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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. The smart TV market is classified into Distribution Channel, Type, and Geography. The distribution channel segment holds the largest market share.
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 Smart TV Market is divided into distribution channel, type, 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 growing influence of digital media on smart TV advertising and marketing is one of the major smart TV market trends shaping the market growth. Digital media has surged in importance as a crucial communication and marketing avenue for global smart TV 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 smart TV advertising and marketing is set to fuel market growth in the forecast period.
Technological advances in TV resolution are a key factor boosting the smart TV market size. Advancements in smart TV software and display technology have empowered leading vendors like Samsung, Apple, and Sony to deliver application-rich smart TVs that prioritize visual excellence. The surging popularity of 4K UHDTV has prompted various streaming services and cable providers to offer high-resolution content. 4K UHD TVs boast a 3840 x 2160 display resolution, four times that of traditional sets, complemented by high dynamic range (HDR) technology for lifelike colors and contrast.
Cutting-edge display tech, such as OLED and QLED, ensures remarkable color, clarity, and thin, lightweight TV designs. LG and Samsung, for example, invest significantly in enhancing display technology. Integration of operating systems and media streamers like Android TV, Apple TV, and Roku simplifies user experiences with on-screen menus and centralized control, along with support for 4K and HDR content. These innovations in design and functionality are driving demand for smart TVs in both developed and emerging markets, particularly among tech-savvy consumers in urban areas. The smart TV market is expected to continue its growth during the forecast period due to ongoing advancements in hardware and software technology.
Security and privacy concerns related to smart TV is a key challenge hindering the market growth. Security threats have emerged as a significant challenge in the global smart TV market. While smart TVs are generally secure, their internet connectivity exposes them to specific risks:
These privacy and security concerns are likely to impede smart TV adoption in the future.
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 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.
In 2020, the COVID-19 pandemic adversely affected the APAC smart TV market as governments enforced lockdowns and social distancing measures, leading to the closure of offline distribution channels. Demand for smart TVs, especially in lower-income countries like India and China, dwindled as consumers were cautious about high-priced electronics. However, by H1 2021, as vaccines became available, COVID-19 restrictions eased, prompting the reopening of retail stores offering smart TVs. Consequently, the demand for smart TVs rebounded in 2021, with key vendors like Xiaomi, Samsung, LG, and Sony experiencing increased sales in Q2 2021. Notably, the Indian smart TV market saw a 74% YoY growth in Q2 2022.
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 TV 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 smart TV 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.
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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 2022-2023(%) |
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 Companies, Market Positioning of Companies, 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, Market condition analysis for 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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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