Pune, India., Oct. 11, 2023 (GLOBE NEWSWIRE) -- The rise in the demand for personalized entertainment boosted the market growth in recent years. Smart TV provides personalized entertainment by connecting to the internet, allowing users to subscribe to their preferred online streaming services such as Netflix, Amazon Prime and others. The rise in the disposable incomes of consumers and rapid urbanization are also augmenting the market growth.
Smart TV Market in terms of revenue was estimated to be worth $189.21 billion in 2022 and is poised to reach $640.99 billion by 2030, growing at a CAGR of 16.5% from 2022 to 2030 according to a new report published by The Insight Partners.
The increase in penetration of technology and the increase in the number of contact centers drive the smart TV market growth. However, an increase in security concerns is expected to hinder the smart TV market growth.
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Global Smart TV Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 189.21 Billion in 2022 |
| Market Size Value by | USD 640.99 Billion by 2030 |
| Growth rate | CAGR of 16.5% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Technology, Dimensions, Operating System, Application, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Asia Pacific region is expected to dominate the smart TV market with the highest market share in 2022, owing to the rapid rise in the adoption of smart TVs. Further, the rising popularity of OTT VOD platforms, such as Amazon Prime Video, Netflix, and others, across this region and the availability of supporting content for these devices, such as HD set-top boxes, HD videos, and games, has helped to boost the market growth. Moreover, Asia Pacific is the home of major manufacturers, which again helps to boost the smart TV market growth. Some of the key market players in the region are SAMSUNG, SONY L.G. Electronics, Panasonic Corporation, TOSHIBA CORPORATION and others.
China has witnessed huge growth in the smart TV market. China is the major semiconductor and electronics manufacturing hub worldwide and is a mature marketplace consisting of the presence of the majority of key players, which features strong business opportunities. Further, according to Daxue Consulting China., China’s sales exceeded 50 million units in 2018 from 16.1 million units in 2012. In addition, intelligent TV ownership has grown rapidly in recent years to 188 million units in 2018 from 120 million units in 2016. The rising demand for smart TVs amongst Chinese consumers is one of the factors driving the demand for smart TVs market in China.
The smart TV market in India is seeing huge growth. Smart TV penetration in India is growing at a rapid pace as more and more consumers are upgrading their TV sets to access over-the-top (OTT) content on a bigger and high-quality screen. For instance, smart TV shipments grew 38% year-on-year (YoY) in the three months ending September 2022 in India. The major volume drivers were Xiaomi's and the Redmi TVs. Rising demand for personalized and home entertainment, wide availability of affordable products, increase in internet and broadband penetration, multiple discounts and offers from retailers are some of the factors driving the market growth in India.
The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020 in its initial days, and the crisis has hampered business activities in IT and business industries. The US, India, Brazil, France, Russia, Turkey, the UK, Argentina, and Colombia were among the worst-affected countries by the pandemic of COVID-19. The COVID-19 outbreak disrupted the functioning of various industry verticals, leading to serious volatility and instability in the business environment. Manufacturing operations were temporarily suspended across various countries, leading to a substantial slowdown in the production of smart TVs. Companies operating in smart TV manufacturing have also suspended their manufacturing operations in China, South Korea, India, and other countries as lockdowns prevailed in most countries, creating major supply disruptions for smart TVs. Shortage of semiconductors impacted the supply chain of smart TV manufacturing in the years 2020 and 2021, bringing down the sales of smart TVs. However, the demand for smart TVs in the pandemic period increased among consumers as millions have turned to televisions for entertainment amid the lockdown period.
Moreover, the pandemic resulted in unprecedented educational institution closures worldwide, disrupting learning for millions of students. In such scenarios, innovative online learning solutions were widely deployed, and many countries turned to television to broadcast educational materials to ensure uninterrupted learning. Thus, the spread of the COVID-19 pandemic has brought an increased demand for smart TVs and a huge disruption in the supply chain and production process, which has substantially impacted the growth of the market during the pandemic period.
Increasing Demand for Personalized Entertainment Drives the Market Growth:
As the entertainment industry is evolving continuously, personalization has become an integral tool for increasing customer engagement. From streaming services to social media platforms, organizations are leveraging personalized experiences to attract and retain audiences. Personalization is reshaping the way people experience media. Viewers no longer need to hunt for relevant content, the content comes to them. Streaming services like Netflix and Amazon Prime use AI-based algorithms to suggest shows and movies based on user data and preferences. Social media platforms like Facebook also use personalization to tailor content to individual users.
Smart TV Market: Segmental Overview
The 46 to 55-inch segment is expected to dominate the smart TV market owing to the rising trend of purchasing bigger TVs for better picture quality and theater-like viewing experience. Moreover, favorable financial payment options such as EMIs and rising consumer spending capacity attract 46 to 55-inch smart TVs among consumers. All these factors contributed to the growth of the 46 to 55-inch segment in the smart TV market. Furthermore, Android smart TV is the most popular amongst customers. For instance, Google’s Android TVs have crossed the 100 million total users milestone in the year 2021, and the Android operating system, along with Google TV, runs on more than 110 million monthly active devices.
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Smart TV Market Analysis: Competitive Landscape and Key Developments
Haier Inc., Intex Technologies, Koninklijke Philips N.V, LG Electronics Inc., Panasonic Corporation, Samsung Electronics Co. Ltd.; Sansui Electric Co. Ltd., Sony Corporation; TCL Electronics Holdings Limited; and Toshiba Visual Solutions are a few of the key companies operating in the smart TV market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
- In April 2023, Xiaomi India announced the launch of a new range of smart TVs. The new Xiaomi X Pro series includes three variants - 43-inch, 50-inch, and 55-inch. These X Pro models offer improved colors, contrast, saturation, and brightness across a wide color gamut.
- In September 2023, TV9 Network announced a partnership with Samsung TV Plus India to extend its reach in the Connected TV market. This partnership reinforces TV9 Network's commitment to delivering honest news content to an ever-expanding audience base through the dynamic platform of Connected TVs.
- In November 2022, Videotex International announced a partnership with Korean electronics firm LG. This partnership helped LG to bring its latest software features to TVs of various retail brands with Videotex.
Go through further research published by The Insight Partners:
Cloud TV Market - Global Analysis and Forecast to 2030.
Over the Top (OTT) Market - Global Analysis and Forecast to 2025.
Smart TV Sticks Market - Global Analysis and Forecast to 2030.
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