Smart TV Market

Global Smart TV Market Research Report Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032: By Screen Size (Below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, and Above 65 inches), By Resolution (4K UHD TV, HDTV, Full HD TV, and 8K TV), By Operating System (Android TV, WebOS, Tizen, Roku, and Other), By Technology (QLED, OLED, LED, and Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World)

Electronics & Semiconductor | January 2024 | Report ID: EMR00536 | Pages: 301

The global smart TV market was valued at USD 200.12 billion in 2023 and is estimated to reach approximately USD 558.47 billion by 2032, at a CAGR of 12.0% from 2024 to 2032.

With its interactive capabilities and internet access, smart TVs are revolutionizing the way people watch television. These televisions provide a smooth combination of connectivity and content thanks to built-in voice control, app ecosystems, and streaming services. The market is defined by advancements that improve visual experiences, like OLED and 4K displays. At the vanguard of the digital entertainment revolution, the global smart TV industry is a dynamic and ever-evolving landscape driven by rising consumer demand for on-demand content and advances in display technology.

 

 

SMART TV MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2023)

200.12 Bn

Projected Market Value (2032)

558.47 Bn

Base Year

2023

Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Screen Size, By Resolution, By Operating System, By Technology, & Region

Segments Covered

By Screen Size, By Resolution, By Operating System, By Technology, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Smart TV Market Dynamics

Dynamic factors, such as the quickening pace of technology breakthroughs, the growing trend of home entertainment, and the growing desire from consumers for immersive content experiences, are shaping the global smart TV market. Connectivity options and flawless streaming are made possible by evolving standards like 5G. Manufacturers are competing harder than ever to include cutting-edge capabilities like voice recognition, AI-driven interfaces, and IoT connection. Further influencing market dynamics are content collaborations and the growth of streaming services. The fluid and competitive environment of the worldwide smart TV industry is being shaped by these trends, with price competitiveness and customer preferences for larger screens and greater resolutions playing major roles.

 

Global Smart TV Market Drivers

  • Technological Advancements

Technological developments are a major force behind the worldwide smart TV market, driving ongoing innovation and changing the home entertainment scene. Modern display technologies like OLED and 4K are integrated into smart TVs to provide better visual experiences. Artificial intelligence improves user interfaces by allowing for features like voice recognition and customized recommendations. These developments not only meet customer expectations for enhanced interactive features and better image quality, but they also push manufacturers to stay competitive by making continuous enhancements. Smart TVs are at the forefront of contemporary entertainment thanks to the unwavering quest for technological superiority, which creates a dynamic and constantly changing industry.

  • Integration of Voice Recognition and IoT

By offering a practical and hands-free control interface, voice recognition technology improves user interaction. In addition to improving the user experience overall, this feature supports the movement toward fluid, organic interactions with technology. Furthermore, by incorporating IoT features, smart TVs can become essential parts of networked smart homes, giving customers easy access to operate a variety of appliances and services. Smart TVs are becoming more and more popular as a result of the convergence of voice recognition and IoT, which places them as essential hubs within the networked ecosystem of contemporary households.

 

Restraints:

  • High Initial Cost

Smart TVs with cutting-edge features and technology come with higher initial costs, which turns off price-conscious buyers. This financial barrier makes it difficult for businesses to penetrate new markets, especially in areas where cost is a major factor. Because of this, a sizable section of the consumer base might decide against upgrading to smart TVs or stick with traditional TVs, which would restrict market growth. To overcome this limitation and encourage greater accessibility in the rapidly changing digital home entertainment market, manufacturers must strike a balance between cutting-edge functionality and cost.

  • Privacy and Security Concerns

Smart TV data collecting has sparked concerns about potential privacy violations and illegal access. Software flaws in the product could put customers at risk for security breaches and erode consumer trust. Unauthorized monitoring or data abuse incidents make prospective buyers more hesitant. Smart TV manufacturers must address consumers' growing worries about digital privacy. In the changing world of connected home entertainment, consumers prioritize protecting their personal information, so failing to implement strong privacy and security measures may impede market growth.

 

Opportunities:

  • Rising Demand for 8K and Advanced Display Technologies

The market for ultra-high-resolution screens is being driven by consumers who want unmatched visual experiences. By providing cutting-edge 8K screens and other cutting-edge technologies, manufacturers can profit from this trend by appealing to enthusiasts and early adopters. Businesses may distinguish their goods and draw in a discriminating customer base by offering immersive viewing and exceptional image quality. This chance enables smart TV makers to stay on the cutting edge of display technology, encouraging creativity and preserving a competitive advantage in the ever-changing home entertainment market.

  • Expansion of 5G Networks

Improved connectivity and data transfer speeds provided by 5G are making it possible to watch high-quality video on smart TVs with ease as it becomes more widely available. As entertainment experiences become more instantaneous and immersive, manufacturers have the chance to profit from this progression. In order to satisfy customers' expectations for a more responsive and seamless watching experience, smart TVs that utilize 5G connectivity can provide quicker downloads, reduced latency, and enhanced general performance. Makers of smart TVs can capitalize on a new era of entertainment powered by connectivity by time-stamping their expansion with 5G network growth.

 

Segment Overview

  • By Screen Size

Based on screen size, the global smart TV market is divided into below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, and above 65 inches. The 46 to 55 inches category dominates the market with the largest revenue share in 2023. The 56 to 65-inch range serves bigger living rooms, while the 46 to 55-inch sector targets individuals looking for a more immersive viewing experience. Over-65-inch smart TVs are made for home theaters and provide a cinematic experience. With their modest size and useful display, TVs under 32 inches are great for cramped areas like kitchens or bedrooms. Fitting well in a variety of situations, the 32 to 45-inch category strikes a compromise between size and functionality.

  • By Resolution

Based on the resolution, the global smart TV market is categorized into 4K UHD TV, HDTV, full HD TV, and 8K TV. The full HD TV category leads the global smart TV market with the largest revenue share in 2023. Full HD TVs are ideal for a variety of uses since they offer a crisp, detailed image. They are still widely available on the market and typically have smaller screens, particularly in more affordable variants. When HDTVs were first released, they represented a huge technological development by providing users with a superior visual experience. They can be used for a variety of tasks, such as gaming, watching HD broadcasts, and streaming video, and are still in widespread usage.

  • By Operating System

Based on the operating system, the global smart TV market is segmented into Android TV, webOS, Tizen, Roku, and others. The Android TV segment dominates the smart TV market. The Android TV operating system is intended for use with set-top boxes, smart TVs, and streaming devices. With access to a vast selection of apps, games, and streaming services from the Google Play Store, it offers an easy-to-use interface. The operating system known as webOS was created especially for LG smart TVs. WebOS is well-known for its visually beautiful and user-friendly interface, which makes multitasking and navigation easier. Samsung's exclusive operating system, Tizen, powers its smart TVs in addition to wearables and smartphones.

  • By Technology

Based on technology, the global smart TV market is divided into QLED, OLED, LED, and others. The QLED category dominates the market with the largest revenue share in 2023. Quantum Dot technology, in which minuscule semiconductor particles known as quantum dots are integrated into the display, is used in QLED televisions. When these quantum dots are exposed to the LED backlight, they release various hues of light. Organic materials used in OLED TVs release light when an electric current is applied. OLED TVs, in contrast to conventional LED TVs, don't need an additional backlight because every pixel in them is self-illuminating.

 

Global Smart TV Market Overview by Region

The global smart TV market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific emerged as the leading region, capturing the largest market share in 2023. The region has experienced a rise in demand for cutting-edge consumer electronics and is home to major manufacturers like Samsung and LG. Asia-Pacific smart TV market supremacy may be attributed to growing tech-savvy populations in countries like China, India, and South Korea, as well as a preference for high-quality entertainment and state-of-the-art technology. In this competitive and dynamic industry, the growth of digital infrastructure and e-commerce has further expedited the adoption of smart TVs.

Throughout the forecast period, North America is anticipated to post a significant CAGR. High consumer spending power, a tech-savvy populace, and a strong preference for high-end entertainment experiences are all contributing causes to this expansion. The region's strong uptake of smart TVs is fueled by ongoing technological breakthroughs as well as rising consumer demand for cutting-edge features like 4K UHD and smart capabilities. The existence of significant industry competitors, a solid digital infrastructure, and changing customer preferences also support the market's steady expansion in North America for smart TVs.

 

 

Global Smart TV Market Competitive Landscape

In the global smart TV market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global smart TV market include,

  • Haier Inc
  • Intex Technologies
  • Koninklijke Philips N.V.
  • LG Electronics
  • Panasonic Corporation
  • Samsung Electronics Co. Ltd
  • Sansui Electric Co. Ltd
  • Sony Corporation
  • TCL Electronics Holdings Limited
  • Toshiba Solutions
  • Hisense International, and various others.

 

Global Smart TV Market Recent Developments

  • In September 2023, by acquiring the New York business 605, iSpot expanded its TV ad measurement technology. The acquisition of New York-based 605 by TV advertising tech startup iSpot.tv was the company's fourth acquisition in less than three years.
  • In September 2022, In India, Samsung introduced its Frame line of smart TVs.  To provide immersive entertainment, these TVs come equipped with features like matte display, art mode, and movable bezels.
  • In April 2022, With the launch of its Neo QLED 8K smart TV line, Samsung Electronics Co. Ltd. Televisions with screens as large as 65 and 85 inches were part of this launch. Additionally, Samsung Electronics Co. Ltd. offers discounts to customers so they may buy TVs for less money, which raises demand for the company's goods.
  • In April 2022, The BRAVIA XR 86X95K 4K Mini LED TV, which boasts cutting-edge XR Backlight Master Drive technology, was unveiled by Sony India.  With variable refresh rate, auto low latency mode, auto HDR tone, and auto game mode, this smart TV can play 4K 120fps videos.

 

Scope of the Global Smart TV Market Report

Smart TV Market Report Segmentation

ATTRIBUTE

DETAILS

By Screen Size

  • Below 32 inches
  • 32 to 45 inches
  • 46 to 55 inches
  • 56 to 65 inches
  • Above 65 inches

By Resolution

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

 

By Operating System

  • Android TV
  • WebOS
  • Tizen
  • Roku
  • Other

By Technology

  • QLED
  • OLED
  • LED
  • Others

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Smart TV Market Size and Forecast: To identify and estimate the market size for the global smart TV market segmented by screen size, by resolution, by operating system, by technology, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of smart TV between 2019 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global smart TV market
  • Market Influencing Factors: To find out the factors which are affecting the sales of smart TV among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in the global smart TV market affected by the pandemic
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Intended Audience

  • Consumers
  • Manufacturers and Brands
  • Technology Enthusiasts
  • Investors and Trade Experts

 

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

On the basis of Geography, The smart TV market is classified into North America, Europe, Asia Pacific, and the Rest of the world.
According to smart TV market research, the market is expected to grow at a CAGR of ~12.0% over the coming years.
North America is expected to register the highest CAGR during 2024 - 2032.
Asia-Pacific held the largest share in 2023.
The major players operating in the global smart TV market include Haier Inc; Intex Technologies; Koninklijke Philips N.V.; LG Electronics; Panasonic Corporation; Samsung Electronics Co. Ltd; Sansui Electric Co. Ltd; Sony Corporation; TCL Electronics Holdings Limited; Toshiba Solutions; Hisense International, and various others.