NEW
YORK, July 17, 2024 /PRNewswire/ -- The
global smart tv market size is estimated to grow by
USD 69.33 billion from 2023-2027,
according to Technavio. The market is estimated to grow at a CAGR
of over 10.81% during the forecast period. Technological
advances in TV resolution is driving market
growth, with a trend towards growing influence of digital
media on smart tv advertising and marketing. However, security
and privacy concerns related to smart TV poses a challenge.
Key market players include Apple Inc., BBK Electronics Corp Ltd,
Haier Smart Home Co. Ltd., Hisense International Co.
Ltd., Koninklijke Philips NV, 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 Electronics Holdings Ltd, TOSHIBA
CORP, Videocon Industries Ltd., VIZIO Holding Corp, Westinghouse
Electric Corp., and Xiaomi Inc..
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Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Distribution Channel
(Offline and Online), Type (Below 32 Inches, 32 to 45 Inches, 46 to
55 Inches, 56 to 65 Inches, and Above 65 Inches), and Geography
(APAC, Europe, North America, South America, and Middle East and
Africa)
|
Region
Covered
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Key companies
profiled
|
Apple Inc., BBK
Electronics Corp Ltd, Haier Smart Home Co. Ltd., Hisense
International Co. Ltd. , Koninklijke Philips NV, 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 Electronics
Holdings Ltd, TOSHIBA CORP, Videocon Industries Ltd., VIZIO Holding
Corp, Westinghouse Electric Corp., and Xiaomi Inc.
|
Key Market Trends Fueling Growth
The smart TV market has witnessed significant growth in the use
of digital media for advertising and marketing. Vendors, such as
LG, invest in social media campaigns in developed markets for
product promotions and wider reach. Digital media provides deep
data insights and specific attribution to a larger customer base.
In the MENA region, LG Smart TV advertising uses device-level
insights and user data for improved viewing experiences and
effective, non-intrusive advertising. Micro-influencers, with
followings of 2,000-50,000, focus on niches and have considerable
influence on streaming services and micro-blogging platforms.
Samsung, among others, uses digital tools, like AI, sentiment
analysis, and predictive alerts, to analyze social media trends
regarding their smart TV offerings. The influence of digital media
on smart TV advertising and marketing is expected to boost market
growth.
The Smart TV market is experiencing significant growth, driven
by the increasing popularity of Over-the-top (OTT) services and
content creators. OTT platforms and streaming services are
revolutionizing TV viewing, offering consumers access to a vast
content library at affordable prices. Smart TVs, with their
operating systems, voice command, screen mirroring/sharing, and
video calling features, are becoming the preferred choice for
consumers. Movie producers and movie theaters are also jumping on
the bandwagon, recognizing the potential of internet video
streaming. The market is widening, with entry-level smart TVs
offering high-definition picture quality and immersive viewing
experience at affordable prices. High-end smart TVs boast of larger
screen sizes, 8K TV segment, Dolby
Atmos sound, and high-dynamic range (HDR) for a theater-like
experience. Display panels, parts, and prices are becoming more
competitive, making it an attractive entry barrier for new players.
Consumers are looking for detailed image resolution, screen
size-to-price value, and EMIs to enjoy their favorite content. Home
theaters, viewing angle, and Dolby Atmos sound are key
considerations for those seeking a cinematic experience. With the
rise of affordable products and the increasing importance of
internet bandwidth, the market is set to grow further.
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Market Challenges
- Smart TVs, with their internet connectivity and pre-installed
social media applications, present significant privacy and security
challenges for vendors in the global market. In 2017, Vizio paid a
USD2.2 million settlement for
collecting and selling user data without consent, raising concerns
about privacy breaches. Malware attacks are another risk, as
external devices connected to smart TVs can be susceptible to
unauthorized access and file modification. A recent report revealed
that Netflix receives user data from all smart TV companies and
streaming services without notification. These issues may hinder
the adoption of smart TVs due to privacy and security
concerns.
- The smart TV market faces several challenges. High-end smart
TVs with advanced features like 8K
resolution, Dolby Atmos sound, and high-dynamic range (HDR) demand
high prices, limiting wider market penetration. Entry barriers
include expensive display panels, parts, and internet bandwidth
requirements. The 8K TV segment and
theater-like viewing experience with Dolby Atmos sound and HDR are
driving consumer demand. However, the price difference between
large-screen television sets and home theaters is a concern for
buyers with limited spending capacity. New market entrants face
installation costs, screen shape considerations, and the need for a
content library with immersive viewing experiences. Consummers seek
detailed image resolution, full HD, and EMIs for affordable monthly
payments. The screen size-to-price value ratio and existing content
streaming platforms also impact market dynamics. Overall, providing
a premium feel with theater-like viewing experiences at affordable
prices is crucial for success in the smart TV market.
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Segment Overview
This smart tv market report extensively covers market
segmentation by
- Distribution Channel
- Type
- 2.1 Below 32 Inches
- 2.2 32 to 45 Inches
- 2.3 46 to 55 Inches
- 2.4 56 to 65 Inches
- 2.5 Above 65 Inches
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Offline- The Smart TV market encompasses both
online and offline distribution channels. Offline sales include
consumer electronics stores, hypermarkets, supermarkets, and
specialty retailers. Despite the growth of online sales, offline
channels remain dominant due to consumer preference for in-store
experience. Rapid internet penetration and the rise of OTT
streaming services in the US, India, and China have fueled demand for high-end smart
TVs. Vendors like Apple, LG, Philips, and Samsung follow uniform
pricing policies, reducing price disparities between channels.
Offline retailers such as SPAR International, Walmart, Target, and
ALDI stock smart TVs, while vendors like LG, Samsung, and Toshiba
have extensive global distribution networks. Consumers continue to
rely on offline stores for product demos and personalized shopping
experiences. Moderate growth is expected for the offline segment
during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2023-2027) and historic data (2017 -
2021) - Download a Sample Report
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reports
The global television market continues to expand driven by
technological advancements and rising consumer demand for enhanced
viewing experiences. Key trends include the shift towards smart
TVs, integration of streaming services, and increasing adoption of
OLED and QLED technologies for superior picture quality. The global
4K TV market is witnessing robust
growth with higher resolutions becoming the new standard. Consumers
are increasingly opting for 4K TVs
due to their sharper image quality and immersive viewing
experience. Market growth is also fueled by declining prices,
broader content availability in 4K
resolution, and advancements in display technologies like HDR (High
Dynamic Range).
Research Analysis
The Smart TV market is experiencing significant growth with the
increasing popularity of Over-the-top (OTT) services and streaming
platforms. Consumers are now able to access a vast array of TV
content from creators directly on their Smart TVs, enhancing their
viewing experience. Smart TVs offer features such as voice command,
screen mirroring/sharing, and video calling, making them a
versatile addition to modern homes. Movie producers and movie
theaters are also embracing this technology, providing high-dynamic
range (HDR) content for a theater-like viewing experience. The
screen size-to-price value ratio of large-screen television sets is
becoming increasingly attractive, making them an affordable luxury
for many buyers. High-definition picture quality, screen size
dynamics, and Dolby Atmos sound are just a few of the features that
make Smart TVs a desirable purchase for consumers. Price
differences and discount offers are also driving sales, making it
an exciting time for those in the market for a new television set.
With full HD and high-definition picture quality, consumers can
enjoy their favorite content with stunning clarity and detail. The
ability to easily connect and share content from other devices, as
well as make video calls, adds to the convenience and functionality
of Smart TVs.
Market Research Overview
The Smart TV market is witnessing significant growth with the
rise of Over-the-top (OTT) services and TV content creators. OTT
platforms and streaming services are revolutionizing the way we
consume content on our Smart TVs. Smart TVs, with their internet
video streaming capabilities, offer an immersive viewing experience
with high-definition picture quality and Dolby Atmos sound.
Affordable entry-level smart TVs with screen sizes ranging from
small to big are making this technology accessible to a wider
market. Key features of Smart TVs include voice command, screen
mirroring/sharing, and video calling. Movie producers and movie
theaters are also embracing this technology, offering consumers
theater-like viewing experiences. High-end smart TVs boast of
8K resolution, Dolby Atmos sound, and
high-dynamic range (HDR), providing a detailed image resolution of
33 million pixels. The market is becoming more competitive with new
market entrants, price differences, and discount offers. Consumers
with varying spending capacities can choose from a wide range of
products, including affordable entry-level TVs and premium high-end
TVs. The market also offers educational applications, home
theaters, and large-screen television sets with added depth
experience. Factors like product price, display panels, parts, and
internet bandwidth are important considerations for consumers.
Installation, mounting, and cost are also essential factors,
especially for larger screen sizes. Overall, the Smart TV market
offers consumers a premium feel and a wider market with lower entry
barriers.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
-
- Type
-
- Below 32 Inches
- 32 To 45 Inches
- 46 To 55 Inches
- 56 To 65 Inches
- Above 65 Inches
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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