Smart TV Market Analysis Growth, Share, Market Trends, Forecast to...

Smart TV Market Analysis Growth, Share, Market Trends, Forecast to 2032

Posted 2024-02-16 06:48:48

Smart TV Market Analysis

The global smart TV market is garnering significant traction. Factors such as the rising demand for live streaming of video content on TV and the spurring rise in consumer electronics drive the market growth. Besides, improvements in high-speed data services and the rising consumer preference boost the smart TV market revenues. Also, the emergence of over-the-top (OTT) platforms supports the market growth.

Major Players

Leading smart TV market players include

LG Electronics Inc.
Samsung Electronics Co. Ltd.
Sony Corporation
VIZIO Inc.
Videocon Industries Ltd.
Sansui Electric Co. Ltd.
Toshiba Corporation
Haier Electronics Group Co., Ltd., among others.

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The smart TV market value will escalate further in the next few years. In this regard, Market Research Future (MRFR) asserts that the global smart TV market is estimated to escalate from USD 177.82 BN in 2022 to USD 2.55 BN by 2030, growing at a 16.30% CAGR throughout the assessment period (2022-2030). The growing content available on various over-the-top platforms creates vast market demand.

Additionally, the boosting media and entertainment industry worldwide accelerates the market size. The proliferation of connected remote services and compatible apps boosts the demand for smart TVs. The spurring rise in free-to-air pay-TV services and the rising popularity of OTT content influence the market revenues.

The growing consumer electronics industry positively impacts market growth, witnessing increasing investments and research. Also, increasing consumer preference and the rising adoption of new technologies & products increase the market size. Moreover, technological innovations that changed the TV viewing perception and advances in connectivity technologies accelerate market growth.

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Global Smart TV Market – Segments

The report is segmented into screen sizes, screen types, resolutions, and regions. The screen type segment is sub-segmented into flat and curved. The screen size segment is sub-segmented into below 32", 32-45", 46-55", 56-65", and above 65 Inches. The resolution segment is sub-segmented into 4k UHD, HD TV, Full HD TV, and 8k TV. The region segment is bifurcated into the Americas, Europe, APAC, and the rest of the world.

Global Smart TV Market – Regional Analysis

Asia-Pacific dominates the global smart TV market due to growing technological advances. Besides, the early adoption of smart technology drives market growth. Growing investments in the smart TV industry boost the market's growth. The APAC smart TV market is projected to retain its dominance throughout the review period.

Global Smart TV Market – Competitive Analysis

Highly competitive, the smart TV market appears fragmented due to several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products.

Industry/ Innovation/ Related News

Sep. 18, 2023 – Redmi launched an affordable 4K Smart TV in India for a limited time. The new Redmi 4K Smart TV allows users to easily control the TV with voice commands, including changing channels, muting audio, and switching to specific OTT shows. It has a redesigned remote featuring a minimalist design and a dedicated Alexa button. This budget-friendly 4K TV is powered by Amazon's Fire OS, expanding on their successful collaboration earlier this year. With this launch, Redmi and Amazon aim to cater to budget-conscious consumers seeking a high-quality 4K TV experience.

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