics

Smart TV Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The technological advances in TV resolution are notably driving the smart TV market growth, although factors such as the security and privacy concerns related to smart TVs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the smart TV industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Smart TV Market Driver

One of the key factors driving growth in the smart TV market is the technological advances in TV resolution. Rapid advances in smart TV software and display resolutions have enabled vendors, such as Samsung, Apple, and Sony, to offer application-loaded smart TVs that emphasize visual perfection. Owing to the rising popularity of 4K UHDTVs, several streaming services and cable platforms are increasingly offering content that is filmed and broadcast at high resolution. Advanced display technologies, such as OLED and QLED displays, ensure excellent color, lighting, sharpness, and contrast to display imagery. The integration of operating systems and media streamers, such as Android TV, Apple TV, Google Cast, Amazon TV, and Roku, emphasize the simplification of user experience for smart TVs. Innovations in terms of design and features are, therefore, expected to drive the demand for smart TVs among consumers in both developed and developing regions.

Key Smart TV Market Trend

The growing influence of digital media on smart TV advertising and marketing is another factor supporting the smart TV market share growth. Several smart TV manufacturers are increasingly investing in social media campaigns in developed markets, such as the US and the UK, for product promotions and wider marketing outreach. Micro-influencers that generally have a following of 2,000-50,000 in any particular social media channel focus on a niche passion, topic, or market. Several social media influencers and reviewers that use and opine on new smart TV products in the market have established their presence and have considerable customer bases on streaming services and micro-blogging platforms, such as YouTube and Twitter. The rising influence of digital media on smart TV advertising and marketing is expected to aid market growth during the forecast period

Key Smart TV Market Challenge

The security and privacy concerns related to smart TVs will be a major challenge for the smart TV market during the forecast period. Although smart TVs are inherently secure devices, their internet connectivity renders them vulnerable to key security risks, such as the following. Several vendors offer camera-enabled smart TVs, which are pre-installed with popular social media applications, such as Facebook, WhatsApp, and Skype. An active internet connection for these smart TVs poses privacy-related security concerns. As smart TVs enable connectivity of external devices, such as streaming devices and flash drives, these devices are prone to malware attacks, which may lead to unauthorized access and file modification. The concerns related to the privacy and security of user information captured by internet-enabled smart TVs are expected to continue to hamper the adoption of smart TVs.

This smart TV market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2024.

Parent Market Analysis

Technavio categorizes the global smart TV market as a part of the global consumers electronics market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the smart TV market during the forecast period.

Who are the Major Smart TV Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Koninklijke Philips NV
• LG Electronics Inc.
• Panasonic Corp.
• Qingdao Haier Co. Ltd.
• Samsung Electronics Co. Ltd.
• Sharp Corp.
• Sony Corp.
• Videocon Industries Ltd.
• VIZIO Inc.
• Xiaomi Corp.

This statistical study of the smart TV market encompasses successful business strategies deployed by the key vendors. The smart TV market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Koninklijke Philips NV - The company offers a range of smart TVs with different screen sizes such as the 7000 series LED TV and the 8600 series Ultra Slim Smart 4K Ultra HD LED TV

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The smart TV market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Smart TV Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the smart TV market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the consumers electronics market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Smart TV Market?

For more insights on the market share of various regions Request for a FREE sample now!

46% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for smart TVs in APAC. Market growth in this region will be faster than the growth of the market in other regions.

A rise in consumer willingness to spend on smart TV products over the last few years, particularly in emerging economies, such as India and other Southeast Asian countries, including Thailand, Vietnam, and Hong Kong will facilitate the smart TV market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Distribution Channel Segments in the Smart TV Market?

To gain further insights on the market contribution of various segments Request for a FREE sample

The smart TV market share growth by the offline segment will be significant during the forecast period. Globalization has spurred investments in traditional commerce and subsequently increased the number of offline retail outlets.  Rapid internet penetration and growth in the adoption of OTT streaming services in the US, India, and China have boosted the demand for high-end smart TV products. Moreover, advances in technology and product design have made smart TVs more affordable to consumers globally over the last few years.

This report provides an accurate prediction of the contribution of all the segments to the growth of the smart TV market size and actionable market insights on post COVID-19 impact on each segment.

Request for a FREE sample

What are the Key Data Covered in this Smart TV Market Report?

• CAGR of the market during the forecast period 2021-2024
• Detailed information on factors that will drive smart TV market growth during the next five years
• Precise estimation of the smart TV market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the smart TV industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of smart TV market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch