Smart TV Market to Gain Substantial Growth During the Forecast Period 2022-2028

Posted on 2022-05-10 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, May 10, 2022 — /EPR Network/ —

Smart TV Industry Overview

The global smart TV market demand stood at 268.9 million units in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.8% from 2021 to 2028.

A continuous surge in the use of streaming devices, coupled with the rising internet penetration is driving the market growth. Moreover, the shift in consumer preference in recent years has significantly contributed to revenue generation.

The accelerated demand for smart TVs has paved way for lucrative opportunities for content providers to venture into the Over the Top (OTT) space, which is allowing them to distribute original content via the internet. Also, numerous industry players are collaborating with streaming media player manufacturers to expand their portfolio and enhance their visibility. All these factors are projected to contribute to market growth in the near future.

Gather more insights about the market drivers, restrains and growth of the Global Smart TV Market

The industry is expected to reach maturity in the near future, enabling manufacturers to offer innovative products such as OLED, QLED, 4K TVs, and 8K TVs. Furthermore, declining product prices have resulted in an increasing number of customers opting for these technologically advanced televisions. Manufacturers are also upgrading their offerings by adding new features to their newer models for customer’s convenience, leading to increased demand. Moreover, the industry has witnessed high penetration in the 4K UHD TV segment, which has become a standard resolution for most manufacturers.

Smart TVs are equipped with advanced features and applications compared to conventional televisions. To deal with the fierce competition from various streaming device providers, such as Apple and Roku, leading participants are focusing on developing their own operating systems. For instance, Tizen by Samsung Electronics Co. Ltd. and WebOS by LG Electronics are enabling viewers to download applications from the store along with helping them to access online streaming applications. The latest TV models are equipped with voice recognition tools that help users easily switch channels without pressing buttons on a remote.

The use of Android as an operating system by various smart TV providers has made it easy for users to access major OTT platforms such as Netflix, Hulu, and YouTube. Additionally, the Google platform also provides access to major Android-based applications, such as Facebook, Twitter, and Google Play. Moreover, Android TVs support voice commands, which the user can access with the help of magic remotes. For instance, the Sony One-Flick remote has an inbuilt mic that allows the user to search for their favorite channels and shows via voice commands. Along with the applications, Android also offers in-built games, music, and movies.

Since the onset of the COVID-19 pandemic, strict lockdowns imposed by various government authorities led to people being confined to their homes, which significantly increased online video streaming and ultimately led to a notable increase in the demand for smart TVs. However, the consumer electronics industry has been adversely impacted by the pandemic, with the temporary suspension of manufacturing operations resulting in a substantial production slowdown. Market players are focusing on reducing their operational expenses to maximize profits. Key manufacturers, including LG Electronics Inc. and Samsung Electronics Co. Ltd., also suspended their manufacturing operations in countries across the Asia Pacific and Europe, drastically impacting the production of new TVs. Besides, the pandemic has also affected consumer purchase behavior, with spending patterns focused on essential goods rather than luxury items, hampering market growth to a certain extent.

Browse through Grand View Research’s Display Technologies Industry Research Reports.

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Smart TV Market Segmentation

Grand View Research has segmented the global smart TV market based on resolution, screen size, screen type, and region:

Smart TV Resolution Outlook (Volume, Million Units; Revenue, USD Billion, 2016 – 2028)
- 4K UHD TV
- HDTV
- Full HD TV
- 8K TV
Smart TV Screen Size Outlook (Volume, Million Units; Revenue, USD Billion, 2016 – 2028)
- Below 32 Inches
- 32 to 45 Inches
- 46 to 55 Inches
- 56 to 65 Inches
- Above 65 Inches
Smart TV Screen Type Outlook (Volume, Million Units; Revenue, USD Billion, 2016 – 2028)
- Flat
- Curved
Smart TV Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2016 – 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa

Market Share Insights

April 2020: Sony Corporation announced the availability and pricing of its LED and OLED models featuring Google assistant for easy access to entertainment and device controls.
July 2020: Samsung Electronics Co. introduced its range of QLED smart TVs, which have achieved a first-class energy efficiency rating.

Key Companies profiled:

Some prominent players in the smart TV market include

LG Electronics Inc.
Samsung Electronics Co. Ltd.
Sony Corporation
VIZIO Inc.
Videocon Industries Ltd.
Sansui Electric Co. Ltd.
Toshiba Corporation
Haier Electronics Group Co., Ltd.

Order a free sample PDF of the Smart TV Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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