NEWARK, Del, Aug. 12, 2022 (GLOBE NEWSWIRE) -- The global smart tv market is predicted to reach US$ 3.5 Bn by the end of 2031, with sales growing at a staggering CAGR of 24.7% for the forecast period of 2021 to 2031. The smart tv market recorded an 18.8% growth in global revenue in 2021. Rapid technological advancements along with rising residential usage are accountable for the projected market growth.
Features like enhanced image quality, extensive color range, higher resolution, and reduced installation charges have fueled the demand for smart TVs. Thus the incorporation of 4K Ultra-High Definition (UHD) resolution is likely to augment sales of smart TVs across the globe. Besides, there’s been a notable rise in the investments in Ultra-High Definition (UHD) resolution technology due to improvements in camera technology by content producers and telecasters. This is anticipated to generate lucrative market opportunities for smart TV.
Further, due to its sharp viewing experience, 4K Ultra-High Definition (UHD) smart TVs are being increasingly adopted in commercial applications segments like hospitality, hotels, and educational institutions which will presumably drive the demand for smart TVs in the upcoming years.
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“Growing advancement in technology, pricing, size, and addition of new features to smart TVs will further fuel the growth of the market over the forecast period,” says an FMI analyst.
Key Takeaways:
- 58% of the smart TV market is held by store-based retailing sales channel
- Smart TV market in North America is driven by the U.S. market.
- 45-to-50-inch screens account for a share of 24%of overall sales.
- QLED and XLED segments of the market are driving growth in Germany.
Competitive Landscape
Samsung Group, Panasonic Corporation, LG Electronics, Inc., Apple, Inc., Sony Corporation, Koninklijke Philips N.V., Videocon Industries Limited, Haier Electronics Group Co, Ltd., TCL Corporation., Hisense Group, Sansui Electric Co., Ltd., Micromax Informatics, Sharp Corporation, VIZIO, Inc., Toshiba Corporation, and Hitachi Ltd. among others are some of the major players in the smart tv market profiled in the full version of the report.
Major market players are focusing on strategic collaborations and partnerships with other manufacturers to expand knowledge and expertise. These businesses are also concentrating on the expansion of global manufacturing facilities to elevate their international presence.
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More Insights into the Smart TVs Market Report
In its latest report, FMI offers an unbiased analysis of the global smart tv market, providing historical data from 2016 to 2020 and forecast statistics for 2021 to 2031. To understand the global market potential, growth, and range, the market is segmented based on display technology (LED, QLED, HDR, OLED, LCD, IPS LCD, XLED), screen type (flat, curved, foldable), screen size (32 inches & under, 33-44 inches, 45-50 inches, 51-55 inches, 56-65 inches, 66 inches & above), application (residential, commercial (hotels, restaurants, corporate offices, cafeterias, others)), price range (under US$ 500, US$ 500- US$ 1000, US$ 1000- US$ 2000, US$ 2000- US$ 3000, US$ 3000 & above), sales channels (hypermarkets/ supermarkets, specialty stores, multi-brand stores, online retailers, wholesalers, others), and region.
According to the latest FMI reports, based on regional growth, China is anticipated to continue market domination over the forecast period holding about 42.2% of the East Asia market share in 2021. Immense presence of tech giants, availability of manufacturing resources at low cost, and the rise of Over the Top viewing platforms are responsible for the continued demand for smart TVs in this country. Besides, availability of auxiliary content for these devices, such as games HD devices, and HD set-top boxes, served as a catalyst in demand generation. Moreover, Chinese manufacturers are entering the market with innovative products at reasonable prices which will further fuel demand for smart TVs over the forecast period.
Smart TV market in India is likely to witness market demand growing at about 40.7% CAGR over the assessment period. India has become a very attractive market driven by increasing internet penetration. Television is a major source of entertainment for Indian households and with advancements in technology, there is rising preference for smart homes and smart offices. This has resulted in higher adoption rates of smart TVs.
Furthermore, the 'Make in India' campaign increased the audio-visual content produced in vernacular languages. Hence, the demand for smart TVs from smaller towns in the country is also expected to grow at a swift rate.
Based on segmentation, flat screen segment is leading the market accounting for 87% of market revenue in 2021. Other segments contributing to the market growth are the 40 to 50-inch screens and the store-based retailing segment.
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Smart TV Market by Category
By Display Technology Type:
- LED
- QLED
- HDR
- OLED
- LCD
- IPS LCD
- XLED
By Screen Type:
- Flat
- Curved
- Foldable
By Screen Size:
- 32 Inches & Under
- 33 to 44 Inches
- 45 to 50 Inches
- 51 to 55 Inches
- 56 to 65 Inches
- 66 Inches & Above
By Application Type:
- Residential
- Commercial
- Hotels
- Restaurants
- Corporate Offices
- Cafeterias
- Others
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Key Statistics
1.3. Summary of Key Findings
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Embedded System of Face Recognition
3.2. Motion Control through own Hands and Some Special Gestures
3.3. Innovative Bbox Smart TV will Replace the Set-Up Box with a Connected TV
3.4. The Rising Popularity of Video on Demand Service
3.5. The Market is Moving Towards New Generation of Video Codecs
4. TV Industry Market Outlook
4.1. TV Industry market overview, 2019
4.2. Major players in the market
4.3. Key Market Trends
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The technology team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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