Smart TV Market size is set to grow by USD 69.33 billion from 2023-2027, Technological advances in TV resolution to boost the market growth, Technavio

NEW YORK, July 17, 2024 /PRNewswire/ -- The global smart tv market size is estimated to grow by USD 69.33 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 10.81% during the forecast period. Technological advances in TV resolution is driving market growth, with a trend towards growing influence of digital media on smart tv advertising and marketing. However, security and privacy concerns related to smart TV poses a challenge. Key market players include 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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Key Market Trends Fueling Growth

The smart TV market has witnessed significant growth in the use of digital media for advertising and marketing. Vendors, such as LG, invest in social media campaigns in developed markets for product promotions and wider reach. Digital media provides deep data insights and specific attribution to a larger customer base. In the MENA region, LG Smart TV advertising uses device-level insights and user data for improved viewing experiences and effective, non-intrusive advertising. Micro-influencers, with followings of 2,000-50,000, focus on niches and have considerable influence on streaming services and micro-blogging platforms. Samsung, among others, uses digital tools, like AI, sentiment analysis, and predictive alerts, to analyze social media trends regarding their smart TV offerings. The influence of digital media on smart TV advertising and marketing is expected to boost market growth. 

The Smart TV market is experiencing significant growth, driven by the increasing popularity of Over-the-top (OTT) services and content creators. OTT platforms and streaming services are revolutionizing TV viewing, offering consumers access to a vast content library at affordable prices. Smart TVs, with their operating systems, voice command, screen mirroring/sharing, and video calling features, are becoming the preferred choice for consumers. Movie producers and movie theaters are also jumping on the bandwagon, recognizing the potential of internet video streaming. The market is widening, with entry-level smart TVs offering high-definition picture quality and immersive viewing experience at affordable prices. High-end smart TVs boast of larger screen sizes, 8K TV segment, Dolby Atmos sound, and high-dynamic range (HDR) for a theater-like experience. Display panels, parts, and prices are becoming more competitive, making it an attractive entry barrier for new players. Consumers are looking for detailed image resolution, screen size-to-price value, and EMIs to enjoy their favorite content. Home theaters, viewing angle, and Dolby Atmos sound are key considerations for those seeking a cinematic experience. With the rise of affordable products and the increasing importance of internet bandwidth, the market is set to grow further. 

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Market Challenges

• Smart TVs, with their internet connectivity and pre-installed social media applications, present significant privacy and security challenges for vendors in the global market. In 2017, Vizio paid a USD2.2 million settlement for collecting and selling user data without consent, raising concerns about privacy breaches. Malware attacks are another risk, as external devices connected to smart TVs can be susceptible to unauthorized access and file modification. A recent report revealed that Netflix receives user data from all smart TV companies and streaming services without notification. These issues may hinder the adoption of smart TVs due to privacy and security concerns.
• The smart TV market faces several challenges. High-end smart TVs with advanced features like 8K resolution, Dolby Atmos sound, and high-dynamic range (HDR) demand high prices, limiting wider market penetration. Entry barriers include expensive display panels, parts, and internet bandwidth requirements. The 8K TV segment and theater-like viewing experience with Dolby Atmos sound and HDR are driving consumer demand. However, the price difference between large-screen television sets and home theaters is a concern for buyers with limited spending capacity. New market entrants face installation costs, screen shape considerations, and the need for a content library with immersive viewing experiences. Consummers seek detailed image resolution, full HD, and EMIs for affordable monthly payments. The screen size-to-price value ratio and existing content streaming platforms also impact market dynamics. Overall, providing a premium feel with theater-like viewing experiences at affordable prices is crucial for success in the smart TV market.

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Segment Overview 

This smart tv market report extensively covers market segmentation by

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. Type 
• 2.1 Below 32 Inches
• 2.2 32 to 45 Inches
• 2.3 46 to 55 Inches
• 2.4 56 to 65 Inches
• 2.5 Above 65 Inches
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Offline- The Smart TV market encompasses both online and offline distribution channels. Offline sales include consumer electronics stores, hypermarkets, supermarkets, and specialty retailers. Despite the growth of online sales, offline channels remain dominant due to consumer preference for in-store experience. Rapid internet penetration and the rise of OTT streaming services in the US, India, and China have fueled demand for high-end smart TVs. Vendors like Apple, LG, Philips, and Samsung follow uniform pricing policies, reducing price disparities between channels. Offline retailers such as SPAR International, Walmart, Target, and ALDI stock smart TVs, while vendors like LG, Samsung, and Toshiba have extensive global distribution networks. Consumers continue to rely on offline stores for product demos and personalized shopping experiences. Moderate growth is expected for the offline segment during the forecast period.

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The global television market continues to expand driven by technological advancements and rising consumer demand for enhanced viewing experiences. Key trends include the shift towards smart TVs, integration of streaming services, and increasing adoption of OLED and QLED technologies for superior picture quality. The global 4K TV market is witnessing robust growth with higher resolutions becoming the new standard. Consumers are increasingly opting for 4K TVs due to their sharper image quality and immersive viewing experience. Market growth is also fueled by declining prices, broader content availability in 4K resolution, and advancements in display technologies like HDR (High Dynamic Range).

Research Analysis

The Smart TV market is experiencing significant growth with the increasing popularity of Over-the-top (OTT) services and streaming platforms. Consumers are now able to access a vast array of TV content from creators directly on their Smart TVs, enhancing their viewing experience. Smart TVs offer features such as voice command, screen mirroring/sharing, and video calling, making them a versatile addition to modern homes. Movie producers and movie theaters are also embracing this technology, providing high-dynamic range (HDR) content for a theater-like viewing experience. The screen size-to-price value ratio of large-screen television sets is becoming increasingly attractive, making them an affordable luxury for many buyers. High-definition picture quality, screen size dynamics, and Dolby Atmos sound are just a few of the features that make Smart TVs a desirable purchase for consumers. Price differences and discount offers are also driving sales, making it an exciting time for those in the market for a new television set. With full HD and high-definition picture quality, consumers can enjoy their favorite content with stunning clarity and detail. The ability to easily connect and share content from other devices, as well as make video calls, adds to the convenience and functionality of Smart TVs.

Market Research Overview

The Smart TV market is witnessing significant growth with the rise of Over-the-top (OTT) services and TV content creators. OTT platforms and streaming services are revolutionizing the way we consume content on our Smart TVs. Smart TVs, with their internet video streaming capabilities, offer an immersive viewing experience with high-definition picture quality and Dolby Atmos sound. Affordable entry-level smart TVs with screen sizes ranging from small to big are making this technology accessible to a wider market. Key features of Smart TVs include voice command, screen mirroring/sharing, and video calling. Movie producers and movie theaters are also embracing this technology, offering consumers theater-like viewing experiences. High-end smart TVs boast of 8K resolution, Dolby Atmos sound, and high-dynamic range (HDR), providing a detailed image resolution of 33 million pixels. The market is becoming more competitive with new market entrants, price differences, and discount offers. Consumers with varying spending capacities can choose from a wide range of products, including affordable entry-level TVs and premium high-end TVs. The market also offers educational applications, home theaters, and large-screen television sets with added depth experience. Factors like product price, display panels, parts, and internet bandwidth are important considerations for consumers. Installation, mounting, and cost are also essential factors, especially for larger screen sizes. Overall, the Smart TV market offers consumers a premium feel and a wider market with lower entry barriers.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Offline
• Online
• Type
• Below 32 Inches
• 32 To 45 Inches
• 46 To 55 Inches
• 56 To 65 Inches
• Above 65 Inches
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio