Global Smart TV Market will grow at a CAGR of 17.01% from 2021 to 2028.
The primary growth drivers for the Smart TV Market include improving living standards, simple availability of high-speed internet, especially in developed nations and increased disposable income of consumers.
JERSEY CITY, N.J., Nov. 30, 2021 – Verified Market Research recently published a report, “Smart TV Market” By Screen Size (Below 32 inches, 32 to 40 inches, 40 to 47 inches, 48 to 55 inches), By Technology (OLED, QLED, LED, Plasma), By Application (Residential and Commercial), and By Geography. According to Verified Market Research, the Global Smart TV Market size was valued at USD 323.31 Billion in 2020 and is projected to reach USD 970.22 Billion by 2028, growing at a CAGR of 17.01% from 2021 to 2028.
Global Smart TV Market Overview
The primary growth drivers for the Smart TV Market include improving living standards, simple availability of high-speed internet, especially in developed nations and increased disposable income of consumers. Furthermore, important manufacturers’ large investments in the creation of advanced smart TVs, as well as a significant drop in the price of smart TVs, have sparked demand for smart TVs. LG, for example, launched a pair of new 4K LED smart TVs in India in July 2020, with support for 4K active HDR and X sound technology.
Smartphone compatibility, screen sharing, web surfing & convenience, improved viewing experience, enhanced color accuracy, and vibrant colors are all likely to contribute to the market’s expansion. However, the high costs associated with smart TVs, as well as the risk of data privacy and security, may limit market expansion. Smart TV, one of the most recent inventions in the television and smart home appliance industries, has seen rapid global adoption. Most television manufacturers have been leaning toward adding smart TVs to their product lines, resulting in significant price reductions for entry-level smart TVs. The widespread availability of the internet, combined with the ongoing development of internet of things technologies, has fueled market demand throughout time.
Various government entities have implemented stringent lockdowns as a result of the COVID-19 pandemic outbreak. This has limited automobile and pedestrian travel, which has raised the demand for online video streaming and OTT platforms, ultimately leading to increased demand for smart TVs. The consumer electronics industry has been badly damaged by company lockdowns and suspensions of manufacturing processes, as well as trade prohibitions by numerous countries, resulting in a significant output slowdown. This is expected to have a short-term impact on the growth of the Smart TV market.
- In January, Samsung Electronics shared its vision for the future at the 2021 Consumer Electronics Show (CES). The company introduced new products at its virtual press conference, showing how it’s continuing to innovate by creating solutions that are flexible, intelligently connected, and use AI to understand the context to make daily life seamless.
- Key innovations unveiled include: 10-inch MICRO LED: This new screen features self-lit inorganic LED with a slim and nearly bezel-less Infinity Screen design that seamlessly blends into the living space. The result is a spectacularly immersive viewing experience with astounding picture quality and delivering a new, innovative, and collaborative business model fostering industrial transformation. Lifestyle TV: Samsung’s cutting-edge lifestyle TV lineup includes The Serif, The Frame, The Sero, and The Terrace—a recently launched 4K QLED outdoor TV—as well as Samsung The Premiere, a cinema-like quality 4K laser projector.
Key Players in the Global Smart TV Market :
The major players in the market are Samsung, Haier Electronics Group Co., Ltd., LG Electronics, Inc. Panasonic Corporation, Koninklijke Philips N.V., Sony Corporation, and Toshiba Corporation among others.
Verified Market Research segmented the Global Smart TV Market On the basis of Screen Size, Technology, Application, and Geography.
Smart TV Market, By Screen Size
- Below 32 inches
- 32 to 40 inches
- 40 to 47 inches
- 48 to 55 inches
- Above 55 inches
Smart TV Market, By Technology
Smart TV Market, By Application
Smart TV Market by Geography
- Rest of Europe
- Rest of Asia Pacific
- Middle East & Africa
- Latin America