Smart TV Market to Hit $451.26 Billion by 2030 at CAGR of 10.9%: Grand View Research, Inc.

SAN FRANCISCO, Oct. 19, 2022 /PRNewswire/ -- The global smart TV market size is anticipated to be valued at USD 451.26 billion by 2030, expanding at an estimated CAGR of 10.9% from 2022 to 2030, according to the latest report by Grand View Research, Inc. Smart TVs offer internet connectivity and additional smart features such as web browsers, voice commands, and screen sharing. The steady rise in the use of OTT applications for streaming the latest TV content on smart televisions along with the influx of high-speed internet in the form of broadband internet, 4G, and 5G, is enhancing the users' viewing experience, which is expected to drive the growth of the market.

Key Industry Insights & Findings from the report:

• In terms of resolution, the 4K UHD TV segment is anticipated to grow at the highest CAGR of over 12% due to the rise in demand for high-resolution content in entertainment and live sports.
• The above 65 inches' screen size segment is anticipated to record the highest CAGR over the forecast period of 2022 to 2030 as customers look to bring a theatre-like experience to home.
• The flat screen shape segment accounted for the largest market revenue in 2021, as the flat-screen TV offers a wider viewing angle for viewers and ease of wall-installation.
• The Roku operating system is anticipated to grow with the highest CAGR over the forecast period of 2022 to 2030 as a result of its ease of use and connectivity to Apple devices.
• By geography, the Asia Pacific region segment had the largest market revenue in 2021, owing to the presence of leading smart TV manufacturers such as Samsung, LG, TCL, and Xiaomi.
• The Android TV operating system accounted for the largest market revenue in 2021 due to its vast popularity for the Play Store access it grants users to download more supporting applications.

Read 163-page full market research report for more Insights, Smart TV Market Size, Share & Trends Analysis Report By Resolution (4K UHD TV, HDTV, Full HD TV), By Screen Size, By Screen Shape (Flat, Curved), By Operating System, By Region, And Segment Forecasts 2022 - 2030", published by Grand View Research.

Smart TV Market Growth & Trends

Moreover, the growing demand for TV content viewership offers TV content producers lucrative opportunities to cater to users via over-the-top (OTT) platforms such as Netflix, Amazon Prime, and more on smart TVs. As per a report by MICA Ahmedabad, in India, 29 million subscribers paid for 53 million OTT subscriptions in 2021. These factors are anticipated to contribute to the growth of the industry in the forthcoming years.

There has been an increase in the demand for 4K smart TVs as they offer enhanced picture quality and sound compared to lower-resolution TVs. High-resolution smart TVs can enhance customers' viewing experience, thereby propelling the global demand for Full HD TV and 4K UHD TV. For instance, Netflix, a streaming platform, offers high-quality TV content to stream on smart TVs. Therefore, as more TV content is being created with higher quality, 4K UHD TV products have seen massive market penetration, becoming the standard for most manufacturers.

The Asia Pacific region accounted for the largest revenue share in 2021 and is likely to lead the smart TV industry over the forecast period. As per the India Brand Equity Foundation (IBEF), the television watch time has increased in India and the sales of smart TVs exceeded 5 million units in 2020. Moreover, China accounted for more than 49% of the revenue share as a result of the increasing disposable income and standard of living. Competitive production pricing, availability of skilled labor in addition to the presence of emerging market leaders including TCL Corporation and Hisense Co., Ltd., and, have enabled China to account for a majority of market share in the Asia Pacific.

Smart TV Market Segmentation

Grand View Research has segmented the global smart TV market based on resolution, screen size, screen shape, operating system, and region

Smart TV Market - Operating System Outlook (Volume, Million Units; Revenue, USD Billion, 2018 - 2030)

• Android TV
• Tizen
• WebOS
• Roku
• Other

Smart TV Market - Resolution Outlook (Volume, Million Units; Revenue, USD Billion, 2018 - 2030)

• 4K UHD TV
• HDTV
• Full HD TV
• 8K TV

Smart TV Market - Screen Size Outlook (Volume, Million Units; Revenue, USD Billion, 2018 - 2030)

• Light
• Below 32 Inches
• 32 to 45 Inches
• 46 to 55 Inches
• 56 to 65 Inches
• Above 65 Inches

Smart TV Market - Screen Shape Outlook (Volume, Million Units; Revenue, USD Billion, 2018 - 2030)

• Flat
• Curved

Smart TV Market - Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• Middle East & Africa (MEA)

List of Key Players in the Smart TV Market

• Haier Inc.
• Hisense International
• Intex Technologies
• Koninklijke Philips N.V
• LG Electronics Inc
• Panasonic Corporation
• Samsung Electronics Co. Ltd
• Sansui Electric Co. Ltd
• Sony Corporation
• TCL Electronics Holdings Limited
• Toshiba Visual Solutions (TVS Regza Corporation)

Check out more related studies published by Grand View Research:

• 4K TV Market - The global 4K TV market size is expected to reach USD 380.9 billion by 2025, at a CAGR of 21.2% according to a new report by Grand View Research, Inc. The evolving nature of the consumer electronic industry, advancements in graphic engines of televisions, increased pressure on manufacturers to reduce prices, and popularity of the ultra-high definition technology & its advantages have fueled the demand for UHD televisions in the past few years. Latest graphic processors permit advanced technical image formats and have improved the content quality significantly hence, they are widely used in production and distribution of UHD content. Customers are getting accustomed to using such contents, which is further anticipated to spur the market growth.
• Commercial Display Market - The global commercial display market size is estimated to reach USD 57.9 billion by 2025, growing at a CAGR of 6.79% over the forecast period, according to the new report by Grand View Research, Inc. The global shipments of commercial-grade TVs are anticipated to exceed 25 million units by 2025. The growing adoption of the state-of-the-art display technology by developing nations of the Asia Pacific region is expected to spur the demand for commercial displays.
• Industrial Display Market - The global industrial display market size is expected to reach USD 8.3 billion by 2030, registering a CAGR of 6.1% over the forecast period, according to a study by Grand View Research, Inc. Industrial displays have become crucial to simplify operational activities and offer technologically advanced features as the complexity of industrial operations and processes has grown. Human Machine Interfaces (HMIs) and other displays possess the ability to respond to the changing production demands and closely monitor the production processes, thereby decreasing downtime and increasing workforce efficiency. A well-designed HMI enables line of sight into the system, which allows the operator to control or maintain the machine and enhance productivity. OLED displays are expected to gain prominence on account of their enhanced picture quality and low power consumption.

Browse through Grand View Research's Display Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc