Fort Collins, Colorado, Oct. 09, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the smart TV market size was valued at USD 221.3 Billion in 2022 and is expected to reach USD 574.6 Billion by 2032 with a CAGR of 10.1%.
A Smart TV is an internet-enabled television that allows users to access mobile apps directly on their TV. It is a single device offering media streaming platforms, internet connectivity, and popular mobile apps like Instagram, Facebook, and YouTube.
The market has experienced significant growth due to the growing popularity of content and drama genre on over-the-top (OTT) followed by immersive experiences by Smart TVs. In addition, technological advancements in the semiconductor for TVs are projected to fuel the market growth. The surge in OTT content consumption is a crucial factor contributing to the growth of the Smart TV market. Moreover, several TV companies have collaborated to promote content under a subscription model.
Also, low manufacturing costs have increased partnerships and market growth opportunities. Smart TVs now support the HDR10+ gaming standard; this enhances the gaming experience, and TVs are becoming a popular choice for gaming. It offers joysticks and gamepads connected to the TV, resulting in higher sales for these devices.
Streaming platforms like Netflix, Prime, and Hotstar have collaborated with TV manufacturers to expand their market share for applications. LG and Samsung account for a significant share of the global market. Other prominent players in the market are Haier, Hisense International, Samsung, LG, Sony, and Toshiba. In addition, established companies such as BPL and ONIDA have entered the Smart TV market and are slowly gaining popularity.
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Segmentation Overview:
The global smart TV market has been segmented into the operating system, RAM, resolution, distribution channel, and region. Online mode is a leading segment for distribution channels. The popularity of e-commerce platforms, attractive discounts, and post-sales personalized service features are some factors for its growth.
Asia Pacific is a leading region for the Smart TV market owing to the rise in standards of living of the common population and demand for advanced TV products. Also, the regional markets have witnessed high spending patterns for consumer appliances for the past few years. Europe is a fast-growing market owing to high consumerism and increased spending.
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Smart TV Market Report Highlights:
- The global smart TV market growth is anticipated at a CAGR of 10.1% by 2032.
- The broader availability of smart TVs at various prices and features largely drives the market growth. The consumer preference for OTT platforms and immersive technologies has been supplementing the market growth.
- Android OS accounted for a significant market share in 2022 based on the operating system. WebOS is expected to be a game-changer for smart TVs as it has been a popular OS system for smart TVs for the past few years.
- Based on RAM, 4 GB RAM modules will most likely dominate consumer preference owing to the demand for premium-quality models.
- Online mode dominates the distribution channel segment based on the high demand for smart TVs through e-commerce.
- Some prominent players in the smart TV market report include Samsung, LG, Haier, Panasonic, TCL, Sansui, Toshiba, Sony, Koninklijke N.V., Intex Technologies
Industry Trends and Insights:
- In 2023, the NY-based 605, advertisement analytics, got acquired by iSpot.tv. With this acquisition, iSpot.tv can scale higher in TV advertisement and analytics.
- AT&T has reportedly sold around 70% of its stake in the DirecTV, in 2023.
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Smart TV Market Segmentation:
- By OS(Operating System): WebOS, Tizen, Android, Linux, Fire TV
- By RAM: 2GB, 3GB, 4GB
- By Resolution: HD, Full HD, 4K, Amoled
- By Distribution Channel: Online, offline
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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