Global Smart Television TV Market - Industry Trends and Forecast to 2029

Market Analysis and Size

The smart T.V. market is expected to develop significantly during the forecast period of 2022-2029, owing to increased consumption of online content as a result of increased internet usage globally. A smart T.V. is a television that can be connected to the Internet and utilized as a stand-alone device. Although smart television (T.V.) are now sold as a separate product, any conventional television (T.V.) with a set-top box can be transformed into a smart television (T.V.) By connecting to the internet, over-the-top video provided by online streaming services can be streamed easily on smart television (T.V.). Customers prefer this service because it offers on-demand streaming material that can be seen on a widescreen instead of being limited to our computers or mobile phones. As a result of China's active theft of the smart television (T.V.) market's manufacturing share, the Asia Pacific region now leads the worldwide smart television (T.V.) market.

• Data Bridge Market Research analyses that the smart television (T.V.) market was valued at USD 239 billion in 2021 and is expected to reach USD 1,081. 60 billion by 2029, registering a CAGR of 20.77% during the forecast period of 2022 to 2029. The "46 to 50 inch" segment is likely to dominate the worldwide smart T.V. market throughout the forecast period in terms of screen size. For larger T.V. sets, the majority of buyers favor 4K UHD display technology. The growing spending power of customers has boosted the demand for smart T.V.s on the market. In addition, rising consumer income and price trends for UHD televisions are likely to drive growth in the 46-55 inch screen size segment over the forecast period.
• The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Market Definition

Smart televisions (T.V.s), also known as linked T.V.s, have internet connectivity built in, allowing them to offer a variety of capabilities such as on-demand content from various apps, access to streaming services, and the ability to connect with other wireless devices. They can also passively receive cable, satellite, or over-the-air (OTA) broadcasts. Aside from that, smart T.V.s have additional hardware and connections and a television operating system and graphical user interface (GUI). Viewers can use these adaptations to access and manage aspects of linked devices as well as stream material from internet video services.

COVID-19 Impact on Smart Television (T.V.) Market

COVID-19 has wreaked havoc on nearly every industry, including infrastructure, transportation, oil and gas, manufacturing, and others. Most countries enacted lockdown limitations to combat the COVID-19 pandemic, which have now been gradually removed on a phase-by-phase and industry-by-industry basis. However, to contain the spread of COVID-19, the majority of people stayed at home and practiced social distancing. The demand for the news channel has surged as a result of individuals remaining at home and wanting to learn more about the Coronavirus. According to the Broadcast Audience Research Council (BARC), total television (T.V.) viewership climbed to 21% from 7% in April 2020, as most people watched news channels for COVID-19 updates. People used streaming service providers including Netflix, Amazon Prime Video, and Zee5 for entertainment, which has boosted the need for smart television (T.V.).

The market demand for smart television (T.V.) is increasing as the desire for high network connectivity grows. The COVID-19 has boosted demand for video on demand and over-the-top services, which in turn has accelerated demand for smart television (T.V.).

The Market Dynamics of the Smart Television (T.V.) Market Include:

• Rise in online content consumption during COVID-19

However, during the pandemic, entertainment corporations are focusing on finding new methods to adapt to the changing digital reality. The industry is seeing a rapid surge in digital content consumption, with platforms like Netflix and Amazon Prime Video seeing worldwide viewership. Strong emphasis on online content distribution, combined with the increasing relaxation of COVID restrictions, is expected to boost the popularity of smart television (T.V.) brands around the world, accelerating the smart television (T.V.) market.

• Increasing demand for personalized entertainment

The rise in the demand for personalized entertainment will accelerate the smart television (T.V.) market's growth rate. Gone are the days when people gathered to movie theatres or flipped through satellite television channels. Smart T.V.s provide this service by connecting to the internet, allowing users to subscribe to their preferred online streaming services such as Netflix and Amazon Prime.

Furthermore, the smart television (T.V.) market is also being driven by significant factors such as the rise in the level of disposable income and rapid urbanization. Smart television (T.V.) market is estimated to rise rapidly over the forecast period because of surging adoption of advanced technologies. Other significant factors such as emergence of smartphone manufacturers such as Xiaomi, OnePlus and Micromax and adoption of 4K resolution T.V. will cushion the growth rate of smart television (T.V.) market.  

• Rise in number of strategic collaborations will boost new market opportunities

The rise in the number of strategic collaborations will extend profitable opportunities to the market players in 2022 to 2029. Collaborations with streaming media player manufacturers, which assist them grow their portfolio and raise their profile will enhance the market's growth rate in coming years.

Moreover, increasing technological advancement and emerging new markets will create profitable opportunities for smart television (T.V.) market in the future.

Restraints/Challenges faced by the Smart Television (T.V.) Market

• Taxation of smart T.V.s will act a market restrain.

However, the market for smart television (T.V.) is forecast to be constrained by the taxation of smart television.

Also, fear, uncertainty, and doubt of customer will further challenge the growth of the smart television (T.V.) market. The severe impact of the COVID-19 outbreak on supply chain and the high repairing cost of smart T.V.s will act as major restraints and further impede the growth rate smart television (T.V.) market.

This smart television (T.V.) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart television (T.V.) market contact Data Bridge Market Research for an Analyst Brief, Our team will help you take an informed market decision to achieve market growth.

Recent Development

• In April 2021, Samsung launched its ultra-high-end Neo QLED TV line. For a cinematic watching experience, the new range has a nearly bezel-less Infinity One Design and true-to-life picture quality. There will be five sizes available: 85-inch (2m 16cm), 75-inch (1m 89cm), 65-inch (1m 63cm), 55-inch (1m 38cm), and 50-inch (1m 38cm) (1m 25cm). Furthermore, Samsung's unique Neo Quantum Processor with superior upscaling capabilities is included in Neo QLED TVs. The Neo Quantum Processor can maximize picture quality to 4K and 8K picture output regardless of input quality by using up to 16 separate neural network models, each trained in A.I. upscaling and deep learning technologies.

Global Smart Television (T.V.) Market Scope

The smart television (T.V.) market is segmented on the basis of resolution, screen size, type, technology, platform and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Resolution

• 4K UHD TV
• HDTV
• Full HD T.V.
• 8K TV

On the basis of resolution, the smart television (T.V.) market is segmented into 4K UHD TV, HDTV, Full HD T.V., and 8K T.V.

Screen Size

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

On the basis of screen size, the smart television (T.V.) market is segmented into below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, and above 65 inches.

Type

• Flat
• Curved

On the basis of type, the smart television (T.V.) market is segmented into flat and curved.

Technology

• OLED
• QLED
• LED
• Plasma
• Others

On the basis of technology, the smart television (T.V.) market is segmented into OLED, QLED, LED, plasma, and others.

Platform

• Android
• Roku
• WebOS
• Tizen O.S.
• iOS
• MyHomeScreen
• Others

On the basis of platform, the smart television (T.V.) market is segmented into Android, Roku, WebOS, Tizen O.S., iOS, MyHomeScreen, and others.

Distribution Channel

• Direct
• Indirect

On the basis of distribution channel, the smart television (T.V.) market is segmented into direct and indirect.

Smart Television (T.V.) Market Regional Analysis/Insights

The smart television (T.V.) market is analyzed and market size insights and trends are provided by country, resolution, screen size, type, technology, platform and distribution channel as referenced above.

The countries covered in the smart television (T.V.) market report are the U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of the Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).

Asia-Pacific dominates the smart television (T.V.) market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the increasing adoption of smart televisions in rapidly developing economies such as India. Additionally, the rising demand for 4K display technology because of consumer inclination towards better quality and sleek design will further flourish the market's growth rate in this region.

Middle East and Africa are expected to witness significant growth during the forecast period of 2022 to 2029 due to the advancement across OTT space and a notable increase in engaging content in the region. Also, shifting consumer focus towards online content because of the rising availability of seamless, high-speed internet connections will further flourish the market's growth rate in this region. 

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Smart Television (T.V.) Market Share Analysis

The smart television (T.V.) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart television (T.V.) market.

Some of the major players operating in the smart television (T.V.) market are SAMSUNG (South Korea), SONY INDIA (Japan), L.G. Electronics (South Korea), Google LLC (U.S.), Panasonic Corporation (Japan), SHARP CORPORATION (U.S.), Koninklijke Philips N.V., (Netherlands), Hitachi Ltd. (Japan), TCL (China), Skyworth Group Limited (China), Haier Group (Hong Kong), TOSHIBA CORPORATION (Japan), Videocon Industries Limited (Mumbai), Grande Holdings Company Limited (Hong Kong), Xiaomi (China), Hisense International (China), VIZIO, Inc., (U.S.), INSIGNIA SYSTEMS (U.S.), and Apple Inc (U.S.), among others.

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