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The Smart Television (TV) Market size was valued at USD 85.51 billion in 2020 and the market is estimated to show a positive growth during the forecast period. Market drivers include technological advancements in TV resolution, the increasing popularity of OTT content on smart TVs, and the growing prominence of online sales. On the other hand, market challenges stem from security and privacy concerns associated with smart TVs, competition from alternative products, and the compliance costs linked to the adoption of GDPR in Europe.
The global smart TV market share is estimated to grow by USD 69.33 billion between 2023 and 2027, accelerating at a CAGR of 10.81%.
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The Market is divided into distribution channels, types, and geography. The Distribution Channel is classified into offline and online segments. The type is segmented into below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, and above 65 inches, and Geography includes key regions such as APAC, Europe, North America, South America, and Middle East and Africa.
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 them. 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 products. Moreover, advances in technology and product design have made them 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 estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In 2022, China and India stood out as significant consumers in the APAC smart TV market. The region's growing demand for high-end smart TVs, particularly in emerging economies like India and other Southeast Asian countries, including Thailand, Vietnam, and Hong Kong, has been bolstered by increased consumer willingness to invest in these products. Additionally, a surge in OTT content subscriptions and the availability of technologically advanced smart TVs have contributed to market growth. For instance, India is projected to witness a substantial rise in its OTT content market, and international OTT platforms like Netflix and Amazon Prime have gained traction in APAC. Manufacturers like LG, Samsung, TCL Corp., Panasonic, and Sony are meeting the demand with affordable, high-end smart TVs, aided by advancements in manufacturing technology and substantial investments in production facilities and research and development. These factors are expected to fuel further growth in the APAC smart TV market in the coming years.
The market is driven by several key factors that shape its growth trajectory. Firstly, the proliferation of Over-the-Top (OTT) services and streaming platforms has significantly influenced consumer preferences, driving the demand for Smart TVs equipped with access to a variety of OTT platforms. Moreover, the rise of internet video streaming and increasing internet accessibility has expanded the market reach, allowing users to access a wide range of content directly from their Smart TVs. Additionally, the integration of interactive features and voice command functionalities enhances user experience, making Smart TVs more intuitive and user-friendly.
Technological advancements play a crucial role in driving the market forward. Advanced computing capabilities and graphical user interface (GUI) innovations contribute to the development of more sophisticated Smart TV operating systems. Screen mirroring/sharing and video calling functionalities further enhance connectivity and interaction, catering to the evolving needs of consumers. Moreover, the convergence of Smart TV technology with other devices, such as cellphones and computers, fosters seamless integration and application development, creating a more interconnected digital ecosystem. Overall, the market is characterized by continuous innovation and adaptation to meet the demands of modern consumers in the digital age.
The growing influence of digital media on smart TV advertising and marketing is one of the major market trends shaping the market growth. Digital media has surged in importance as a crucial communication and marketing avenue for global manufacturers. Many are now investing in social media campaigns, particularly in developed markets like the US and the UK, to boost product promotion and expand marketing reach. This approach leverages deep data insights and precise customer targeting.
For instance, LG's Smart TV advertising service in the Middle East and North Africa relies on device-level insights and user data with consent to enhance the consumer viewing experience while incorporating non-intrusive online video and banner ads. Additionally, micro-influencers on platforms like YouTube and Twitter, who focus on niche interests, play a significant role in promoting smart TVs. Brands like Samsung employ AI, sentiment analysis, and predictive alerts to gauge social media sentiments about their products. In sum, the growing impact of digital media on advertising and marketing is set to fuel market growth in the forecast period.
The market is experiencing significant growth driven primarily by technological advancements in TV resolution. The advent of 4K UHDTV, supported by advancements in software and display technology, has revolutionized the viewing experience, prompting leading vendors like Samsung, Apple, and Sony to deliver application-rich products prioritizing visual excellence. This surge in resolution has led to the proliferation of high-resolution content offered by various streaming services and cable providers, enhancing consumer demand for Smart TVs equipped with 4K displays. Additionally, cutting-edge display technologies such as OLED and QLED contribute to remarkable color accuracy, clarity, and thin, lightweight TV designs, further fueling market growth.
Integration of operating systems and media streamers like Android TV, Apple TV, and Roku plays a crucial role in simplifying user experiences and centralizing control while supporting 4K and HDR content. These innovations in design and functionality cater to the preferences of tech-savvy consumers in both developed and emerging markets, particularly those in urban areas. As hardware and software technology continues to advance, the Smart TV market is poised for continued growth, driven by ongoing enhancements in resolution, display technology, and user interface innovations.
Security and privacy concerns is a key challenge hindering the market growth. Security threats have emerged as a significant challenge in the global market. While they are generally secure, their internet connectivity exposes them to specific risks:
These privacy and security concerns are likely to impede adoption in the future.
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.
TCL- The company offers smart TVs such as TCL mini LED 4K TV, TCL QLED 4K TV, and HDR TV.
Technavio has detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market analysis 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.
The market is experiencing rapid growth fueled by technological advancements such as 4K display technology and advanced computing. Consumers are drawn to affordable products offering better colors and deeper blacks, with a wide range of content available through OTT services and online content delivery. However, concerns regarding security vulnerabilities persist amidst the rise of internet connectivity and streaming media. Android ecosystem and QLED display technology are shaping the market alongside features like speech recognition and screen mirroring. As consumer behavior shifts towards online content consumption, manufacturers focus on user interface innovations and streaming platforms to meet evolving demands.
The market is witnessing profound changes driven by rapid technological advancements and shifting consumer behavior towards internet video streaming and OTT services. Manufacturers offer a plethora of features, including 4K-resolution televisions, curved TVs, and MICRO LED displays to cater to diverse preferences. Content providers play a crucial role in ensuring content availability and integration, while connected TV manufacturers capitalize on the developer community to enhance interactive features and experience design. As the market evolves, Chinese players and third-party service providers compete fiercely, prompting innovation in areas such as quantum dots and Neo QLED technology. Despite challenges like travel restrictions, the market experiences a sales spike fueled by rising internet accessibility and home networking access.
Smart TV Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.81% |
Market growth 2023-2027 |
USD 69.33 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.33 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 46% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, market growth and trends, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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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
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