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The smart TV market size is estimated to grow by USD 112.7 billion, at a CAGR of 14.73% between 2023 and 2028. The global smart TV market is witnessing substantial expansion, fueled by technological advancements in television display technology and the escalating impact of digital media on advertising and entertainment. The emergence of 4K and 8K resolutions has led consumers to invest in smart TVs for an enhanced viewing experience. Furthermore, the convenience of streaming movies and TV shows, engaging in gaming, and accessing social media platforms directly from the TV has solidified smart TVs as essential appliances in contemporary households. Over-the-top (OTT) on smart TVs and the increasing dominance of e-commerce sales are significant growth factors. However, the market encounters challenges, such as security and privacy concerns related to the handling of user data. With an increasing number of devices connecting to the internet and sharing information, safeguarding consumer data has become a critical concern for manufacturers and regulatory bodies alike. In summary, the smart TV market is set to continue its growth trajectory, fueled by consumer demand for advanced features and convenience.
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The smart TV market research and growth report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The market share growth of the offline segment will be significant during the forecast period. In the global market, traditional distribution channels, such as consumer electronics stores, hypermarkets and supermarkets, and specialty retailers, continue to dominate sales. The offline sector's significance is underpinned by the widespread availability of these stores and their ability to offer a tangible shopping experience. The penetration of the internet and the increasing popularity of OTT streaming services in the US, India, and China have fueled demand for high-end products. Furthermore, technological advancements and product design innovations have made these items such as smart TV sticks more accessible to consumers worldwide, reducing their prices significantly over the past few years.
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The offline segment was valued at USD 56.60 billion in 2018. In the industry, various businesses provide their merchandise through prominent brick-and-mortar retailers. Consumers continue to be drawn to these physical stores due to their appeal of tangible, experiential shopping. Many shoppers still prefer evaluating products firsthand and consulting in-store specialists to make well-informed purchasing decisions. The brick-and-mortar sector is projected to experience a moderate growth trajectory throughout the forecast period, although at a more gradual pace than the digital platform.
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APAC is estimated to contribute 56% to the growth of the global smart TV market during the forecast period. According to the in-depth analysis conducted by Technavio's research team, several regional trends and factors are shaping the growth of the APAC smart TV market. In 2023, China and India emerged as major consumers in this market. The increasing demand for high-end smart TV sticks in developing economies such as India and other Southeast Asian countries, including Thailand, Vietnam, and Hong Kong, is driven by consumers' growing inclination towards investing in advanced technology products. Furthermore, the proliferation of Over-the-top (OTT) content subscriptions and the availability of technologically advanced TVs have significantly contributed to market expansion. For instance, India's OTT content market is anticipated to experience substantial growth, with international OTT platforms like Netflix and Amazon Prime gaining popularity in APAC. These factors are expected to continue fueling the growth of the APAC smart TV market in the coming years.
The global television market is experiencing growth due to innovations in internet video streaming and enhanced operating systems. These advancements provide consumers with features such as video calling and home theater-like experiences. The array of display panels ranges from full HD to 8K, with 4K smart TVs reflecting the price points corresponding to their high-resolution images and screen sizes. Large screens and diverse shapes cater to various viewing angles and preferences. Several factors are shaping the expansion of the television market. Costs of products and price disparities influence entry barriers, while equated monthly installments (EMIs) enhance affordability. Existing content continues to be a significant factor, and purchasing power varies among consumers. The ongoing advancements in TV components and technology fuel demand for both premium and budget-friendly options.
The global television market is undergoing substantial expansion, largely due to technological innovations in TV resolution. The emergence of 4K ultra high definition TVs (UHDTVs), spurred on by advancements in software and display technology, has transformed the way we watch television, leading major brands to release application-rich products focusing on superior visual quality. This shift towards higher resolution has resulted in an abundance of high-definition content from streaming services and cable providers, thereby increasing consumer interest in smart TVs featuring 4K displays. Moreover, advanced display technologies like organic light-emitting diodes (OLED) and Quantum dot light-emitting diodes (QLED) offer exceptional color accuracy, clarity, and sleek, lightweight designs, further fueling the growth of the smart TV market.
Furthermore, the integration of operating systems and media streamers significantly enhances user experiences by simplifying control and centralizing content access while supporting 4K and high dynamic range (HDR) content. These advancements in design and functionality cater to the preferences of tech-conscious consumers in both developed and developing markets, particularly those residing in urban areas. As hardware and software technology continues to evolve, the smart TV market is set to continue its growth trajectory, driven by ongoing improvements in resolution, display technology, and user interface innovations.
The increasing significance of digital media in smart TV advertising and marketing is a notable trend driving expansion in the global smart TV market. Digital media has gained prominence as a vital channel for communication and marketing for manufacturers worldwide. Many companies are investing in social media campaigns, particularly in established markets such as the United States and the United Kingdom, to amplify product promotion and broaden marketing reach. This strategy utilizes in-depth data analysis and pinpoint customer targeting.
For example, LG's smart TV advertising service in the Middle East and North Africa utilizes device-level insights and user data with consent to improve the consumer viewing experience while incorporating online video platforms and banner ads. Furthermore, in line with market advancements and tendencies, micro-influencers on platforms who focus on specific interests, significantly contribute to marketing smart TVs. Brands utilize AI, sentiment analysis, and predictive alerts to assess social media sentiments regarding their products. In conclusion, the escalating influence of digital media on advertising and marketing is poised to propel market growth throughout the forecast period.
In the global market, the expansion of the smart TV sector is being impeded by significant security and privacy concerns. Although these devices offer numerous advantages, their internet connectivity leaves them susceptible to various risks. One major issue is privacy: Smart TVs equipped with integrated cameras and pre-installed social media applications raise concerns regarding data security and privacy. A prominent example is the legal action taken against Vizio for covertly collecting and selling user data without consent.
Moreover, a recent report disclosed that smart TV manufacturers and streaming services share user information without obtaining proper consent. Malware is another concern, as these devices can connect to external devices, making them susceptible to malware attacks that may lead to unauthorized access and data manipulation. These privacy and security issues may hinder the adoption of smart TVs in the future.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The smart TV market forecasting report has detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The global smart TV market is undergoing significant expansion due to technological innovations and the increasing popularity of high-definition home entertainment. Consumers are attracted to cost-effective solutions that provide enhanced color reproduction and deeper blacks, while also offering a vast selection of content through traditional broadcasting, OTT services, and online content delivery. The industry is undergoing rapid transformation with the emergence of OTT services and streaming platforms, enabling greater accessibility to content via voice commands and screen mirroring/sharing. Content creators and film producers are responding to this trend by developing diverse educational applications and expansive content libraries.
The smart TV market is experiencing a significant growth with the rise of over-the-top (OTT) services, offering buyers an endless stream of TV content from various creators. These advanced TVs come with features like voice command, transforming the living room into a modern home theater. Movie theaters and home theaters are no longer the only options for theaterlike viewing experiences. K smart TVs, with their affordable prices, cater to various buyers' spending capacities. OTT platforms and streaming services are revolutionizing TV viewing by enabling screen mirroring and sharing, video calling, and high-dynamic range HDR. With Dolby Atmos sound and large screen sizes, the screen size-to-price value ratio is increasingly attractive. These features make smart TVs an essential investment for tech-savvy consumers seeking a premium entertainment experience.
Affordable entry-level smart TVs and large-screen television sets continue to gain traction, with a strong emphasis on high-definition picture quality, including full HD, 4K, and 8K segments. Innovations like Dolby Atmos sound, high-dynamic range (HDR), and ultra-high resolution picture quality (33 million pixels) offer an immersive viewing experience. As consumers weigh pricing and discounts, new market entrants encounter challenges. Installation considerations, such as wall mounting, and the growing significance of internet bandwidth and screen size-to-price value, fuel demand for high-end, premium smart televisions that deliver an exceptional depth experience.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
182 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.73% |
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Market Growth 2024-2028 |
USD 112.7 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
11.39 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 56% |
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Key countries |
China, US, Germany, India, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Apple Inc., BBK Electronics Corp Ltd, Haier Smart Home Co. Ltd., Hisense International Co. Ltd., Koninklijke Philips N.V., 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 Industries Holdings Co., Ltd., Toshiba Corp., Videocon Industries Ltd., VIZIO Holding Corp., Westinghouse Electric Corp, and Xiaomi Inc |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our smart TV market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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