The smart TV market is anticipated to touch USD 195.47 billion at a 10.9% CAGR over the forecast period, states the current Market Research Future’s (MRFR) Smart TV market research report. As per the MRFR report, there are numerous factors that are propelling the smart TV market share. Some of these entail the presence of electrical component vendors across the world exporting products globally, the growing significance of online streaming, high internet connectivity, technological advances, shift in consumers preference towards online content, improving living standards, rising disposable income, and substantial drop in the price of smart TV. The additional factors adding market growth include the various alluring features of these TVs such as convenience, web browsing, screen sharing ability, and smartphone compatibility, among others, rising admiration for OTT streaming, and the emergence of OLED and UHD 4K technologies that offer better viewing experience.
On the flip side, the high repairing cost, increasing use of external devices with normal TVs such as Chromecast and firestick making them smart, and increasing sales of streaming devices may limit the global smart TV market growth over the forecast period.
During the COVID-19 outbreak, the government-imposed lockdowns have forced people to remain indoors and employees to work remotely. The rising number of people confined in their homes has automatically increased online streaming of audio and video, conference meetings on Microsoft Teams and Zoom, downloads, among others that in turn boosted the requirement for internet connectivity and hence the use of smart TVs in the world. The watching of live broadcasts on larger screens has also boosted the demand for smart TVs. On the contrary, the pandemic has adversely affected the consumer electronics market with the temporary suspension of manufacturing operations resulting in a substantial slowdown in production.
Companies are focusing on reducing operational costs to maximize profits. Key manufacturers like Samsung and LG, and others have suspended their manufacturing operations in Europe, South Korea, China, and India that has drastically affected the production of new smart TVs. The outbreak has impacted the purchase behavior of consumers that have lowered the sales of smart televisions. People are exclusively spending on essential goods instead of internet-enabled devices. Moreover, the postponed or canceled product launches of new smart TVs are also impeding the market growth. The continuation of lockdowns is likely to result in the permanent closure of a few manufacturing companies due to significant revenue losses, supply chain disruptions, and unavailability of labor. On the contrary, the resumption of smart TV production is predicted to rapidly drive the market growth after the lockdown period for the increasing need for online streaming of content over the internet.
April 2021- Mediatek and Samsung have unveiled the world’s first-ever smart TV, Samsung 8K QLED Y21 with Wi-Fi 6E.
The MRFR report throws light on an inclusive analysis of the smart TV market based on application, distribution channel, platform size, technology, and resolution.
By resolution, the smart TV market is segmented into 8K, 4K, 1080p, 720p, and others. Of these, the 4K segment will lead the market over the forecast period for increased demand for high definition content.
By technology, the smart TV market is segmented into QLED, OLED, plasma, LED, and LCD. Of these, the LED segment will dominate the market over the forecast period due to the price of audability.
By platform, the smart TV market is segmented into Tizen, Roku, WebOS, Android, and others. Of these, the Android segment will spearhead the market over the forecast period for easy integration, compatibility with smartphones, and a high customer base.
By distribution channel, the smart TV market is segmented into offline and online. Of these, the online segment will have the lion’s share in the market over the forecast period for the emerging e-commerce sector.
By application, the smart TV market is segmented into residential and commercial. Of these, the residential segment will rule the market over the forecast period and at a high CAGR.
North America to spearhead smart TV market
Geographically, the global smart TV market is bifurcated into Europe, the Asia Pacific (APAC), the Middle East and Africa (MEA), North America, and South America. Of these, North America will spearhead the market over the forecast period. The huge access to the internet across the globe that offers smart TV manufacturers the chance to innovate, offering features and internet-based functions, support video streaming services, and the increasing sales of smart TVs owing to the high availability of internet connectivity in the US are adding to the global smart TV market growth in the region.
Europe to hold second-largest share in smart TV market
In Europe, the smart TV market is predicted to hold the second-largest share over the forecast period. Shortage of better local content and low advertisements and promotion campaigns by TV brands are adding to the global smart TV market growth in the region.
APAC to have favorable growth in smart TV market
In the APAC region, the global smart TV market is predicted to have favorable growth over the forecast period. Regional demand for 4K televisions, demand for sleek design and better image quality, the growing need for these sets has created chances for the content providers to offer better resolution and recording facilities that can support 4K technology, rising adoption of such TVs across different sectors for the growing need for TVs that offer improved sound quality and image quality and smooth design, surging disposable income, people’s improving living standards, and growing inclination towards OTT VOD platforms such as Netflix are adding to the global smart TV market growth over the forecast period. China holds the utmost market share for the emergence of new entrants.
In South America and the MEA, the global smart TV market is predicted to have sound growth in the forecast period for the digital switchover in these regions. Globe Newswire