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Key Market Dynamics:
- Market Driver: One of the key factors driving growth in the smart TV market is the technological advances in TV resolution. Rapid advances in smart TV software and display resolutions have enabled vendors, such as Samsung, Apple, and Sony, to offer application-loaded smart TVs that emphasize visual perfection. Advanced display technologies, such as OLED and QLED displays, ensure excellent color, lighting, sharpness, and contrast to display imagery. Innovations in terms of design and features are, therefore, expected to drive the demand for smart TVs among consumers in both developed and developing regions.
- Market Challenge: The security and privacy concerns related to smart TVs will be a major challenge for the smart TV market during the forecast period. Although smart TVs are inherently secure devices, their internet connectivity renders them vulnerable to key security risks, such as the following. Several vendors offer camera-enabled smart TVs, which are pre-installed with popular social media applications, such as Facebook, WhatsApp, and Skype. An active internet connection for these smart TVs poses privacy-related security concerns. The concerns related to the privacy and security of user information captured by internet-enabled smart TVs are expected to continue to hamper the adoption of smart TVs.
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Key Market Segment Highlights
The smart tv market report is segmented by Distribution Channel (Offline and Online) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
Regional Opportunities: 46% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for smart TVs in APAC. Market growth in this region will be faster than the growth of the market in other regions. 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 Asian countries, including Thailand, Vietnam, and Hong Kong will facilitate the smart TV market growth in APAC over the forecast period.
Revenue-generating Segment Analysis: The smart TV market share growth in the offline segment will be significant during the forecast period. Globalization has spurred investments in traditional commerce and subsequently increased the number of offline retail outlets. 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 TVs more affordable to consumers globally over the last few years.
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Some Companies Mentioned with their Offerings
- Koninklijke Philips NV: The company offers a range of smart TVs with different screen sizes, such as the 7000 series LED TV and 8600 series Ultra Slim Smart 4K Ultra HD LED TV.
- LG Electronics Inc.: The company offers a range of smart TVs that comprises features such as LG AI ThinQ and Active HDR. Popular models include LG 43LK5760PTA and LG 43LJ554T.
- Panasonic Corp.: The company offers a range of smart TVs which includes GS595 series, GS500 series, and GS490 series.
- Qingdao Haier Co. Ltd.: The company offers a range of smart TVs, such as LE40K6500AG smart LED TV, LE55B9700UG 4K UHD LED TV, and LE39B9600 LED TV.
- Samsung Electronics Co. Ltd.: The company offers a range of smart TVs, such as the Samsung N4300 and Samsung N5470.
- Sharp Corp.
- Sony Corp.
- Videocon Industries Ltd.
- VIZIO Inc.
- Xiaomi Corp.
- Access vendor-specific product offerings and their strategic initiatives as you Download Sample PDF
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Smart TV Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of over 21% |
Market growth 2020-2024 |
293.32 mn units |
Market structure |
Fragmented |
YoY growth (%) |
18.88 |
Regional analysis |
APAC, Europe, MEA, North America, and South America |
Performing market contribution |
APAC at 46% |
Key consumer countries |
China and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Qingdao Haier Co. Ltd., Samsung Electronics Co. Ltd., Sharp Corp., Sony Corp., Videocon Industries Ltd., VIZIO Inc., and Xiaomi Corp. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period. |
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. |
Key Topics Covered:
- Executive Summary
- Market Landscape
- Market Sizing
- Five Forces Analysis
- Market Segmentation by Distribution Channel
- Customer landscape
- Geographic Landscape
- Vendor Landscape
- Vendor Analysis
- Appendix
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