The global smart TV market is expected to be worth USD 170.70 Billion in 2023. It is expected to grow at a CAGR of 13.80% during the forecast period and reach a value of USD 325.80 Billion by 2028.
The growing preference from consumers for high-quality content and immersive viewing experiences is one of the major factors driving the smart TV market growth. People's desire for sharper and more detailed visuals has grown notably in recent years and has been driving their interest in smart TVs. People's liking of the immersive entertainment experience has further multiplied in recent years due to the increased popularity of streaming services, integration of advanced gaming capabilities, and audio enhancements. Over the last five years, Smart TVs have seen several upgrades to match the expectations of the end users. The smart TVs of the new generation have developed with the capabilities of AI algorithms to offer personalized content experiences and also support the integration of social media. Such integrations and capabilities of smart TVs have triggered consumers' interest and driven the demand for smart TVs.
The rising demand for smart homes is propelling the global smart TV market growth. The adoption of smart homes has seen a notable increase in recent years. Smart homes require interoperability with other connected devices. In the ecosystem of smart homes, smart TVs play a vital role and are required to integrate with various other devices, including smart speakers, thermostats, and lighting systems. The gaming capabilities of smart TVs, growing popularity of streaming services, integration of social media platforms and the preference of consumers for large screen sizes are contributing to the growth of the smart TV market.
On the other side, the high cost of Smart TVs is one of key restraint to the growth of the global market. The availability of counterparts for cheaper costs is showcasing negative impact on the smart TV market. Poor availability of smart TVs in some of the emerging markets is hampering the overall growth rate of the global market. The collection of personal data by the manufacturers of smart TVs has become a problem for consumers, which is impacting the adoption of smart TVs and affecting the market growth. Poor awareness regarding the capabilities and benefits of smart TVs among some people and difficulties of smart TVs with the integration of existing smart home systems, in some cases, are further limiting the growth rate of the global smart TV market.
Impact of COVID-19 on the global smart TV market:
The global smart TV market has experienced severe negative impacts from the COVID-19 pandemic. During the COVID-19 pandemic to limit the impact of the COVID-19 pandemic and the spread of coronavirus, the governments of several countries have taken decisions such as the lockdowns, temporary closures of manufacturing facilities, and social distancing. Due to these measures, the global supply chains have severely damaged and the manufacturing activities of smart TVs were halted during the peak times of COVID-19 and these have impacted the smart TV market negatively. The COVID-19 pandemic also resulted in economic uncertainties and job losses and many people have limited themselves from spending on non-essential items for the home, including smart TVs. This has impacted the sales of smart TVs for a limited time period during the COVID-19 pandemic, however, this scenario did not last for long. Likewise, the COVID-19 pandemic has shown a significant negative impact on the sales of smart TVs worldwide during the initial phase of the COVID-19 pandemic and affected the global market growth negatively.
On the other side, the COVID-19 pandemic has also thrown light on the global smart TV market. During the COVID-19 pandemic, the remote work culture has been preferred by several organizations worldwide and people have started to increase amount of time at home, resulting in an increased need for home entertainment, including smart TVs, and favored the smart TV market. During the COVID-19 pandemic, the adoption of online platforms has increased rapidly, and sales of smart TVs have increased considerably; this has supported the smart TV market.
In the post-pandemic era, the global supply chains have recovered, and manufacturing activities have been resumed. The demand for smart TVs has picked up, and the trend is expected to take a fly gradually. Considering the situation, the global smart TV market is expected to register a healthy CAGR during the forecast period.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 to 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 to 2028 |
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CAGR |
13.80% |
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Segments Covered |
By Resolution, Screen size, Type, Technology, Platform, Distribution Channel & Region |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global smart TV market has been segmented and sub-segmented into the following categories.
Smart TV Market – By Resolution:
The 4K UHD TV segment is predicted to lead the smart TV market during the forecast period based on the resolution. The growing consumer preference for higher resolution and enhanced viewing experience is primarily driving the growth of the 4K UHD TV segment in the global market. In addition, factors such as content availability in 4K, technological advancements, and the massive popularity of large screen sizes that support 4K content are further propelling the growth of 4K UHD TV segment.
The 8K TV segment is another promising segment in the global smart TV market and is projected to account for a considerable share of the worldwide market during the forecast period.
Smart TV Market – By Screen Size:
The 46 to 55-inch segment was the most popular segment among all and accounted for the largest share of the global market in 2022. The segmental domination is likely to continue during the forecast period. The affordability of 46 to 55-inch smart TVs is one of the key factors propelling the segmental growth. The rising consumer preference for mid-sized TVs and increasing interest of the growing middle class population for smart TVs are further fuelling the growth rate of the 46 to 55 inches segment.
The above 65 inches segment is anticipated to register a healthy CAGR during the forecast period due to the growing demand for in-house entertainment solutions, increasing disposable income, and
Smart TV Market – By Type:
The flat segment dominated the smart TV market in 2022, and the domination will continue throughout the forecast period. Flat TVs are popular. The wall-mounting convenience and aesthetic appeal of flat TVs are majorly driving the growth of the flat segment in the global smart TV market.
The curved segment is anticipated to do well in the coming years due to its growing popularity and increasing interest of people towards immersive viewing experience.
Smart TV Market – By Technology:
The OLED segment is expected to hold the largest share of the global market during the forecast period. The superior picture quality of OLED TVs is one of the key factors propelling the growth of the OLED segment in the worldwide market. The energy efficiency of OLED TVs is another primary factor contributing to the growth of the OLED segment.
Smart TV Market – By Platform:
Based on the platform, the Android segment held the leading share of the global smart TV market in 2022 and is expected to lead the market throughout the forecast period. The familiarity of Android among people is driving the growth of the Android segment in the global market. The extensive app ecosystem and seamless integration with Google services are further propelling the growth rate of the Android segment in the global market.
Smart TV Market – By Distribution Channel:
Smart TV Market – By Region:
The APAC smart TV market captured the largest share of the global market in 2022. The APAC regional market is expected to register a promising CAGR during the forecast period. The growing urbanization in the countries of the Asia-Pacific region, increasing disposable income of population of APAC countries, rising middle-class population, growing popularity of streaming services, and the presence of manufacturing hubs are majorly driving the growth of the APAC smart TV market. APAC has been the fastest-growing regional market for smart TVs worldwide, and this trend is expected to continue in the coming years. China and India held the major share of the APAC market in 2022. China is the largest market for consumer electronics and contributing significantly to the APAC market.
North America is a notable market for smart TVs and is predicted to grow at a healthy CAGR during the forecast period in the global market. The presence of key market participants and solid demand for smart home entertainment are majorly driving the growth of the smart TV market in North America. The high consumer disposable income of the North American population is another major factor supporting the North American smart TV market growth. The U.S. occupied the leading share of the North American market in 2022.
Europe is another lucrative regional market for smart TVs and is projected to hold a considerable share of the worldwide market during the forecast period. The growing demand for 4K and OLED displays and increasing initiatives towards digitalization in Europe are primarily propelling the growth of the European market. The growing online content consumption in Europe is boosting the European market growth. The UK, Germany, and France are estimated to hold the leading share of the European market in the coming years.
Latin America is estimated to occupy a considerable share of the worldwide market during the forecast period.
MEA is projected to witness a healthy CAGR in the global market in the coming years.
KEY MARKET PLAYERS:
Samsung Electronics Co., Ltd., LG Electronics Inc., Sony Corporation, TCL Corporation, Vizio Inc., Hisense Group, Panasonic Corporation, Sharp Corporation, Philips (Koninklijke Philips N.V.) and Xiaomi Corporation are some of the major companies in the global smart TV market.
Frequently Asked Questions
The smart TV market refers to the industry involved in producing, distributing, and selling televisions equipped with advanced features and capabilities beyond traditional television sets.
The global smart TV market is expected to be worth USD 170.70 Billion in 2023. It is expected to grow at a CAGR of 13.80% during the forecast period and reach a value of USD 325.80 Billion by 2028.
The segments of the smart TV market are resolution, screen size, type, technology, platform, distribution channel, and region.
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