The global smart TV market is anticipated to grow at a significant CAGR of 17.8% during the forecast period (2021-2027). Smart TV is among the commonly used household & commercial appliances that come up with internet connectivity capability and built-in apps to get connected to different platforms to offer an extraordinary experience to its viewers. The rising demand for higher picture quality, the willingness of customers to have a theatre feel at their home, the growing popularity of digital signage to display specific information to a wide range of viewers are some of the key factors to drive the growth of the smart TV market.
The growing internet penetration acts as a key motivator for the adoption of smart TVs across the globe. This is because internet connection is the basic & foremost requirement for advanced feature functioning of smart TV. According to ITU (International Telecommunication Union), it is estimated that 4.1 billion people were using the internet in 2019. Almost, around 53% of the total population is using the internet. Therefore, the presence of internet-connected viewers along with the rising demand for on-demand online streaming channels & programs through service providers such as Netflix and Amazon prime is further anticipated to promote the growth of the global smart TV market.
However, certain factors are hindering the market. High cost is the major restrain to the market. The high internet bandwidth requirement for web-enabled TVs is one more factor that is hindering the market. Besides these restraining factors, technological advancements such as the introduction to 8K technologies and the introduction of higher internet bandwidth in the developing economies in the future such as 4G, 5G & LTE are further expected to create opportunities for the market players to increase their revenue share.
The market is segmented based on resolution, technology, and platform. By resolution, the market is segmented into HD smart TV (1,280x720), full HD smart TV (1,920 x 1,080), 4K smart TV, and 8K smart TV. By technology, the market is segmented into LCD (Liquid Crystal Display), LED (Light Emitting Diode), OLED (Organic Light Emitting Diode), QLED (Quantum Dot Light Emitting Diode).
Global Smart TV Market Share by Technology, 2020 (%)
Based on technology, OLED is expected to show significant market growth during the forecasted period. The rising number of R&D projects in the development of this technology to completely transform the viewer's experience is anticipated to drive the growth of this market segment. In July 2020, Samsung launched a new series of QLED Smart TVs - the QT67 range - in South Korea. These are the first QLEDs from Samsung to achieve the first-class energy efficiency rating. The rising product launches based on this technology are further anticipated to drive the growth of this market segment.
The global smart TV market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Asia-Pacific is estimated to hold a considerable share in the global smart TV market. Increasing internet penetration and presence of the low-cost manufacturers in the region are backing the growth of the market. North America is estimated to be the fastest-growing region during the forecasted period for high-end TV such as 4K & 8K TVs. The high purchasing power of individuals in the region is further estimated to promote the adoption of these TVs in the region which in turn is anticipated to drive the growth of the regional market. Moreover, the high share of the regional market is attributed to the rapidly developing advanced technologies. Increasing internet penetration and rising demand for online streaming in the emerging countries of the region such as India, China, and South Korea.
Market Players Outlook
Apple Inc., Google Inc., Haier Group Corp., Koninklijke Philips N.V., LG Electronics Inc., Samsung Electronics Co., Ltd., and Videocon Industries Ltd. are the key players operating in the smart TV market. To survive in the market these players adopt different marketing strategies such as mergers, acquisitions, product launches, and geographical expansion so on. For instance, in 2021, Philips launched 10 new models of smart TV With Up to 4K UHD Panels in India with a variety of features such as HDR10+ support and Dolby audio experience. The new models were launched in a variety of sizes and screens
The Report Covers
Market value data analysis of 2020 and forecast to 2027.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global smart TV market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where in the market.
Key Topics Covered:
1. Report Summary
2. Market Overview and Insights 2.1. Scope of the Report 2.2. Analyst Insight & Current Market Trends 2.2.1. Key Findings 2.2.2. Recommendations 2.2.3. Conclusion
5. Market Segmentation 5.1. Global Smart TV Market by Resolution 5.1.1. HD Smart TV 5.1.2. FULL HD Smart TV 5.1.3. 4K Smart TV 5.1.4. 8K Smart TV 5.2. Global Smart TV Market by Technology 5.2.1. LCD (Liquid Crystal Display) 5.2.2. LED (Light Emitting Diode) 5.2.3. OLED (Organic Light Emitting Diode) 5.2.4. QLED (Quantum Dot Light Emitting Diode)
6. Regional Analysis 6.1. North America 6.1.1. United States 6.1.2. Canada 6.2. Europe 6.2.1. UK 6.2.2. Germany 6.2.3. Italy 6.2.4. Spain 6.2.5. France 6.2.6. Rest of Europe 6.3. Asia-Pacific 6.3.1. China 6.3.2. India 6.3.3. Japan 6.3.4. South Korea 6.3.5. Rest of Asia-Pacific 6.4. Rest of the World
7. Company Profiles 7.1. Advanced Micro Devices 7.2. Apple Inc. 7.3. Cable Television Laboratories, Inc. Google Inc. 7.4. Haier Group Corp. 7.5. Hisense Co., Ltd 7.6. Hong Kong Skyworth Digital Holdings Co., 7.7. Intel Corp. 7.8. Koninklijke Philips N.V. 7.9. LG Electronics Inc. 7.10. Microsoft Corp. 7.11. Mirc Electronics Ltd. 7.12. Nyxio Technologies Corp. 7.13. Panasonic Corp. 7.14. Samsung Electronics Co., Ltd. 7.15. Sharp Corp. 7.16. Sony Corp. 7.17. TCL Corp. 7.18. Toshiba Corp. 7.19. Videocon Industries Ltd.