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The Global Smart TV Market size is estimated to grow at a CAGR of 10.81% between 2022 and 2027. The size of the market is forecast to increase by USD 69.33 billion. The growth of the market depends on several factors, including technological advances in TV resolution, the rising popularity of OTT content in smart TV, and the growing prominence of online sales.
This report extensively covers market segmentation by distribution channel (offline and online), type (below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, and above 65 inches), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing prominence of online sales is notably driving market growth. Although traditional brick-and-mortar retail stores, such as consumer electronics stores, remain the key distribution channel for smart TV, there has been a growing consumer shift toward online purchase platforms. Several manufacturing vendors, such as LG, Apple, and Samsung, offer a range of smart TV models through their company websites. Regional vendors with limited offline distribution outlets, such as Xiaomi, are increasingly catering to premium customers through online retail in emerging economies, such as India. In addition, price discounts offered by manufacturers and third-party retailers to encourage online purchases of smart TV have boosted the sales of smart TV through online channels over the last few years.
The growing penetration of internet-enabled mobile devices in the US, China, and India, among other countries, has resulted in a steady shift toward online retail platforms as the preferred purchase channel for smart TV in these countries. Quick shipping services, easy comparison of product features, and large online product diversity have been key to the growth in popularity of online retail for smart TV. Overall, the rising popularity of online sales for smart TV is expected to boost market growth during the forecast period.
Rising demand for smart TV in emerging countries is the primary trend in the market. The rising popularity of smart TV in APAC has led to a growth in smart TV shipments in India and the Philippines, along with other Southeast APAC countries, such as Hong Kong and Thailand. High internet penetration in these countries and a steady rise in per capita income have been the key drivers for the rise in demand for smart TV over the last few years. In addition, the growing price parity between smart and normal TV has contributed to growth in the adoption of smart TV in these countries.
There has been a rise in the demand for high-end OLED smart TV in APAC over the last few years. Several vendors are increasingly investing in the expansion of production facilities to cater to the rise in the demand for OLED TV. For instance, in December 2021, Xiaomi, under its brand Redmi, launched the smart TV model Redmi TV X 75-inch in China. Overall, the growing demand for smart TV in emerging countries is expected to continue to drive the growth of the market during the forecast period.
Threat from alternate products is the major challenge impeding the market growth. Smart TVs face significant competition from alternate viewing devices, such as smartphones. Owing to the high penetration of internet-enabled smartphones globally, several OTT content providers and VOD services offer a range of streaming content compatible with mobile screens. In addition, while smart TVs are generally equipped with multiple remotes for different functionalities, smartphones offer easier user interfaces. This enables users to type and point their inputs onto their mobile screens. Moreover, owing to significant differences in the processing power of smart TV with respect to smartphones, applications designed for smart TV often lack the interface design and performance of their smartphone counterparts.
Smart TVs face a considerable threat from set-top boxes and streaming media sticks connected to a normal TV. Roku Inc., Amazon Inc., and Apple offer a range of media streamers that provide picture quality at par with a smart TV. These products offer more flexibility through features, such as voice-controlled searches, and compatibility with other smart devices, such as smartphones and tablets. Moreover, the lower prices of set-top boxes and streaming media sticks render them financially viable alternatives for consumers. Overall, the growing threat of substitute products is expected to hamper the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Smart TV Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Xiaomi Inc. - The company offers smart TVs such as Xiaomi Smart TV X series, Premium metal bezel-less design Xiaomi smart TV, and Dolby vision Xiaomi smart TV as its key offerings.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the offline segment will be significant during the forecast period. The offline segment includes consumer electronics stores, hypermarkets and supermarkets, and specialty retail stores that sell smart TV. Offline distribution channels remain the primary distribution channels in the market. 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 TV more affordable to consumers globally over the last few years.
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The offline segment was valued at USD 52.21 billion in 2017 and continue to grow by 2021. Vendors in the market also offer their products through several leading offline retail supermarkets, such as SPAR International, Walmart, Target Brands, Inc., and ALDI. In addition, established international vendors, such as LG, Samsung, and Toshiba, have an extensive global presence through a wide distributor network. Offline stores continue to appeal to consumers owing to their affinity toward experience-based purchase offerings. Several consumers continue to rely on in-store performance and store expert demos to make informed purchase decisions. Overall, the offline segment is expected to witness moderate growth during the forecast period, albeit at a slower rate than the online channel.
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APAC is projected to contribute 46% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
China and India were among the key consumers in the market in APAC in 2022. 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 APAC countries, including Thailand, Vietnam, and Hong Kong, has supported the growing demand for high-end smart TV in APAC. An increase in the number of OTT content subscriptions and the availability of a diverse range of technologically advanced smart TV have further aided the growth of the market in the region. According to PwC Global Entertainment and Media Outlook 2019-2023, India will witness a growth in the OTT content market from $638 million in 2018 to $1.7 billion in 2023 at a CAGR of approximately 22%. There has been rapid growth in the penetration of established international OTT platforms, such as Netflix and Amazon Prime, over the last few years in APAC.
As consumers continue to stay indoors, the demand for home entertainment through sources such as smart TV will continue to increase during the forecast period. Overall, the market in APAC is expected to continue to witness rapid growth during the forecast period.
In 2020, the COVID-19 pandemic had a negative impact on the market in APAC. However, in H1 2021, due to the availability of vaccines, the COVID-19-related restrictions in the region eased. This led to the reopening of retail stores offering smart TV. The demand for smart TV rebounded in the region in 2021. Prominent vendors such as Xiaomi, Samsung, LG, and Sony witnessed increased demand for smart TV in Q2 2021. In Q2 2022, the market in India gained 74% YoY.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Smart TV Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.81% |
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Market growth 2023-2027 |
USD 69.33 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
10.33 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 46% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Apple Inc., BBK Electronics Corp Ltd, Haier Smart Home Co. Ltd., Hisense International Co. Ltd. , Koninklijke Philips NV, LG Electronics Inc., Logitech International SA, MIRC Electronics Ltd., Panasonic Holdings Corp., Roku Inc., Samsung Electronics Co. Ltd., Sharp Corp., Skyworth Group Ltd, Sony Group Corp., TCL Electronics Holdings Ltd, TOSHIBA CORP, Videocon Industries Ltd., VIZIO Holding Corp, Westinghouse Electric Corp., and Xiaomi Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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