Press release
Smart TV Market: Size, Share, By Distribution Channel, Technology Trends, Challenges and Forecast to 2023
Market Size & Forecast
In terms of revenue, global smart TV market is anticipated to flourish at a compound annual growth rate (CAGR) of 8.5% over the forecast period i.e. 2017-2024. Global smart TV market stood at revenue around USD 260.2 Billion in 2016. Rising disposable income of consumers, growing population and changing lifestyles of middle class population are some major factors which are expected to foster the growth of global smart TV market during the forecast period.
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Geographically, global smart TV market is segmented into five major regions i.e. North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific region is the dominating market of smart TV and is expected to continue its dominance over the forecast period owing to the increasing demand for smart TV by end users and presence of fastest growing economies such as India and China.
North America region is anticipated to witness a robust growth during the forecast period. This growth of North America region can be attributed to rising popularity of Netflix and other services in this region. Further, Europe region is projected to witness a small growth during the forecast period owing to factors such as low advertisements and promotion campaign by TV brands and shortage of better local content in this region.
On the other hand, Latin America region expected to grow at a satisfactory pace over the forecast period due to digital switchover in this region.
Market Segmentation
Our-in depth analysis of the global smart TV market includes the following segments:
By Technology
• Liquid Crystal Display
• Plasma Display Panel
• Light Emitting Diodes & Organic Light Emitting Diode
By Distribution Channel
• Online Stores
• Single Brand Stores
• Multi Brand Stores
By Size
• Up to 32 Inch
• 39-50 Inch
• 55-65 Inch
• 70 Inch or Larger
By End User
• Home
• Offices
• Education Industry
• Other
Growth Drivers & Challenges
Joint venture of lading players in order to provide more features in smart TV and to maximize the selling numbers of products is one of the major factors driving the growth of global smart TV market. Additionally, industry leaders are making high investment in technology to improve the overall performance of smart TV. Such technological development is further attributed to drive the growth of global smart TV market.
Moreover, increasing number of internet users across the globe and rise in demand for internet connected multimedia devices is bolstering the growth of global smart TV market. Apart from this, global smart TV market is driven by rising disposable income of the consumers and their inclination towards high-tech devices. Such factors have led all major players to increase spending on innovation and development of consumer electronics which is further envisioned to propel the demand for smart TV.
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However, high cost of smart TVs is hampering the growth of global smart TV market. Moreover, rising adoption of personal computers over television is also hindering the growth of global smart TV market.
Key Players
Apple Inc., Advanced Micro Devices Inc., Google Haier Group, Intel Corp., LG Electronics Inc., Microsoft Corporation, Panasonic Corporation, Samsung, Sony Corporation, Boxee, Cable Labs, Logitech International S.A., Nyxio Technologies Corp., Toshiba, Yahoo Inc.
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Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.
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Ajay Daniel
Email: ajay.daniel@researchnester.com
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