Technavio Forecasts Global Smart TV Market to Reach USD 293.32 million units between 2019 and 2024 | Technavio

Vendors will try to incorporate various solutions to enhance their services and increase their market shares, especially because of the technological advances in TV resolution particularly in countries such as China and Japan.

Smart TV Plastics Market Report Highlights:

1. Market growth 2019-2024: 293.32 mn units
2. Growth momentum & CAGR: Accelerate at a CAGR of over 21%
3. YoY growth (%): 18.88%
4. Performing market contribution: APAC at 46%
5. Key consumer countries: China, and Japan

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Regional Market Analysis

With 46% of the growth originating from APAC, this region will record a fast growth rate during the forecast period. China and Japan are the key markets for the smart TV market in the region.

The growing demand for high-end smart TVs in APAC has been fueled by an increase in customer willingness to spend on smart TV goods in recent years, notably in emerging economies such as India and other Southeast Asian countries such as Thailand, Vietnam, and Hong Kong. The availability of a broad range of technologically advanced smart TVs, as well as an increase in the number of OTT content subscriptions, has assisted the expansion of the smart TV market in the region.

Apart from the rapid economic growth, the other key reasons for the increasing smart TV market's growth in APAC is:

• The introduction of low-cost OTT streaming services like Hotstar and Youku, which offer a mix of regional and international content, has boosted OTT subscriptions in India and China, among other places. The smart TV market in APAC has been revolutionized by rising consumer demand for on-demand and pay-tv programming, with a strong focus on internet and cross-platform connectivity, as well as multiformat support.

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Key Vendors and Vendor Strategies

Sony, Samsung, LG Electronics, Panasonic, Koninklijke Philips NV, Haier Consumer Electronics Group, Vizio, Hong Kong Skyworth Digital Holdings, Logitech International are a few of the key vendors in the smart TV market.

The vendors in the market are constantly focusing on broadening their product portfolio through expanding their product offerings. Additionally, vendors are focusing on expanding their presence in new regions.

For instance:

• In July 2019, Koninklijke Philips NV, announced the acquisition of Medumo Inc., a Boston-based provider of patient navigation platforms.  In May 2019, the company announced a collaboration with Medtronic plc to advance the image-guided treatment of atrial fibrillation.
• In September 2019, LG Electronics Inc, collaborated with Unity Technologies Inc. (Unity Technologies) to develop advanced simulation software, which helps autonomous vehicle developers in safe self-driving cars system development.
• In April 2019, Panasonic Corp, partnered with JDA Software to establish a joint venture company to further boost the sales of their joint solutions for the manufacturing, logistics, and retail industries in Japan.

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Key Market Drivers

Our analysts have extensively outlined the information on the key market drivers and their impact on the smart TV market.

•   Technological advances in TV resolution
• Rapid advancements in smart TV software and display resolutions have allowed companies like Samsung, Apple, and Sony to provide application-loaded smart TVs with a focus on visual excellence. Residential consumers in Tier 1 cities are particularly interested in high-end, technologically advanced smart TVs. Several streaming services and cable platforms are increasingly offering material that is filmed and transmitted at high resolution, thanks to the increased popularity of 4K UHDTVs. Vendors also provide high dynamic range (HDR) and 4K technologies, which give TV images lifelike color and contrast.  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 during the forecasted period.

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SOURCE Technavio