Smart TV Market

GMI Research analysis indicates that the Smart TV Market size was estimated at USD 192.0 billion in 2022 and is slated to register a single digit CAGR of 14.8% over the forecast period, and is projected to reach USD 579.2 billion in 2030.

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Smart TV Market Key Drivers

The major factors that are responsible for bolstering the growth of the smart TV market size are the increasing penetration of high-speed internet, improving living standards, and rising disposable income of the population. Moreover, a substantial drop in the price of smart TV along with various technological advancements are driving the consumer’s attention towards such TV, which is leading to scalability in the business of smart TVs. Various features of a smart TV like smartphone compatibility, screen sharing ability, web browsing & convenience, among others, and growing admiration for OTT streaming are some other factors proliferating the smart TV market growth across the world. In addition, the emergence in the UHD 4K and OLED technologies, which has helped in getting a better viewing experience to the consumers, is a significant factor surging the market growth.

Increasing individuals’ expenditure on online video streaming platforms like Netflix, Hulu, Amazon Prime, and YouTube Premium, which will bolster the market growth. In addition, rising sales of streaming devices in the over-the-top (OTT) platforms is predicted to bolster the market growth. Various advanced features incorporated in Smart TVS which include screen sharing, web browsing, mirror casting, improved viewing experience, and enhanced color accuracy, will further expand the market growth. Furthermore, huge investments made by the leading market players in marketing strategies, including social media promotions and celebrity endorsement, are propelling the market growth.

The factors which are hindering the growth of the global smart TV market share include the high repairing cost and increasing use of external devices with the normal TVs like firestick & Chromecast making them smart.

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Type Segment Analysis

UHD 4K TV is expected to grow at a higher CAGR in the market during the forecast period owing to the increase in the demand for such type of TVs as a result of decreasing costs. In addition, increasing advancement in technology is also a key factor fuelling the segment growth. Increasing adoption of smart entertainment products with high resolution will further add to the market growth. The UHD 4K TV offers exceptional advantages which include high-quality images, and availability in large screen sizes of more than 50 inches, which is expected to strengthen the segment’s size.

Screen Type Segment Analysis

Curved screen type is projected to increase at a higher CAGR over the forecast period. Growing penetration of such screen types among individuals as a result of its ability to offer enhanced viewing angles and decreases the picture degradation, will stimulate the market growth. On the other hand, flat screen types are expected to lead the market over the forthcoming years, owing to its easier to manufacture process. Moreover, flat-screen smart TVs are easier to fix on walls and are comparatively cheaper than curved smart TVs, which has bolstered the market growth.

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Regional Analysis

Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period in the global smart TV market due to the rising adoption of such TVs across various sectors as a result of increasing demand for TVs that offer enhanced image & sound quality and smooth design. Moreover, surging disposable income, enhancing living standards of people, and rising inclination towards OTT VOD platforms like Netflix are some other factors that are bolstering the growth of the smart TV market. The strategic partnership between smart TV manufacturers and OTT content & device providers in order to improve the product features with an intent to fulfil the growing demand for smart TV, has paved the way for market.

European smart TV market is estimated to witness a higher CAGR over the forecast period, due to the ongoing technological innovations, like voice control and AI, with smart TVs. In addition, accelerating per capita incomes of consumers and easy availability of products have stimulated the market growth. For example, Philips introduced its 2021 line-up of 4K TVs which comes up with Dolby Vision ultra-vivid imaging and Dolby Atmos immersive sound, transitioning the 4K UHD Philips LED Smart TVs into an entertainment powerhouse. Growing consumer emphasis toward streaming online content, owing to the easy availability of faster internet broadband connections, will further bolster the market.

Top Market Players

Various notable players operating in the market include LG Electronics, SAMSUNG, Sony Corporation, Panasonic Corporation, Haier Inc., Toshiba Corporation, Hisense, Koninklijke Philips N.V., TCL, and Videocon Industries Limited, among others. 

Key Developments: 

• • In 2020, LG Electronics launched 8 LG OLED models, which are led by two new series that are GX Gallery series available in 77 and 65-inch class and Real 8K 88- inch ZX series.
  • In 2020, SAMSUNG integrated Google Assistant in its line-up of Smart TVs. This google assistant joins the suite of voice assistants and enhances the control and discovery abilities.

Segments covered in the Report:

The global smart TV market has been segmented on the basis of type, screen size, screen type, distribution channel, and regions. Based on type, the market is segmented into QLED TV, Full HD TV, UHD 4K TV, and HD TV. Based on screen size, the market is segmented into below 32 inches, 32-39 inches, 40-47 inches, 48-54 inches, and 55 & above inches. Based on the screen type, the market is segmented into flat and curved. Based on the distribution channel, the market is segmented into online and offline. 

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Key questions answered in this research report:

• • At what pace is the global smart TV market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the smart TV market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global smart TV market?
  • Which type generated maximum revenues in 2022 and identify the most promising type during the forecast period?
  • What are the various screen sizes of the global smart TV market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2022)	USD 192.0 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Type, By Screen Size, By Screen Type, By Distribution Channel, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	LG Electronics, SAMSUNG, Sony Corporation, Panasonic Corporation, Haier Inc., Toshiba Corporation, Hisense, Koninklijke Philips N.V., TCL, and Videocon Industries Limited, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Smart TV Market by Type

• • QLED TV
  • Full HD TV
  • UHD 4K TV
  • HD TV

Global Smart TV Market by Screen Size

• • Below 32 Inches
  • 32-39 Inches
  • 40-47 Inches
  • 48-54 Inches
  • 55 & Above Inches

Global Smart TV Market by Screen Type

• • Flat
  • Curved

Global Smart TV Market by Distribution Channel

• • Online
  • Offline

Global Smart TV Market by Region

• • North America Smart TV Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Screen Size
    • By Screen Type
    • By Distribution Channel
    • US Market All-Up
    • Canada Market All-Up
  • Europe Smart TV Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Screen Size
    • By Screen Type
    • By Distribution Channel
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Smart TV Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Screen Size
    • By Screen Type
    • By Distribution Channel
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Smart TV Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Screen Size
    • By Screen Type
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Smart TV Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • LG Electronics
  • SAMSUNG
  • Sony Corporation
  • Panasonic Corporation
  • Haier Inc.
  • Toshiba Corporation
  • Hisense
  • Koninklijke Philips N.V.
  • TCL
  • Videocon Industries Limited