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The smart television (TV) sticks market is estimated to grow at a CAGR of 7.78% between 2022 and 2027. The size of the market is forecast to increase by USD 612.44 million. The growth of the market depends on several factors, including growing penetration of the Internet, increased benefits of smart TV sticks, and advantages of OTT providers over cable TV providers.
This report extensively covers market segmentation by type (non-4K and 4K and above), distribution channel (hypermarket and supermarket, online, convenience stores, and specialty store), and geography (North America, Europe, APAC, 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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The growing penetration of the Internet is notably driving the market growth, although factors such as the restrictions on certain digital content may impede the market growth. 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.
Key Smart TV Sticks Market Driver
The growing penetration of the Internet is notably driving market growth. The use of the 4G and 5G technologies in developed countries such as the US and the UK are leveraging end-users to connect with the high-speed Internet. This rise in the adoption and implementation of broadband in these regions will also support market growth during the forecast period. Over 749 million people in India used the Internet in 2020. This figure is expected to rise to more than 1.5 billion by 2040, indicating a large market potential for internet services in the South Asian country.
In 2021, the United States had over 302 million internet users. The 4G and 5G technologies are increasingly becoming low-cost. This is eventually reducing the costs of the service providers and is driving worldwide Internet penetration. For instance, the cost of using the Internet in Eastern Europe is lower compared with countries such as the US. This would encourage consumers to adopt digital content, augmenting the demand for smart TV sticks.
Significant Smart TV Sticks Market Trend
The emergence of OTT content providers is the key trend in the market. Consumers are increasingly shifting their viewing demand from traditional broadcasting to on-demand streaming video. As a result, many TV broadcasters are focusing on boosting the growth of their businesses by developing and launching their own OTT platforms and applications. For instance, there are currently about 40 providers of OTT media services globally which distribute streaming media over the Internet. These platforms and applications can also telecast live tournaments such as World Cups. This factor is increasing the popularity of these platforms and applications.
In 2021, a total of 2,709.02 million people used the OTT platform. The platform would have a WarnerMedia collection of television series, films, documentaries, libraries, and animation, which are most viewed. Consumers can download all these applications on their smart TV sticks. This would give them an opportunity to get easy access to all the OTT platforms and applications through a single device.
Major Smart TV Sticks Market Challenge
The restrictions on certain digital content is the major challenge impeding market growth. Content is both an asset and a challenge for players providing online digital content. They need to ensure that their content portfolio is attractive to consumers. Acquiring rights to distribute content on a new platform is also challenging for online digital content players. These players need to thoroughly understand their target market and the respective rules and regulations of the country. Content owners also must maintain balanced relationships with theatrical exhibitors and broadcasters so that they do not get into litigations with respect to content rights.
In addition, there is immense competition among online digital content providers. They compete to capture a larger market share. Online digital content providers compete on parameters such as features, price, and functionality. Online digital content providers must be selective in delivering content. This will increase the market growth during the forecast period.
Key Smart TV Sticks Market Customer Landscape
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 Sticks Market Customer Landscape
Vendors 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.
Shenzhen Tomato Technology Co. Ltd. - The company operates under one segment. The company focuses on professional multimedia audio and video experience solutions. The company offers smart TV sticks such as Quad Core RK3288 Android TV Stick Rikomagic V5 Digital Signage Player.
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 non-4K segment will be significant during the forecast period. Most non-4K TV sticks offer high dynamic range (HDR) content. The cost of non-4K TV sticks is lower compared with the 4K TV sticks. As a result, the demand for the former is higher. Furthermore, non-4K smart TV sticks have a reach to a wide range of content that may not be available with 4K TV sticks. Such factors will drive segment growth.
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The non-4K segment was valued at USD 553.87 million in 2017 and continued to grow until 2021. Non-4K TV sticks enable users to search for online digital content on their TVs. It has a user-friendly interface that offers users an enhanced viewing experience. The content discovery engine (CDE) powers a smart TV stick. The CDE helps users to search online digital content on any subject with the help of the Internet. The content is then displayed on the TV. Users can stream their favorite TV shows, movies, and documentaries with CDE, whose resolution is below 4K. This would bolster the growth of the global smart television sticks market during the forecast period.
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North America is estimated to contribute 41% 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. Online video and audio consumption in North American countries such as the US and Canada is the highest in the region. The entertainment sector across the region is mature and technologically advanced. It produces many highly popular and big-budget web series, movies, and animated series, which are now easily available through online digital video and audio content providers. This is increasing the demand for smart TV sticks in the region. Moreover, the strong presence and penetration of the top vendors supplement the overall market growth in the region.
In 2020, the COVID-19 pandemic had a negative impact on the demand for smart TVs, including the regional demand for smart TV sticks. However, everything slowly started returning to normal, with COVID-19-appropriate behavior in place, leading to improved sales at offline retail units for smart TV sticks. Due to the resumption of normal business activities and the lifting of lockdown restrictions, the sales of smart TV sticks will rise in North America, and the regional market in focus will grow during the forecast period.
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.
The report categorizes the global smart television (TV) sticks market as a part of the global consumer electronics market within the global household durables market. The parent market, the global consumer electronics market, covers products and companies engaged in the manufacturing/marketing of consumer robotics, home audio and video products, smart TV sticks, digital cameras, and related products. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Smart TV Sticks Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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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 7.78% |
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Market growth 2023-2027 |
USD 612.44 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.45 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 41% |
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Key countries |
US, China, Japan, 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 |
Actions Microelectronics Co. Ltd., Amazon.com Inc., Apple Inc., ASUSTeK Computer Inc., BBK Electronics Corp Ltd, Bharti Airtel Ltd., Cixi Jieke Electronics Co. Ltd., CloudWalker Streaming Technologies Pvt. Ltd., Dadocer, Dish TV India Ltd., Dongguan Sonicway Electrical Appliance Co. Ltd, Geniatech Inc., Google LLC, NVIDIA Corp., Roku Inc., Shenzhen Rikomagic Tech Corp. Ltd., Shenzhen Tomato Technology Co. Ltd., Topleo Technology Ltd., Xiaomi Inc., and Comcast Corp. |
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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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
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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