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Smart TV Sticks Market Projected to Augment at a Notable CAGR during the Forecast Period until 2028 | Key Players are ASUSTeK Computer Inc., Sky PLC, Alphabet Inc., Roku Inc., etc.
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North America has been the dominant smart TV sticks market, commanding over 40% of the global demand. The U.S. accounts for over 40% share in the global smart TV sticks market. It is the largest consumer of OTT content, where its reach extends to nearly 54% of the households. An average U.S. home has a viewership of nearly 49 hours across the month. This figure itself states the demand of smart TV sticks in the country.
The top five countries in the smart TV sticks market is estimated to account for shipment of 18 million in 2018. China is estimated to witness strongest growth to feature as the second largest smart TV sticks market by 2028.
Home entertainment has been undergoing a drastic change, while the technology is empowering the viewers with all forms of accessibility as they would have dreamt at some time. The popularity of over-the-top (OTT) including smart TV sticks, has brought with itself wide set of opportunities for a variety of associated devices.
The modern living room experience in the U.S. features digital, OTT, and IoT enabled devices, including smart TV sticks. The digital devices include computer, smartphone, and tablet; OTT consists of smart TV sticks/ devices, smart TV, game console, DVR/ set top box, and internet blue ray player. Among the streaming devices, smart TV sticks/ box represent over 70% share in the U.S. OTT device market. Smart TV sticks and streaming devices has a reach of around 38 million, in contrast with 28 million homes with smart TV penetration. Roku, Amazon, Chromecast, and Apple are the key contenders in the streaming devices market in the U.S; however, apple has to take aside when we consider only the players offering smart TV sticks.
Over 40% of the U.S. OTT audience enjoy cordless service such as smart TV sticks, while satellite-based streaming being next in the line. The non-4k compatible smart TV sticks make up over 60% of the North American demand. However, large numbers of non-4k smart TV sticks are being replaced by the 4k and above versions. Also, most of the audiences that are newer to smart TV concept are preferring to buy the 4k and above versions of smart TV sticks.
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While OTT viewership has become mainstream in the U.S., the other countries are gradually looking at it, thereby boosting the demand for smart TV sticks. Amazon has been enjoying the privilege of having its own e-commerce channel, which has led to the continuous strong growth of its smart TV sticks globally. Other providers’ direct to customer online offerings are limited to fewer countries, leading to a slightly lower growth. Google’s is also expanding its penetration of its Chromecast branded smart TV sticks.
Broadband penetration has been the most important factor for the growth of smart TV sticks demand. In most of the countries having low adoption of smart TV sticks, poor broadband infrastructure stands as the key factor. According to Internet live stats in 2017, household broadband penetration in the U.S. was more than 90%, which has enabled the high adoption of smart TV sticks. European countries including Germany, France and the U.K. are also expected to witness a strong penetration growth of, while most emerging economies are anticipated to reflect even stronger broadband penetration growth, making the grounds fertile for smart TV sticks in these countries.
The prices of smart TV sticks has been eroding continuously, therefore encouraging the volume growth. With the technological advancements, the smart TV sticks that are inching towards becoming obsolete are being offered at prices lower than consumer’s expectations. The prime day offers of Amazon are further encouraging customers for short term high volume purchase of smart TV sticks. The emergence of smart TVs embedded with streaming technology, has been to some extent obstructed the demand for smart TV sticks. However, in the short term this restraining implication are low for the smart TV sticks market.
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