Selbyville, Delaware, June 07, 2023 (GLOBE NEWSWIRE) -- Connected TV Market is estimated to be worth more than USD 150 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The growing adoption of mini-LED and micro-LED technologies in display products is expected to add to significant market growth. Mini-LED and micro-LED are advanced display technologies that provide more precise local dimming, resulting in deeper blacks and brighter highlights. The surging demand for high-resolution and immersive viewing experiences coupled with the decreasing costs of manufacturing has propelled the adoption of mini-LED and micro-LED technologies in connected TVs, supplementing the overall industry growth.
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Robust demand for 30 inches to 50 inches connected TVs
The connected TV market size from the 30 inches to 50 inches segment will showcase considerable expansion through 2032. The growth can be attributed to the growing preference for these connected TVs in households, offices, and public spaces, with varying needs and space constraints. The increasing popularity of streaming services has led to higher online content consumption, driving the product demand in interactive applications. Additionally, the surging need for gaming, and smart home integration is contributing to the segment expansion.
4K connected TVs to record traction
In terms of resolution, the demand for 4K connected TVs will expand through 2032. The increasing prominence of streaming platforms and gaming consoles has driven the demand for connected TVs with 4K resolution capabilities. Furthermore, the declining prices of 4K TVs, advancements in display technologies, and the proliferation of smart features are some major factors fostering the segment growth.
High product demand for entertainment purposes
Connected TV market revenue from the entertainment end-use segment will gain traction through 2032 due to the rise in streaming services, online content consumption, and interactive gaming. Connected TVs offer the convenience of accessing and enjoying a variety of content on a single device. Additionally, the integration of smart features, voice control, and personalized recommendations further adds to improved entertainment experience, favoring the industry development.
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Europe to emerge as a lucrative revenue hub
Europe connected TV market held sizable share in the 2022 and is set to expand at a robust pace over 2023-2032 driven by the increasing internet penetration and the growing adoption of smart home technologies across the region. Moreover, the availability of established digital infrastructure along with the strong presence of prominent TV manufacturers has facilitated the seamless integration of connected TVs into households, adding to the regional market expansion.
Connected TV Market Leaders
Sony Corporation, LG Electronics, Koninklijke Philips N.V., Panasonic Corporation, Samsung Electronics Co. Ltd., Sharp Corporation, Hisense International, Vizio Inc., Xiaomi Corporation, and TCL Corporation are some of the top companies operating in the global connected TV industry.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
